The release of the U.S. October non-farm payrolls report on Friday, November 6, 2026, triggered a swift risk-off move across cryptocurrency markets. The Department of Labor reported that 165,000 jobs were added, far exceeding the consensus forecast of 65,000 and September’s 29,000 increase. The unemployment rate held at 4.1%, while average hourly earnings rose 0.4% month-over-month to $38, with annualized wage growth at 3.1%.
Bitcoin fell 1.1% after the data, touching an intraday low of $74,888 before stabilizing above $75,854; its market capitalization declined to about $1.524 trillion. Ethereum followed a similar path, settling near $2,230. The move was amplified by derivatives liquidations: CoinGlass data showed $468 million in leveraged positions were liquidated over 24 hours, with longs dominating forced closures. Binance accounted for 41.7% of total liquidations.
Institutional flows added to the defensive tone. U.S. spot Bitcoin and Ethereum ETFs recorded combined net outflows of about $530.17 million on November 5. Bitcoin funds led the exodus with roughly $430 million in outflows, including nearly $200 million from Fidelity’s Bitcoin vehicle. Ethereum ETFs posted close to $100 million in outflows while still holding about $13.04 billion in net assets and $12.02 billion in cumulative net inflows.
Analysts cited by Trade Confident noted that a sustained break below $74,888 could expose Bitcoin’s 200-day moving average at $73,239, while resistance stands near $76,950 and $80,000. Following the stronger payrolls data, futures pricing indicated an increased probability that the Federal Reserve would maintain restrictive policy or implement additional adjustments in December. The next key macro catalyst is the U.S. Consumer Price Index report scheduled for the second week of November.
