Bitcoin Sinks Below $72,000 to 12-Week Low as Nvidia CEO Resigns and Strategy Faces MSCI Removal

Bitcoin fell below $72,000 on Thursday for the first time since August 20, trading as low as $71,000 and settling near $71,200 by Thursday evening, as a sharp sell-off in technology stocks compounded existing pressure on crypto markets. The catalyst was the abrupt resignation of Nvidia CEO Jensen Huang, which sent Nvidia shares down nearly 13% at the market open and dragged risk assets broadly lower. Bitcoin's monthly losses reached 7.4%, the Grayscale Bitcoin Trust ETF entered oversold territory on a technical basis, and 24-hour crypto liquidations hit $730 million as traders positioned ahead of Friday's US Producer Price Index report.

Additional headwinds came from two separate developments. MSCI confirmed it will remove Strategy Inc., the Michael Saylor-led company that holds a massive Bitcoin treasury, from its MSCI USA Index effective December 1 following new eligibility rules announced in its November 2026 Index Review. The removal raises concerns about the financing chain that supports Strategy's Bitcoin accumulation model, even though it does not directly touch the company's holdings. Separately, the 10-year US Treasury yield held above 5%, sustaining pressure on risk assets and contributing to what Bitcoin Magazine noted was a fresh session low near $71,000.

US Bitcoin demand signals were already deteriorating before Thursday's drop. The Coinbase premium's 30-day average fell to its lowest level since February, according to Glassnode data, indicating weak spot buying interest from American investors. With roughly seven weeks left in 2026, Bitcoin is on pace for a negative annual return that would mark the first back-to-back annual losses in the cryptocurrency's history, following a negative 2025 that was itself the first annual decline after a halving year. Analyst Benjamin Cowan warned that Bitcoin could fall below $57,000 before stabilizing, arguing that a year-end capitulation could set up a stronger first half of 2027.