Crypto Market Recap Nov 7: Bitcoin Near $75,700 USD, Moving Like a Tech Stock
Bitcoin (BTC) is trading like a technology stock. Its 20-session correlation with the Nasdaq Composite reached its highest level since 2022 on Thursday, and its link to the S&P/TSX Composite, the index a Canadian reader is more likely to own, sits in the top 3% of its own five-year record. At 7:05 p.m. ET on Saturday November 7 2026, Bitcoin sat at $75,714 USD, or $106,892 CAD, and Ethereum (ETH) at $2,235 USD, or $3,156 CAD. That is a snapshot rather than a close, because crypto never closes. Against Friday’s close, Bitcoin was down 0.04% and Ethereum up 0.02% in US dollars.
Prices, closes and index levels in this piece come from Yahoo Finance, and every percent change and correlation is our own arithmetic on those closes.
The rough shape of it, using Bitcoin’s own close-to-close return on each Nasdaq session date: over the last 20 sessions, on the 9 days the index rose it averaged +0.87% and Bitcoin +0.88%, and on the 11 days it fell the index averaged -1.66% and Bitcoin -1.64%. Drop November 4, when Bitcoin gained 3.96% against the Nasdaq’s 1.44%, and the up-day average falls to +0.50% against +0.80%. On medians rather than means, Bitcoin captured less of the up days and more of the down ones. Twenty sessions do not settle the question either way.
Thursday’s correlation was the tightest since July 2022
We also measure the rolling 20-session correlation between Bitcoin’s daily return and the Nasdaq Composite’s, using Nasdaq sessions only, so weekend crypto days drop out. The series has 1,235 readings, from December 7 2021 to Friday November 6 2026. Friday’s reading, the latest, is 0.7844, the 97.6th percentile of the five years. Thursday November 5 read 0.8024, which ranks 18th of the 1,235.
Seventeen readings beat Thursday’s, and every one falls in 2022, between April 12 and July 12 of that year. The last of them is July 12 2022, which is what makes Thursday’s reading the tightest since July 2022, and the five-year peak is 0.8622 on May 11 2022. Friday’s 0.7844 is lower than Thursday’s. Outside this week, the last reading above Friday’s was December 27 2024. For context, the median reading over the five years is 0.44 and the 90th percentile is 0.70.
Rolling 20-session correlation of daily percent returns, five years through Friday November 6 2026. Source: Yahoo Finance daily closes for BTC-USD and the Nasdaq Composite. Our arithmetic.
The reading is fragile, and still high without Thursday
A 20-session window that contains one joint 5.5% drop reads high partly for that reason. Remove Thursday and recompute, and Thursday’s window falls from 0.8024 to 0.7066, while Friday’s falls from 0.7844 to 0.6783. One day is worth about 0.10 of the reading, which is how fragile a 20-session correlation is.
What survives is still unusual against the same estimator’s own history. 0.7066 is the 91st percentile of the five years and 0.6783 the 87th, against a median of 0.44. Without the worst day, Bitcoin’s link to the Nasdaq still sits inside the top 13% of its own five-year record.
Ethereum’s 20-session correlation with the Nasdaq is 0.76 on Friday and was 0.77 on Thursday, which ranks 43rd in Ethereum’s own five-year series of 1,235 readings. Ethereum moves with Bitcoin most of the time, so this is corroboration rather than a second independent witness.
The last time it was this tight, it broke against Bitcoin
That 2022 stretch is one episode rather than a base rate, so it cannot support a prediction. Measuring both legs on the same session, 30 days after the May 11 2022 peak reading Bitcoin was up 0.5% and the Nasdaq down 0.2%. At the July 8 session, 58 days out, Bitcoin was down 24.9% while the Nasdaq was up 2.4%. At 90 days Bitcoin was down 19.9% and the Nasdaq up 9.9%.
The link did not persist, and when it broke it broke against Bitcoin. The obvious inference from a tight correlation, that Bitcoin will carry on delivering the Nasdaq’s return, is the one that failed on the only previous occasion we have.
Thursday was an AI and semiconductor unwind
Bitcoin fell 5.55% on Thursday and the Nasdaq 5.52%, but the heaviest losses were in semiconductors. The S&P/TSX Composite fell less than either the Nasdaq or Bitcoin, for reasons we set out in our November 5 report on the TSX selloff.
| Name | Thu Nov 5 | Fri Nov 6 |
|---|---|---|
| Micron (MU) | -17.46% | +5.12% |
| Marvell (MRVL) | -16.43% | +5.73% |
| Nebius (NBIS) | -14.94% | +7.58% |
| Broadcom (AVGO) | -10.43% | +0.74% |
| Palantir (PLTR) | -9.73% | +3.48% |
| Coinbase (COIN) | -9.69% | -1.51% |
| Qualcomm (QCOM) | -9.49% | +5.52% |
| Strategy (MSTR) | -9.29% | -0.29% |
| Nvidia (NVDA) | -9.26% | +2.78% |
| Super Micro (SMCI) | -8.51% | +6.20% |
| Oracle (ORCL) | -6.93% | +0.82% |
| Bitcoin | -5.55% | -0.26% |
| Nasdaq Composite | -5.52% | +1.09% |
| S&P/TSX Composite | -2.03% | +0.52% |
Percent change in the daily close, Thursday November 5 and Friday November 6 2026. Bitcoin is a UTC-day close, the Toronto listings are in Canadian dollars, and the rest are US session closes. Source: Yahoo Finance daily closes. Our arithmetic on those closes.
Friday split the crypto complex in two
Semiconductors bounced on Friday. Strategy and Coinbase did not join in, finishing down 0.29% and 1.51%, and neither did Bitcoin at 0.26% lower.
