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Twenty One Capital reported a $1.087 billion third-quarter profit on Friday. The money came from Bitcoin (BTC) rising in value, and about 60% of it has already disappeared.
Bitcoin has fallen since the quarter closed on Sept. 30. The Texas firm’s coins are now worth about $700 million less than it paid.
Where Did Twenty One Capital’s $1 Billion Profit Come From?
US accounting rules require companies to book changes in the value of crypto they hold as profit or loss. No coins need to be sold.
At the end of September, each Bitcoin was worth about $83,700, the company’s quarterly filing shows. That price lifted its 43,514 coins by $1.093 billion.
Bitcoin Price Performance Since September 30. Source: TradingView
Meanwhile, the business itself reported no revenue. It posted a $4.8 million operating loss for the quarter.
Chief Executive Officer (CEO) Rapha Zagury, who took over after Jack Mallers stepped down in July, drew the same line.
“But gains from an asset we own are not the same as earnings from businesses we operate,” Rapha Zagury, CEO of Twenty One Capital, in his shareholder letter.
How Much of the $1 Billion Is Left?
On Nov. 13, the coins were worth about $2.99 billion, according to BitcoinTreasuries. That is about $653 million below their quarter-end value, roughly 60% of the profit.
The company paid about $3.69 billion for the coins, its filing shows. As a result, the holdings now sit roughly $700 million below cost.
Bitcoin price against Twenty One Capital’s average cost per coin). Source: BitcoinTreasuries.net
The same rule worked in reverse earlier this year. Bitcoin’s decline produced a $1.27 billion net loss in the first half of 2026.
Even after the third-quarter gain, the company remains $186.5 million in the red for the year.
Investors did not cheer. XXI shares traded at $4.97 at midday Friday, down 0.6%.
Twenty One Capital Stock (XXI) Performance. Source: Yahoo Finance
Zagury said buybacks deserve serious consideration if the stock trades below its asset value. However, he conceded the company cannot call Bitcoin’s next move.
“…we have no idea where Bitcoin price is going to be a year from now,” Rapha Zagury, on the earnings call.
Twenty One Capital ranks among the largest corporate Bitcoin holders, so its earnings now rise and fall with the coin. If Bitcoin ends December below $83,700, the same rule will book a fourth-quarter loss on its holdings.

Bitcoin sank to about $68,000 on Friday. That is its lowest price since August. US stocks tied to the coin went down with it.
The companies that mine new Bitcoin took the worst hit. Hut 8 dropped 6%. Riot Platforms and MARA Holdings each lost 3.9%. Coinbase, the largest US crypto exchange, slipped just 0.5%.
Bitcoin Price Performance. Source: TradingView Why is Bitcoin Falling?
It started with prices at the shops. US consumer prices rose 0.4% in October, above the 0.3% economists expected, the Bureau of Labor Statistics said on Tuesday.
Traders now bet the Federal Reserve will raise interest rates in December. Higher rates make risky bets like Bitcoin less attractive.
“Given the higher-than-desired inflation, it is even more likely now that the Fed will raise rates in December,” Chris Zaccarelli of Northlight Asset Management said.
Friday brought no relief. Wholesale prices rose 0.3% in October, below forecasts. But the yearly rate climbed to 6.5%, the highest in nearly four years. Wall Street’s early gains vanished within 30 minutes. The S&P 500 slid 0.55% and the Nasdaq 0.64%.
Why Do Miners Fall Harder?
Miners earn in Bitcoin. When the coin drops, so does their income. Power bills and debts do not.
MARA shows the squeeze. Its mining made $30.1 million after direct costs last quarter, against $43.9 million in overheads. About 54% of its Bitcoin is pledged against loans.
CRYPTO STOCKS SLIDE AS BITCOIN HITS THREE-MONTH LOW🔸 Hut 8 ($HUT): −6.0%🔸 Riot Platforms ($RIOT): −3.9%🔸 MARA Holdings ($MARA): −3.9%🔸 Robinhood ($HOOD): −3.2%🔸 Strategy ($MSTR): −2.1%🔸 Coinbase ($COIN): −0.5%Bitcoin's weakness is spreading across crypto…
— *Walter Bloomberg (@DeItaone) November 13, 2026
Not everyone sees doom. Miners are renting their power sites to artificial intelligence firms. Last week, Riot and Hut 8 each jumped 12% on those hopes while bitcoin stood still.
What Comes Next?
Strategy, the biggest corporate bitcoin holder, faces its own deadline. Index provider MSCI will drop it from its benchmarks after November 30.
JPMorgan analysts estimated that could force about $2.8 billion in selling. Strategy says index funds hold about 13 million shares, less than a day’s trading.
The bigger test is the Fed’s December meeting.

