Historical market report: November 6, 2026, published at 21:29:20 UTC+08:00. Based on Tyler Warner’s Morning Minute newsletter for Decrypt; the analysis and opinions in that newsletter are his own.
Bitcoin fell below its pre-election trading level as a sharp reversal in U.S. technology stocks spread across crypto markets, according to Decrypt’s November 6 report. The selloff coincided with substantial leveraged-position liquidations and net outflows from Bitcoin and Ethereum ETFs.
The figures document a market-stress episode—not a measure of whether crypto adoption was growing or shrinking.
A two-session reversal
Warner reported that stocks had their best day in three months on Wednesday, while Bitcoin climbed above $80,800. By Thursday, that rally had reversed:
- Bitcoin: down 5.4% to $75,871, below its pre-election level.
- Ethereum: down 7.6% to $2,239.
- XRP: down 9.8%.
- Hyperliquid’s token: down 4.9%.
- CMC20 index: down 6.29%.
The newsletter’s market roundup reported more than $1.1 billion in crypto long liquidations over the preceding 24 hours. Warner also noted a slight relief rally overnight.
The equity-market losses were substantial. The S&P 500 fell 4.36%, its worst session since the April 2025 Liberation Day tariffs. The Nasdaq dropped 5.52%, closing more than 10% below its record from the previous month, while the Dow lost 1,833 points.
Semiconductor shares took particularly heavy losses: the iShares Semiconductor ETF fell more than 12%, its worst day since March 2020. The Magnificent Seven collectively lost roughly $1 trillion in market value, according to the report.
The AI explanation was an interpretation, not a settled cause
Warner linked Thursday’s reversal to concerns about slower permitting and tighter oversight of AI data-center construction following Democratic election victories. He noted that several states where Democrats won had active local opposition to data-center projects.
Swissquote’s Ipek Ozkardeskaya framed that concern cautiously: “We suspect there is going to be some scrutiny on this aggressive AI buildout.”
That explanation should remain attributed. The reported price moves establish that crypto and technology stocks fell during the same session; they do not, by themselves, isolate the cause of Bitcoin’s decline.
ETF flows and protocol revenue tell different stories
Bitcoin ETFs recorded $430 million in net outflows on Thursday, while Ethereum ETFs recorded $100 million in outflows. Those figures describe flows through ETF products, not changes in the number of crypto users.
At the protocol level, the newsletter reported daily revenue of $2.72 million for Hyperliquid, $1.35 million for Pump.fun and $822,000 for Papertrade. Lighter generated $314,000 on Thursday—its second-highest daily revenue since early February.
These are revenue measurements, not user counts or retention statistics. The newsletter did not provide the active-user denominators or repeat-use data needed to establish whether that activity reflected durable adoption.
A broader trading offering, with uptake still unmeasured
Separately, Solana Labs launched Leap, a mobile app offering round-the-clock trading in tokenized stocks, ETFs, metals, currencies and crypto. It was built by Dialect, the team Solana Labs acquired earlier in 2026.
The launch expands the reported trading offering, but the source supplied no Leap user totals, trading volumes or retention figures. It therefore supports a product-launch claim—not a demonstrated increase in adoption.
Original article: Decrypt, “Morning Minute: Bitcoin Erases Election Rally as AI Stocks Crater”
