BTC Dip, September Jobs, & Nvidia Earnings

Don’t worry if November’s been rough for you, we’re all just pre-up

This Week in Crypto

I feel like we don’t have to tell you this, since you probably already know, but Bitcoin had yet another rough week.

• Bitcoin plunged from around $92K to briefly touching $81,600 - the lowest it’s been since April and wiping out all of 2025’s gains. 

• BTC is currently trading around $84K, down about 25% in November, which makes this the worst month since the 2022 crypto winter. 

• Over $2B in crypto positions got liquidated this week. The carnage included $831M in 24-hour liquidations alone. Long-term Bitcoin holders sold approximately 815K BTC over the past month, a level not seen since early 2024.

U.S. spot Bitcoin ETFs just posted record outflows of $3.79B in November, demolishing the previous record of $3.56B in February.

• BlackRock’s IBIT bled $2.47B, accounting for 63% of total outflows.

• On Thursday alone, $903M walked out the door in the second-largest single-day exodus since ETFs launched in January 2024. 

• Ethereum ETFs also weren’t spared, losing $1.79B. 

• Meanwhile, the newly launched Solana and XRP ETFs are seeing $300M and $410M in inflows respectively. 

It’s not clear exactly what caused this mess, but we can point to a variety of macro factors:

• Stronger-than-expected September jobs data killed hopes for a December Fed rate cut.

• Japan’s surging bond yields triggered a global liquidity crunch.

• The S&P 500 erased $1.5T in under two hours after algorithmic sell-offs kicked in.

• And tech stocks (particularly Nvidia post-earnings) dragged everything down with them.  

This Week in TradFi

Alright, so to elaborate on those macro matters:

• The September jobs report finally arrived after a seven-week delay caused by the government shutdown. The U.S. added 119,000 jobs in September, more than double the 50,000 economists expected.

  • The unemployment rate climbed to 4.4%, the highest since October 2021, and August’s job gains were revised from +22,000 to -4,000.

  • The report killed any remaining hope for a December Fed rate cut, with odds plummeting from ~70% to <50%. 

• Japan’s 30-year bond yields surged to 3.77%, the highest level since 1999, after the government announced a $135B stimulus package.

  • When Japanese yields rise, the yen strengthens, borrowing in yen gets expensive, and everyone who borrowed cheaper yen to invest in higher-yielding assets elsewhere has to unwind those positions quickly.

  • The result is exactly what we’re seeing: a global liquidity crunch that’s hitting everything from U.S. treasuries to crypto. 

• The S&P 500 erased $1.5T in two hours due to algorithmic sell-offs on Wednesday. 

  • This happened after a critical technical level broke. Goldman Sachs warned that up to $40B more could get liquidated in coming days as machines keep reacting to signals. 

• And Nvidia posted blowout Q3 earnings Wednesday night, with revenue jumping 62% to $57B and guidance for Q4 coming in at $65B (vs. $62B expected). 

  • The stock initially rose 5% in pre-market trading Thursday morning, and markets rallied in response. 

  • However, by market close, Nvidia was down 3.2%, giving back all gains. 

  • The episode captures the current market pretty perfectly - even record-breaking results can’t overcome macro factors and valuation anxiety.

This Week in Tech

Nvidia Q3 earnings are out!

• The company reported revenue of $57B in Q3, 62% higher compared to the same quarter last year. 

• The company’s net income was $32B, 65% higher YoY. 

• The company is booming largely due to its data center business. 

  • Revenue generated by the data center business was $51.2B, up 25% from last quarter and up 66% YoY. 

• The remaining $5.8B in revenue came from Nvidia’s gaming business, sales in professional visualization, and automotive. 

• Nvidia founder and CEO Jensen Huang said sales of its Blackwell GPU chips “are off the charts”. 

• Nvidia continues to forecast more growth, with a projected revenue of $65B in the fourth quarter. 

Google is upgrading its image-generation model with better editing, higher resolutions, more accurate text rendering, and the ability to search the web. 

• Nano Banana Pro (say that 5 times fast!), building Gemini 3, released earlier this week. 

• Google says Nano Banana Pro improves on its predecessor, Nano Banana, with the ability to create more detailed images and accurate text, and generate text in different styles, fonts, and languages. 

• While Nano Banana Pro can generate higher-quality images, it is slower and costlier than the previous model. 

As usual, below are some fundraising announcements, M&A, and tech personnel changes that caught our eye:

• Kalshi, a prediction market that allows people to bet on future events, has raised a $1B round at a $11B valuation. 

• Spotify has acquired WhoSampled, a database tracking sampled music. 

• Function Health, a startup offering lab testing services, has raised a $298B Series B at a $2.5B valuation.

• Adobe is acquiring SEO company Semrush for $1.9B in cash.

Arch is building a next-gen wealth management platform for individuals holding Alternative Assets. Our flagship product is the crypto-backed loan, which allows you to securely and affordably borrow against your crypto.

Disclaimer: None of the above is financial advice, seriously.