MSCI Exit & Nvidia Shock

Bitcoin lost its long-term averages as Strategy’s buying engine and AI leadership both faltered.

Bitcoin traded at $68,191 at 05:59 UTC on November 13, 45.95% below the $126,156 all-time high. Underneath, Strategy lost a source of passive demand, the AI trade lost its founder-CEO, and the September breakout above the 50-week average failed. The latest Coinjuice LIVE session, Bitcoin Tests $68K 200-Week Average, walks through the levels in play, and the November 12 Read tracked the ETF outflows now slowing.

Strategy MSCI Exit: Index Loss Pressures the Bitcoin Buying Model

MSCI confirmed Strategy will leave the MSCI global equity indexes after the November 30 close, under a new screen for non-operating companies. The pressure falls on funding. No forced sale of coins follows from the decision:

• Passive holders: Funds tracking MSCI hold about 13 million Strategy shares, roughly 3.1% of the total, per Strategy. 

• Earlier estimates: Put passive outflows at $2.8 billion, rising to as much as $8.8 billion if other index providers followed, per Reuters.

• Premium squeeze: Strategy’s mNAV sits near 1.08x, per BloFin Research via Bitcoin Magazine. Strategy’s own mNAV definition gives a higher reading. A thinner premium means each share sale buys less bitcoin.

• Where the cash went: Strategy’s 8-K shows $283.8 million raised from stock sales from November 2 to 8. With $81.9 million going to bitcoin, buying 1,036 BTC. $188.3 million funded preferred-share buybacks, and $13.6 million went to cash.

• No disposal reported: The 8-K reported no bitcoin sales. Strategy holds 850,364 BTC.

Bank exposure through ETFs kept building in Q3 filings. JPMorgan increased its IBIT holdings to 11.41 million shares, up 9.6% from Q2, per Bitcoin Magazine. Barclays lifted its IBIT share count 48%, and Citi opened a position of roughly $119 million in FBTC, per Crypto Briefing. The filings show holdings as of September 30, so the figures describe positioning before the November outflows, not a live buyer.

Bitcoin Below the 50-Week Average: Nvidia and Fed Hit Risk Appetite

Nvidia’s November 12 filing confirmed Jensen Huang resigned as president, chief executive and board member, effective November 11, following media reports about his personal conduct. CFO Colette Kress became interim CEO, and Harvey Jones became chair. Around the same time:

• AI trade hit: Nvidia shares fell as much as 14% intraday, per CoinDesk. IREN and Cipher Digital, two miners that now also run AI data centres, fell about 5% to 6% early on November 12, per CoinDesk.

• Fed pressure: Bitcoin slid toward $71,000 on November 12 as Nvidia fell. $68,191 on November 13, during November 12, Cleveland Fed President Beth Hammack called for tighter policy. CME FedWatch reports put the chance of a December 9 hike at roughly 85% to 90%.

• Forced selling: Crypto Briefing, citing CoinGlass, reported $622 million of liquidations over four hours during the crack below $70,600. Leveraged longs accounted for $549 million of that.

• Stronger dollar: The Dollar Index briefly topped 103, its highest since April 2025.

• Next test: October PPI is scheduled for 8:30 a.m. ET on November 13, per the BLS.

The break undid a September setup. Galaxy Digital research head Alex Thorn showed that in four of five prior completed bear markets, the first weekly close above the 50-week average marked the bear-market low. 

he exception was 2021 to 2022, when two brief reclaims gave way to a deeper selloff. Bitcoin now trades 9.68% below the 50-week average of $75,502 on CryptoQuant closes. CoinDesk puts the average at $75,153. Wintermute named $68,000 as the next level down and said a reclaim of $80,000 would change its view. Spot sits at $68,191. Bitcoin lost its long-term averages as Strategy’s buying engine and AI leadership both faltered.

Bitcoin Technicals: Every Tracked Average Now Sits Overhead

Price is below a falling 200-day average and outside the lower band. Daily momentum is weak, and none of the readings confirms a reversal.

Simple averages from CryptoQuant. Daily and 3D averages use completed closes through November 12, and weekly averages use completed weeks. Spot reference $68,191 (DefiLlama, 05:59 UTC).

Bitcoin ETF Flows: Outflows Slowed on November 12

Five reporting dates, November 6 to 12. Negative figures are outflows. Source: DefiLlama.

Net selling slowed to $47.7 million on November 12, against a five-day average of $211.1 million per reporting date. A single lighter day is not a reversal.

Coinjuice Lens: Mining

Public miners have turned power and data-centre space into AI contracts, and their shares now move with the AI trade. IREN and Cipher Digital fell about 5% to 6% after Nvidia’s CEO change. For miners, the hashrate business still depends on BTC, and the AI business now depends on Nvidia. HIVE Q2 Revenue Reaches $84.9M as AI GPU Revenue Climbs 70% shows how far one miner has moved toward that model.

Readers looking to trade levels like these without borrowed money can start with the Coinjuice ebook, Bitcoin Trading Without Leverage, or go deeper with a Coinjuice subscription.

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News Behind Today’s Read

• NVIDIA Announces CEO Transition (SEC, Form 8-K). Source for Huang’s resignation, Kress as interim CEO and Harvey Jones as chair.

• Strategy Form 8-K, November 9, 2026 (SEC). Source for the 1,036 BTC purchase, how the $283.8 million raised was split, and the 850,364 BTC held.

• Strategy spent more than twice as much on preferred share buybacks as bitcoin, now comes its MSCI exit(CryptoSlate). Source for how the MSCI exclusion affects Strategy’s funding.

• Barclays IBIT and Citi FBTC Bitcoin ETF holdings (Crypto Briefing). Source for the Q3 bank ETF positions.

• JPMorgan lifts Strategy stake (Bitcoin Magazine). Source for JPMorgan’s 11.41 million IBIT shares as of September 30.

Market Snapshot

Prices as of November 13, 2026, 05:59 UTC, DefiLlama. Externally reported figures are labelled by outlets and have not been checked against DefiLlama.

This article is for information only and is not financial advice. This article was developed with the support of artificial intelligence tools as part of CoinJuice’s editorial process and reviewed by our editorial team before publication.