Bitcoin declined toward $73,000 as Nvidia shares dropped 9% in after-hours trading and MSCI confirmed Strategy’s removal from its global indexes. U.S. spot Bitcoin ETFs have seen $1.88 billion in net withdrawals this month, with BlackRock’s IBIT contributing approximately 94% of the total outflows.

Bitcoin fell from $74,811 to $73,480 within two hours of the U.S. market close, extending its overnight losses as two major developments rattled financial markets following Wednesday’s session. Nvidia shares plunged nearly 9% after reports involving CEO Jensen Huang surfaced, while MSCI announced that it would remove Strategy, the largest corporate Bitcoin holder, from its global benchmarks.

Bitcoin was trading at $73,588 on Binance on Thursday morning, down 0.4% over the previous 24 hours and 5.8% over the past seven days.

ETF withdrawals have further intensified the selling pressure. U.S. spot Bitcoin exchange-traded funds (ETFs) recorded $299.8 million in net outflows on Wednesday, marking their fifth consecutive session of withdrawals. Nasdaq futures also fell 0.9%.

Nvidia and MSCI Developments Weigh on Market Sentiment

Nvidia sparked the first wave of uncertainty. The New York Times reported Wednesday evening that CEO Jensen Huang had another relationship with a senior employee who reports directly to him. The Wall Street Journal separately reported that Nvidia’s board was preparing to remove Huang from his CEO role.

Nvidia shares finished Wednesday’s regular session at $173.73, up 2.9%. However, the stock suffered a sharp reversal after the closing bell, dropping to $157.99 within two hours, a decline of 9.1%. Ahead of Thursday’s opening session, Nvidia remained down 8.6%. The company has lost approximately 15% of its market value since last Friday.

The initial decline began Monday after Nvidia’s board launched a separate investigation into reports that Huang had become the target of a foreign intelligence operation.

Bitcoin has closely tracked technology stocks throughout the year, and the latest downturn reflected that relationship. Nasdaq 100 futures declined 1.1% during the same two-hour window.

The second development was more directly connected to the cryptocurrency industry. MSCI, a prominent index provider whose benchmarks influence trillions of dollars in investment assets, confirmed that Strategy would be removed from its global indexes following the November 30 market close.

The decision followed MSCI’s assessment that Strategy increasingly resembles an investment fund holding Bitcoin rather than a conventional operating company. Japan’s Metaplanet and Upexi are also slated for exclusion.

Funds tracking MSCI’s indexes will need to sell their Strategy holdings. JPMorgan previously projected that the resulting selling pressure could reach approximately $2.8 billion. Strategy disclosed that index-linked funds hold roughly 13 million shares, equivalent to 3.1% of its outstanding stock. Strategy shares were down 1.8% before Thursday’s market open.

The decision could have wider consequences for Bitcoin. Strategy remains one of the most consistent corporate buyers of the cryptocurrency. Reduced demand for its shares from index-tracking funds could make capital raising more expensive and potentially limit its ability to acquire additional Bitcoin.

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Bitcoin ETFs Extend Their Losing Streak to Five Sessions

ETF selling was already underway before the Nvidia and MSCI developments. Daily net-flow figures for U.S. spot Bitcoin ETFs throughout November reveal the extent of the ongoing withdrawals.

The funds registered net outflows in seven of the eight trading sessions recorded so far this month. November 4 was the only day to generate positive flows, attracting $74.6 million.

Combined withdrawals have reached $1.88 billion in November, with $1.44 billion leaving the funds over the past five sessions alone.

BlackRock’s iShares Bitcoin Trust (IBIT), the largest spot Bitcoin ETF, has accounted for the overwhelming majority of the outflows. The fund recorded $1.77 billion in net withdrawals, representing approximately 94% of the total amount pulled from all funds.

On Wednesday, IBIT registered $269.7 million in outflows, accounting for most of the $299.8 million withdrawn from U.S. spot Bitcoin ETFs during the session.