Bitcoin Plunges As Nvidia CEO Exit Sparks Massive ETF Outflows

Bitcoin (BTC) tumbled below $72,000 on November 12, extending a painful sell-off as investors pulled money from spot ETFs and technology stocks weakened. The cryptocurrency traded around $71,853, down approximately 3.5% over 24 hours, according to CoinGecko data.

The decline came as American multinational technology company Nvidia confirmed that longtime chief executive Jensen Huang had stepped down.

Although the announcement added another reason for caution, Bitcoin’s troubles had started earlier, with institutional investors steadily withdrawing money from exchange-traded funds. 

Bitcoin ETF Withdrawals Put Investors On Edge

Behind BTC’s latest decline was a growing withdrawal of institutional money from investment products that helped bring traditional investors into crypto markets. U.S. spot Bitcoin ETFs recorded approximately $299.8 million in net outflows on Wednesday, extending their withdrawal streak to five consecutive trading sessions.

Cumulative withdrawals since November 5 reached about $1.44 billion, reflecting a noticeable shift in investor appetite during an unsettled period. BlackRock’s iShares Bitcoin Trust accounted for roughly $269.7 million of Wednesday’s outflows, making it the largest contributor among reporting funds.

Grayscale’s GBTC also recorded approximately $39.1 million in withdrawals, although the initial figures remained subject to revision as additional fund data emerged.

Meanwhile, bitcoin had already struggled amid uncertainty surrounding interest rates, weakening risk appetite, and growing concerns across financial markets before Nvidia’s leadership news.

Nvidia Leadership Shake-Up Adds To Market Uncertainty

Nvidia’s announcement carried considerable weight because Jensen Huang has been closely associated with the company’s extraordinary transformation over three decades.

Huang resigned as Nvidia’s President, CEO, and board member effective immediately on November 12, 2026, following a rapidly escalating scandal involving extramarital affairs that raised both personal misconduct and national security concerns.

Huang co-founded Nvidia in 1993, helping transform a graphics-chip manufacturer into one of the world’s most influential technology companies. Its processors have become essential infrastructure for artificial intelligence development, attracting enormous investment and making Nvidia a closely watched market heavyweight.

Nvidia confirmed the departure, naming chief financial officer Colette Kress interim chief executive. Kress, who joined Nvidia in September 2013, will oversee operations while the board searches for a permanent replacement. Also, Harvey C. Jones, a longtime technology executive and investor, was appointed Nvidia’s first board chair as the company entered this transition.

Meanwhile, as ETF withdrawals continue and uncertainty spreads through technology markets, bitcoin investors now face another test of confidence.

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