Bitcoin holders realized more than $2 billion in losses across three days as selling on major exchanges intensified and expectations grew that the Federal Reserve will raise interest rates again.

On Friday, the asset briefly fell below $75,000 as a steep sell-off in United States technology stocks spread into digital-asset markets. Selling pressure now dominates spot trading on Binance and Coinbase, and a failure to hold critical support could push Bitcoin toward $70,000.

Heavy Loss-Taking Accelerates

CryptoQuant analyst Darkfost reported that investors realized between $657 million and $703 million in losses daily over the past three days, for a combined total exceeding $2 billion. Even so, weekly net realized profit and loss stood at negative $191 million, a figure that reflects gains taken by other holders during the same period.

Unlike unrealized paper losses, realized losses are recorded only when coins actually move on-chain, making the metric a direct measure of holders exiting positions at prices below their original cost.

The loss-taking accelerated after Bitcoin dropped below $80,000 and is approaching levels last recorded during the market downturn in early August.

Darkfost also noted that the 30-day moving average of Bitcoin's spot net volume delta — a measure of the balance between aggressive buying and selling — has turned negative on both Binance and Coinbase. At the end of August, the indicator read positive $64.8 million on Binance and positive $64.3 million on Coinbase, consistent with the strong demand that carried Bitcoin from $63,000 toward $85,000 during September's rally. By Nov. 5, those readings had flipped to negative $28 million and negative $9.4 million, respectively.

The deterioration first appeared on Coinbase in October, while Binance initially remained positive. Both venues now record more aggressive selling than buying, evidence of how the weakness has spread across major trading platforms.

Tech-Stock Rout Amplifies the Decline

The shift comes as Bitcoin struggles to recover from Thursday's market rout, which knocked the S&P 500 down 4.36% and the Nasdaq Composite down 5.52%. Concerns about artificial intelligence valuations and the aftermath of a Democratic sweep in the US midterm elections drove a sharp decline in technology shares. The sell-off erased much of Wednesday's post-election relief rally and laid bare Bitcoin's vulnerability to broader risk aversion.

Bitcoin's difficulties, however, extend beyond the equity-market downturn. Julio Moreno, head of research at CryptoQuant, has identified declining Bitcoin demand and contracting stablecoin liquidity as two major challenges confronting the market. Stablecoins — dollar-pegged tokens that serve as the primary trading currency on most major exchanges — act as a pool of deployable capital, so contraction in their liquidity leaves fewer funds on the sidelines available to absorb sell-side pressure. Absent stronger spot buying or renewed capital inflows, further selling could meet insufficient demand to stabilize prices.

Strong Jobs Report Raises the Stakes

Bitcoin's fragile market position now faces an additional test. The US economy added 165,000 jobs in October, more than double the 65,000 economists had expected. The unemployment rate fell to 4.1% from 4.2% in September, and average hourly earnings increased 0.4%. Hiring figures for August and September were revised upward by a combined 84,000 jobs, reinforcing evidence of a resilient labor market.

The stronger-than-expected report lifted expectations of another Federal Reserve interest rate hike in December. According to Reuters, futures traders raised the probability of a quarter-point increase to approximately 80%, up from 75% before the release. US Treasury yields climbed in response, with the benchmark 10-year yield reaching roughly 4.88% in early trading. Higher yields risk further weakening demand for Bitcoin by making interest-bearing assets more attractive and dulling investors' appetite for risk. Unlike bonds or equities, Bitcoin generates no cash flow of its own, so its near-term value leans heavily on liquidity conditions — one reason shifts in rate expectations feed directly into the asset.

Much of the anticipated December tightening, however, was already priced into financial markets ahead of Friday's report. Fabian Dori, chief investment officer at Swiss digital asset bank Sygnum, told CryptoSlate that investors should watch longer-term Treasury yields, which could determine whether financial conditions tighten further.

For Bitcoin, the immediate concern is that added macroeconomic pressure could accelerate selling in a market already contending with declining demand and contracting stablecoin liquidity.

Key Levels in Focus

Bitget analyst Lewis Huang identified $76,500 as a near-term support level, warning that a sustained break below it — particularly alongside rising Treasury yields and a stronger dollar — could deepen the correction. Darkfost placed the more consequential threshold at $75,000. A failure to defend that level could send Bitcoin toward $70,000, where a significant concentration of investors previously acquired their holdings.

On-chain analytics flag such zones by recording the prices at which large volumes of coins last changed hands. That cost-basis concentration could provide support if buyers emerge around their entry points, although continued selling could overwhelm demand at those levels.

The clearest indication of whether Bitcoin can stabilize will come from spot trading activity and stablecoin liquidity. Without a recovery in either, the market risks testing the $70,000 region even if the Federal Reserve's December decision delivers no surprises.