According to Woofun AI, the sharp sell-off in AI-related stocks quickly spread to the crypto asset sector, causing the price of Bitcoin to come under pressure and fall below the $76,000 mark. Although the market has experienced a round of leverage clearance, spot liquidity has not returned as scheduled. Instead, the initial implementation of AI payment technology has spawned new disputes over the ownership of user control. On November 5, the Nasdaq 100 index fell 6.4% in a single day, and the semiconductor sector plummeted by about 12%. This fear of traditional technology stocks was directly transmitted to the crypto market, driving up volatility and strengthening gold, showing a broad trend of risk aversion at the macro level.
In this context, internal pressure in the crypto market further amplified the decline. Leveraged positions of about 1.1 billion US dollars were forcibly liquidated, while during the weekend period of scarce liquidity, the price of Bitcoin fell further below $74,000, and the market fell into a deep adjustment without support for new purchases.
In-depth financial analysis revealed the fragility of the current market structure. According to data compiled by Woofun AI, the US Spot Bitcoin ETF (IBIT.US) recorded a net outflow of about 1.28 billion US dollars between November 2 and 6, with outflows reaching US$842 million in the last two trading days, reflecting the cautious withdrawal of institutional funds.
Meanwhile, the US dollar stablecoin supply contracted 4.3% in 30 days, and the total volume fell to around $295 billion, further reducing the market's potential purchasing power. Although the funding rate is still slightly positive, and options positions show defensive characteristics, indicating that the level of leverage has declined, new spot demand has not yet emerged. The $73,000-$74,000 range has become the key technical position that Bitcoin must maintain; to stabilize, it depends on the balancing of derivatives positions and the continued net inflow of ETFs. If the price recovers and stabilizes at $80,000, it means that demand will strengthen; conversely, if it clearly falls below $73,000, the market may drop $68,000, and the nature of the decline will go beyond simple leveraged washing. This week's inflation data will be another test. Heated readings may reinforce expectations of interest rate hikes in December, while weak core inflation may trigger a rebound, but Bitcoin's long-term recovery ultimately depends on substantial improvements in liquidity and spot demand, rather than macroeconomic easing expectations alone.
The implementation process of AI proxy payments is facing the dual challenges of trust dilemmas and security breaches. Visa (V.US), BILL (BILL.US), and Billtrust are advancing a real pilot to allow AI agents to pay buyers' authorized vendor bills, marking the entry into practice of automated payments.
However, the shopping benchmark released by Visa (V.US) on November 5 revealed significant risks: the AI model failed 42.8% in simulation tests, and 54% of agents still completed simulated purchases in failed cases, which highlighted the disconnect between decision logic and execution results. The FIS (FIS.US) and Kantar survey further revealed a contradiction in user attitudes: 57% of American adults accept AI to flag or freeze suspicious deductions without prior approval, yet 50% of users want every transaction initiated by an AI assistant to be personally confirmed, and 58% of users listed the refund guarantee as a prerequisite for trusting AI to manage their money. In an on-chain environment, this expectation is more difficult to meet, as settled stablecoin transfers often lack a built-in chargeback mechanism. For self-hosted wallets, the principles are clear: AI can only alert, spending must be limited to the payee, amount, and use approved by the user, and the user can revoke the authorization at any time.
Furthermore, a vulnerability in the Web3Auth infrastructure revealed some private keys of Keplr wallets that use Google (GOOGL.US) or Apple (AAPL.US) login. Keplr has suspended the social login function, and Web3Auth says it has transferred the affected assets to the recovery wallet.
This incident warns that even self-hosted wallets still pose serious security dependencies on third-party authentication and key management infrastructure.
Progress in the integration of traditional finance and crypto markets and recent macro-catalysts will determine the next trend. The Moscow Exchange plans to launch BTC, ETH, and USDT trading on December 1, initially through existing clearing facilities. This reflects the deepening integration of digital assets with traditional trading systems, although cross-border access is still complicated due to sanctions and regulatory restrictions. The US October CPI data released on November 10, including overall and core inflation, will be the main macro catalyst for this week; if price pressure continues, it may strengthen expectations of interest rate hikes in December, push up US bond yields and the US dollar, thereby suppressing Bitcoin's recovery prospects. Then, on November 13, the US PPI data for October will once again test producer price inflation, which together with the CPI will influence the market's expectations of the Federal Reserve's policy.
Furthermore, from November 9 to 13, Anthropic will conduct an IPO roadshow to be listed on the NASDAQ. Its proposed valuation and early investor demand will provide a key test of the market appetite for AI investment after technology stocks plummeted.