Bitcoin did not start Friday's slide. A selloff in US artificial intelligence stocks did, and by Friday 6 November 2026 it had reached Seoul, Tokyo, Taipei and Jakarta. The overlooked detail is how far bitcoin fell compared with the stocks that triggered it.

According to Bull Theory, citing macro analyst Alex Kruger, the Nasdaq 100 fell 6.4% on Thursday 5 November while bitcoin fell 5.3%. That is a smaller drop for bitcoin than for the tech index, which cuts against the idea that crypto always falls harder in a risk-off day. It is one source, so treat it as an attribution, not a settled fact.

This matters for the 11-12 November 2026 calendar. Web3 Week Asia opens in Jakarta on Wednesday 11 November, and its Indonesia Crypto Outlook 2026 track will now start from a market that has just moved sharply, as of 14:15 WIB on 6 November 2026.

What happened. On Thursday 5 November the Nasdaq Composite fell 5.52%, the S&P 500 fell 4.36% and the Dow fell 3.44%, according to Fox Business and KuCoin's daily market report.

Asia on Friday. Samsung Electronics fell nearly 10% and SK Hynix about 11.7% in the Asian session, per Kontan (relaying Reuters) and Receh.in. South Korea's KOSPI fell more than 8% at one point and hit a circuit breaker.

Bitcoin. Bitcoin traded near US$75,400-76,100 on Friday, down about 5.5% to 6.5% over 24 hours depending on the source, CoinGecko, KuCoin and Bitcoin.com data.

Indonesia. The IHSG closed Thursday up 2.25% at 5,030.26, then fell more than 2% on Friday morning to below 5,000, according to Receh.in and other Indonesian outlets.

The chain of events: from US politics to Asian chips to crypto

Fox Business and Kontan describe the same sequence. Investors weighed how Democratic gains in the 3 November midterm elections could affect AI regulation and data center build-out. Fox Business adds that rising electricity prices made data centers a political issue. The Philadelphia Semiconductor Index fell more than 12% on 5 November, and Nvidia fell 9.26%, per Fox Business.

Asia is exposed because its largest listed companies sit inside that supply chain. Samsung, SK Hynix, TSMC and Kioxia are memory and chip makers. That explains why Korea and Taiwan fell far more than the Hang Seng (down about 0.9% in early trading) or the Shanghai Composite (down about 1.2%), as Receh.in reported.

Why it matters: the link from US equities to crypto ran through risk appetite, not through anything specific to crypto. On 5-6 November, bitcoin moved with equities rather than away from them.

The crypto side: leverage, not panic selling

Liquidation data shows who got hurt. CoinGlass-based reports put 24-hour crypto liquidations at about US$1.24 billion (Phemex and BigGo) and US$1.25 billion (Cryptonews.com.au). KuCoin's report said about US$1.09 billion. Different trackers and windows give a range of US$1.09-1.25 billion, and these figures are not added together.

About 88.6% of the CoinGlass total was long positions, meaning traders betting on higher prices were forced out. Bitcoin alone accounted for about US$325 million of liquidations, 90.2% of them long, per Phemex and BigGo.

Phemex notes that its CoinGlass total covers tracked instruments and includes stock-linked tickers, so it is not purely crypto. That caveat is rarely repeated in headlines, and it shows how closely crypto derivatives venues now sit beside equity exposure.

Why it matters: a long-heavy liquidation tally describes leverage unwinding, not a change in long-term demand. The Fear and Greed Index fell to 28 from 50 a day earlier, according to Alternative.me data cited by Coingabbar. That is a sentiment reading, not an official number.

The honest counterweight

One session is not a trend. Most Asian figures here are intraday snapshots. KOSPI, Nikkei and IHSG closing numbers were not final at the time of writing, and Receh.in itself says one session does not confirm net foreign outflows from Indonesia.

Causes are attributed, not proven. Reuters, Fox Business and others cite AI valuation worries and midterm politics. No study in the sources establishes that the midterms caused the selloff or that the equity drop caused bitcoin's fall. Phemex states that the available evidence does not identify which event started it.

The data does not show Indonesian crypto flows. None of the sources give Indonesian exchange volumes, user withdrawals or local liquidation data for 5-6 November.

Indonesia crypto: a smaller equity hit, a live custody rule

Receh.in said the IHSG fell less than Korea, Taiwan and Japan because the index has less direct exposure to semiconductors and AI supply chains. The rupiah opened near Rp18,090 per US dollar and weakened to about Rp18,103 at 09:04 WIB, per the same outlet. That is a single-source figure.

