Thailand Moves to Block Bitget From December 5 After SEC Criminal Complaint

TLDR

• Bitcoin fell 6% to $75,700 on Thursday after briefly reaching $80,000 on Wednesday.
• About $1.1 billion in leveraged crypto positions were liquidated in 24 hours.
• The Nasdaq dropped 5.5% and Nvidia fell 9.3% as AI stocks sold off.
• Spot Bitcoin ETFs saw $1.16 billion in outflows over three days before a small inflow on November 4.
• Thailand’s SEC filed a criminal complaint against Bitget’s operator and plans to block the exchange from December 5.

Bitcoin fell to $75,700 on Thursday, down 6% from the day before, after briefly reaching $80,000 on Wednesday. The drop came as a selloff in artificial intelligence stocks spread across Wall Street.

Ether also fell more than 7% to $2,247, according to The Block. The decline erased the short rally that followed the U.S. elections.

The fall forced many leveraged traders out of their positions. Data from CoinGlass showed $1.1 billion in liquidations over 24 hours, covering almost 211,000 positions.

In one four-hour window alone, liquidations reached $879.92 million. Long positions, which bet on rising prices, made up $818.90 million of that total.

ETF Flows Show Mixed Demand

Liquidations measure forced exits from leveraged trades. They are different from ETF flows, which track money moving into or out of funds.

Spot Bitcoin ETFs saw outflows before Thursday’s drop. FarSide data showed withdrawals of $643.2 million on October 30, $398.6 million on November 2 and $115.6 million on November 3, for a total of $1.16 billion.

The funds recorded a net inflow of $74.6 million on November 4. Fidelity’s fund took in $236.7 million, while BlackRock’s fund lost $201.2 million, and data for November 5 is still incomplete.

On Wall Street, the Nasdaq closed Thursday down 5.5% at 24,315.00, leaving it 11.9% below its October peak. The S&P 500 lost 4.4%, and Nvidia fell 9.3%.

Investors are asking when costly AI projects will pay off. “Coming into this earnings season, there were worries that AI spending was too much,” Swissquote analyst Ipek Ozkardeskaya told Reuters.

J.P. Morgan’s Michael Cembalest reported an 8% drop in hedge funds’ gross long-short exposure. He also pointed to roughly $4 trillion in AI-related off-balance-sheet commitments, which are not immediately payable debts.

Foundry Labs found a 0.41 correlation between Bitcoin and a fund tracking the Nasdaq-100 over 63 days. However, correlation does not prove that the AI selloff caused Bitcoin’s fall.

Wintermute said $73,000 and $68,000 are price levels to watch. The firm wants Bitcoin to hold above $80,000 before taking a more positive view.

Paul Howard of Wincent said recent Democratic gains in Congress could make it harder to pass the Clarity Act. Upcoming ETF reports will show whether the November 4 inflow marked a return of demand or only a pause in outflows.

Thailand Targets Bitget

In Asia, Thailand’s Securities and Exchange Commission filed a criminal complaint against BG Limited, the operator of the Bitget exchange. The regulator said Bitget offered trading services in Thailand from 2022 to 2025 without a required license.

The SEC pointed to Bitget’s Thai-language website, prices shown in baht and marketing on X, Telegram and TikTok. It said these activities broke licensing rules under the country’s 2018 Emergency Decree on Digital Asset Businesses.

The complaint also names Kritsana Kritsananuwat. The SEC accused Kritsana of promoting Bitget through the Srisiam Facebook page and SRISIAM YouTube channel.

Access to Bitget’s website, other domains and app is set to be blocked from December 5, 2026. The case has been sent to the Economic Crime Suppression Division for investigation and possible prosecution.

The action follows Bitget’s plan to buy GMO-Z.com Cryptonomics, a licensed Thai exchange. Bitget plans to offer its platform to Thai customers through that exchange once the deal closes and approvals are granted.

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