Bitcoin fell to $75,700 on Thursday, down 6% from the day before, after briefly reaching $80,000 on Wednesday, as a selloff in artificial intelligence stocks spread across Wall Street. Ether fell more than 7% to $2,247, according to The Block, and the decline erased the short rally that had followed the U.S. elections.

At the same time in Asia, Thailand's Securities and Exchange Commission has filed a criminal complaint against the operator of crypto exchange Bitget and is preparing to block access to the platform from December 5. The Thai action came as digital asset markets were already under pressure from the pullback in technology stocks.

Leveraged Traders Forced Out

The price drop pushed many leveraged traders out of their positions across the crypto market. Data from CoinGlass showed $1.1 billion in liquidations over 24 hours, spread across almost 211,000 positions. In one four-hour window alone, liquidations reached $879.92 million, of which $818.90 million came from long positions that had bet on rising prices.

Liquidations measure forced exits from leveraged trades. They are different from ETF flows, which track money moving into or out of funds.

ETF Flows Show Mixed Demand

Spot Bitcoin ETFs saw outflows in the days before Thursday's drop. FarSide data showed withdrawals of $643.2 million on October 30, followed by $398.6 million on November 2 and $115.6 million on November 3, bringing the combined total to $1.16 billion over three sessions. The funds then recorded a net inflow of $74.6 million on November 4.

Fidelity's fund took in $236.7 million, while BlackRock's fund lost $201.2 million. Data for November 5 is still incomplete.

JUST IN: Thailand will block Bitget from Dec. 5 over alleged unlicensed trading, urging users to act on their assets before the deadline.
— Cointelegraph (@Cointelegraph) November 5, 2026

On Wall Street, the Nasdaq closed Thursday down 5.5% at 24,315.00, leaving the index 11.9% below the peak it reached in October. The S&P 500 lost 4.4%, and Nvidia fell 9.3%. Investors are asking when costly AI projects will pay off.

“Coming into this earnings season, there were worries that AI spending was too much,” Swissquote analyst Ipek Ozkardeskaya told Reuters.

J.P. Morgan's Michael Cembalest reported an 8% drop in hedge funds' gross long-short exposure. He also pointed to roughly $4 trillion in AI-related off-balance-sheet commitments, which are not immediately payable debts.

Foundry Labs found a 0.41 correlation between Bitcoin and a fund tracking the Nasdaq-100 over a 63-day period. Correlation measures how closely two assets move together over a given period. However, correlation alone does not prove that the AI selloff caused Bitcoin's fall.

Wintermute, a crypto trading firm, said $73,000 and $68,000 are price levels to watch. The firm wants Bitcoin to hold above $80,000 before taking a more positive view.

Paul Howard of trading firm Wincent said recent Democratic gains in Congress could make it harder to pass the Clarity Act. Upcoming ETF reports will show whether the November 4 inflow marked a return of demand or only a pause in outflows.

Thailand Targets Bitget

Thailand's Securities and Exchange Commission filed a criminal complaint against BG Limited, the operator of the Bitget exchange, according to an announcement published on the regulator's website. The regulator said Bitget offered trading services in Thailand from 2022 to 2025 without a required license.

The SEC pointed to Bitget's Thai-language website, prices shown in baht and marketing on X, Telegram and TikTok. It said these activities broke licensing rules under the country's 2018 Emergency Decree on Digital Asset Businesses, the framework that requires digital asset operators to hold a Thai license before serving users in the country.

The complaint also names Kritsana Kritsananuwat. The SEC accused Kritsana of promoting Bitget through the Srisiam Facebook page and the SRISIAM YouTube channel.

Access to Bitget's website, other domains and its app is set to be blocked from December 5, 2026. The case has been sent to the Economic Crime Suppression Division for investigation and possible prosecution.

The announcement urged Bitget users to act on their assets before the deadline.

The action follows Bitget's plan to buy GMO-Z.com Cryptonomics, a licensed Thai exchange. Bitget plans to offer its platform to Thai customers through that exchange once the deal closes and the required approvals are granted. The December 5 block will therefore take effect while that acquisition is still awaiting closing and the required approvals.