On regulation, ANTARA reported that OJK's Adi Budiarso said at a press conference on 5 November that crypto traders must keep consumer assets secure and are liable if they are lost. Under POJK 27/2024 as amended by POJK 23/2025, traders may self-custody at most 30% of customer assets, and at least 70% of that portion must sit in cold storage. OJK made the statement amid attention to the Binance security incident.

Why it matters: a market shock is a test of custody and risk rules, not only of prices. For Indonesia crypto users, the numbers to check are how much of an exchange's customer assets sit with a custodian and how much is held in cold storage.

Web3 Week Asia 2026: blockchain event in Jakarta, 11-12 November

Web3 Week Asia takes place on 11-12 November 2026 in Jakarta, with the official site listing the Grand Ballroom at Kuningan City. Its four tracks are Investor Meetups, Alpha Callers, Web3 Entrepreneur and Indonesia Crypto Outlook 2026. The organisers say the 2025 edition drew more than 5,000 participants, over 100 speakers and more than 200 companies from more than 10 countries. The 2026 speaker line-up has been described as to be announced.

The 5-6 November move gives those tracks a concrete case study: how quickly equity stress reaches crypto, how leverage amplifies it, and what Indonesian rules say about customer assets. Earlier W3W coverage looked at the Binance theft and what OJK said about it.

Nothing in this article predicts where prices go next. The aim is to put dated numbers next to each other so readers can judge for themselves.

Frequently asked questions

When and where is Web3 Week Asia 2026?

Web3 Week Asia 2026 takes place on 11-12 November 2026 in Jakarta, Indonesia. It is a two-day crypto and blockchain event covering markets, regulation, infrastructure and venture investment across Southeast Asia.

Why did bitcoin fall on 5-6 November 2026?

Bitcoin fell about 5.5% to 6.5% over 24 hours as of 6 November 2026, depending on the source, alongside a sharp drop in US AI and chip stocks. Reports attribute the equity drop to AI valuation concerns and midterm election politics. No source establishes a direct cause for bitcoin's move.

How much were crypto liquidations?

CoinGlass-based reports put 24-hour liquidations at about US$1.24-1.25 billion, while KuCoin reported about US$1.09 billion. About 88.6% of the CoinGlass total was long positions, and one source notes the total includes stock-linked tickers.

How did Indonesian markets react?

The IHSG, which closed Thursday at 5,030.26, fell more than 2% on Friday morning to below 5,000, according to Receh.in. The rupiah weakened to about Rp18,103 per US dollar at 09:04 WIB. These are intraday figures, not closing prices.

What did OJK say about crypto custody?

On 5 November 2026, OJK's Adi Budiarso said crypto traders must keep consumer assets secure and are liable for losses. Under POJK 27/2024 as amended by POJK 23/2025, traders may self-custody at most 30% of customer assets, with at least 70% of that portion in cold storage, according to ANTARA.

Sources

Fox Business, US closing figures 5 November 2026: https://www.foxbusiness.com/markets/stocks-nov-5-2026

Web3 Week Asia, earlier coverage of the Binance theft and OJK response: https://www.w3w.asia/articles/binance-hack-6-3-billion-indonesia-ojk-2026binance-lost-about--6-3b-on-29-oct-2026--what-ojk--indodax-and-tokocrypto-said--and-what-it-means-ahead-of-web3-week-asia-in-jakarta--11-12-november

US index closes on 5 November 2026 come from Fox Business and KuCoin's daily market report of 6 November, with the Nasdaq loss of about US$2.5 trillion from VIVA (6 November, 13:45 WIB). Asian moves on 6 November come from Kontan (relaying Reuters, 09:38 WIB), Receh.in, FinancialJuice (06:18 UTC) and Bitcoin.com (05:30 UTC). Bitcoin prices and 24-hour moves come from Coingabbar (CoinGecko data, 04:00 UTC), KuCoin (00:00 UTC data), Bitcoin.com and Cryptonews.com.au (06:48 UTC). Liquidation figures come from CoinGlass as reported by Phemex (about 03:32 UTC), BigGo Finance (04:25 UTC) and Cryptonews.com.au. The OJK statement of 5 November comes from ANTARA (5 and 6 November 2026).

Methodology: Percentages are quoted with their time window and source. The bitcoin 24-hour decline and the liquidation total are shown as ranges because sources and tracker windows differ, and liquidation totals were not added together. Cryptonews.com.au's ETF flow figures were excluded because they conflict with KuCoin's report for a different day. The claim that bitcoin fell less than the Nasdaq 100 comes from one source and is attributed. Indodax Academy could not be used as a source, and the CoinDesk price page returned stale data, so neither was relied on.

This article is for information only and is not investment advice