Bitcoin fell as low as $71,100 intraday on Nov. 13 (local time), hitting its lowest level in about 12 weeks.

CoinPost, a blockchain media outlet, reported on Nov. 13 that selling pressure intensified across the broader cryptocurrency market as negative news overlapped, including a change of chief executive at Nvidia and Strategy being removed from a Morgan Stanley Capital International (MSCI) index.

Nvidia announced that Jensen Huang (젠슨 황) is stepping down immediately as president, CEO and director. Until a successor is decided, Chief Financial Officer Colette Kress will serve as interim CEO. Nvidia had already begun an investigation related to reports that Jensen Huang became a target of foreign intelligence agencies over an extramarital affair with a woman identified as a Chinese spy. Markets reacted sensitively as suspicions were also raised about an alleged affair with a direct subordinate employee.

Supply-and-demand concerns around Strategy also grew. MSCI decided to remove Strategy, a leading bitcoin-holding company, from its index as of Nov. 30, making sales by index-tracking funds unavoidable. Wintermute said it was difficult to gauge the size of index-linked funds and assessed that the removal carries a risk of triggering passive selling of bitcoin proxy investment names.

Major altcoins were also weak. Major tokens, including ethereum, fell more than 3 percent over 24 hours. CoinGlass data showed cryptocurrency market liquidations topped $720 million over the same period, with long-position liquidations accounting for more than $640 million.

The macro backdrop also weighed. The U.S. consumer price index for October rose 0.4 percent from the previous month, above the market forecast of 0.3 percent. That increased the likelihood of a U.S. Federal Reserve rate hike in December again. The market is even discussing the possibility of a 0.5 percentage point increase at the December Federal Open Market Committee meeting.

Fund flows also tilted to the downside. Spot bitcoin exchange-traded funds posted net outflows of $595.98 million over three trading sessions through Nov. 11 this week. As institutional money continues to leave, the spot market’s rebound momentum has weakened.

Against this backdrop, bitcoin extended its losses as company-specific issues, index removal and rate concerns were reflected at once. Whether Strategy’s removal leads to actual passive selling and whether ETF outflows continue are expected to be key variables for the near-term trend.