The Toronto-listed miners went the other way entirely. Hut 8 rose 15.65% on Friday after falling 5.53% on Thursday, and HIVE Digital rose 9.13% after falling 9.45%. So Friday did not split the market into equities on one side and crypto on the other. It split the crypto names themselves. The two miners moved with the rebound in the rest of the equity tape, while Strategy, which holds Bitcoin on its balance sheet, Coinbase, which runs an exchange, and Bitcoin itself all finished lower.
That is one session out of twenty, and it is the sort of divergence to watch rather than to conclude from. All four companies sit on our crypto stocks page.
Equity volatility has not settled back down either, which is the backdrop Bitcoin is now moving against. The VIX closed at 16.61 on Wednesday November 4, jumped 70% to 28.18 on Thursday and fell 9.01% to 25.64 on Friday.
Saturday was flat, and weekend days are usually quieter
Across the 365 days to Saturday, Bitcoin’s 104 weekend days averaged an absolute daily move of 0.99% (median 0.67%), while its 260 weekdays averaged 1.83% (median 1.39%). Weekdays move close to twice as much as weekend days, on average. A quiet Saturday is the base rate and says little about Monday. Bitcoin’s volatility clusters on weekdays, when the market it is tracking is open.
Where Bitcoin and Ethereum sit against their peaks
Bitcoin’s highest close of the last five years is $124,752.53 USD, on October 6 2025. The snapshot is 39.31% below it. Its highest close of 2026 is $96,929.33 USD, on January 14 2026, and the snapshot is 21.89% below that.
Ethereum’s highest close of the last five years is $4,831.35 USD, on August 22 2025, and the snapshot is 53.73% below it. Its highest close of 2026 is $3,354.72 USD, also on January 14 2026, and the snapshot is 33.36% below that.
Since September 1 2026, exactly one completed daily close has been lower than Saturday’s Bitcoin snapshot: $75,612.51 USD, on September 15. For Ethereum, Thursday’s close of $2,234.48 USD is its lowest since August 18 2026, and Saturday’s snapshot of $2,235.45 USD sits just above it.
A 39.31% drawdown is past the 20% that equity investors call a bear market, but a round number borrowed from equities tells a Bitcoin holder very little. Our guide on the difference between a correction and a bear market explains that those thresholds describe magnitude and nothing else, and reports that the S&P/TSX Composite has closed more than 20% below a previous high on 19.6% of all trading days.
The Canadian angle on the week
On Friday, Bitcoin fell 0.26% in US dollars and rose 0.42% in Canadian dollars, from $106,453.84 CAD to $106,905.42 CAD on daily closes, because the Canadian dollar weakened.
Over the week, from the October 31 close to Saturday’s snapshot, Bitcoin is down 2.22% in US dollars and 1.23% in Canadian dollars. The currency took roughly 45% off the US-dollar loss. Ethereum is down 0.77% in US dollars and up 0.24% in Canadian dollars.
This week the currency moved the right way for a Canadian account, and a US-dollar chart overstates what that account actually felt. Which way it moves next week is a separate bet from Bitcoin itself, and the choice of wrapper decides whether a holder is taking it: a currency-hedged Canadian product strips the effect out by design, and an unhedged one keeps it, cushion and cost alike.
What it means for a Canadian holding Bitcoin next to equities
The diversification question does not have to be inferred from the Nasdaq, because the same arithmetic runs against the index a Canadian actually owns. Bitcoin’s 20-session correlation with the S&P/TSX Composite was 0.71 on Friday, the 97.3rd percentile of 1,235 readings over the same five years, against a median of 0.39. Correlation is only half of what a holder feels, though, and the other half makes it worse. Over the same 20 sessions Bitcoin’s daily moves have a standard deviation of 2.20% against the TSX’s 1.10%, and regressing one on the other gives a slope of 1.42. So the position has been moving with a Canadian equity book and amplifying it. On the month just passed, Bitcoin has not been diversifying that book. It has been adding to it.
The medians are the other half of that. At 0.39 against the TSX and 0.44 against the Nasdaq, a loose link is the normal state for both. Against the Nasdaq, the only earlier readings as high as this one came in 2022 and at the end of 2024. The Canadian leg is less of a rarity: Bitcoin’s TSX correlation was tighter as recently as July 2026, and it peaked at 0.78 in May 2025. So this is better read as what the link does in an episode than as a permanent change in what Bitcoin is. That is not reassuring, because an episode of falling equities is exactly when a holder wants the diversification to be there.
What would change that is the thing to watch, and the nearer signals are in the table above. If Strategy and Coinbase start moving on crypto news while semiconductors go the other way, the wiring is coming apart. The 2022 episode says the link can come apart quickly, and that Bitcoin was the side that paid for it. A holder can follow the price itself on the BTCUSD chart on TradingView.
Disclaimer: The content on bestcanadianstocks.ca is for informational and entertainment purposes only and does not constitute financial advice. Past performance is not indicative of future results. Always consult a qualified financial advisor before making investment decisions. Every price in this article comes from one pull taken at 7:05 p.m. ET on Saturday November 7 2026, and the Bitcoin and Ethereum snapshot carries the timestamp 2026-11-08T00:05:04 UTC. Daily closes for Bitcoin, Ethereum, the Nasdaq Composite, the S&P/TSX Composite, the VIX and the individual stocks, including the Toronto listings of Hut 8 and HIVE Digital, are Yahoo Finance daily bars. Crypto trades continuously, so the Saturday figures are a snapshot rather than a close. Every percent change and every correlation is our own arithmetic on those closes. The rolling correlation is matched on Nasdaq sessions only, so weekend crypto days are excluded, and it is measured over five years of daily closes.