SpaceX has cut most of the team behind Grok Imagine, its tool that makes AI videos and images. Yet its AI business is booming.
About 60 people lost their jobs in the past week, The Information reported. Only a handful remain. SpaceX has not commented.
The Money Comes From Renting Computers to Rivals
AI made $7.6 billion of SpaceX’s $14.6 billion in revenue last quarter, up 830% in a year. The Motley Fool credits deals renting computing power to AI developers such as Anthropic and Alphabet, plus rising Grok use.
SpaceX third-quarter 2026 revenue split, $7.6 billion from AI and $7.0 billion from everything else
In the second quarter, AI solutions and infrastructure made $2.19 billion of the AI unit’s $2.56 billion. Advertising made $367 million. SpaceX has signed $14.1 billion in cloud deals.
In August, Musk said he expects “maybe 10%” of the company’s computing power to go to training Grok.
Musk Admits Claude Beats Grok
Anthropic, one of those paying customers, makes Claude. This week, Musk said his Grok 4.8 is “not as good” as Claude Opus 5.5. “Opus 5.5 is a masterpiece,” he added, BeInCrypto reported.
In August, SpaceX President Gwynne Shotwell said the company was “rapidly expanding our compute capacity to meet our own needs as Grok expands.” Three months later, Grok’s video team is mostly gone.
Grok Trails in Apps and Video
Grok ranked fifth of seven major AI assistants by web visits in May, a Momentic Marketing report found. In July video rankings, where viewers voted blind, Chinese companies took the top six spots, led by ByteDance’s Seedance 2.0, Capital and Compute found.
Investors Barely Blinked
SpaceX stock (SPCX) stock fell 0.56% to $139.15 in early trading on Friday after the report. Shares jumped toward $142 at the opening bell, then reversed below Thursday’s close of $139.94.

Hyperliquid (HYPE) has been one of the few large-cap tokens to hold up through the crypto downturn. HYPE price is still up sharply year to date, while Bitcoin trades roughly 15% lower.
That resilience is now being tested. HYPE trades near $72, about 26% below its September 23 all-time high of $97.99, and traders are asking whether the bull trend is over.
Bearish Structure Takes Shape
The daily chart has turned bearish. HYPE made a lower high on October 30, when a spike after Intercontinental Exchange’s (ICE) futures announcement stalled just below the record. It has now made its first lower low since the August breakout.
The token also lost the 0.382 Fibonacci retracement near $75, which had held as support twice since September. Volume has been shrinking since peaks in April and June. The Relative Strength Index (RSI) has fallen to around 35, its lowest reading since August.
HYPE daily chart / Source: Tradingview
Good news has not reversed the slide. HYPE kept falling after the ICE plan, the Upbit and Bithumb listings on November 10, and Binance reopening HYPE withdrawals on November 8.
Two large holders sold about $109 million worth of HYPE on October 31. With the Crypto Fear & Greed Index at 20, risk appetite remains thin.
Crypto Fear & Greed Index / Source: alternative.me Fundamentals Tell a Different Story
On-chain revenue paints a much stronger picture. According to DefiLlama, Hyperliquid generated $68.68 million in revenue over the past 30 days, all of it distributed to token holders through buybacks.
That works out to roughly $825 million a year. About 19% of gross revenue comes from USDC reserve yield, so that portion doesn’t depend on trading activity.
Hyperliquid fees and revenue / Source: DefiLlama
Analyst Jussy highlighted the same strength:
This is INSANE from $HYPEAnnualized revenue just hit nearly $1B based on the last 30 daysWith only 11 people on the team, that’s roughly 90M in revenue per employeePlus, Coinbase AQA yield is adding another $15M/month on top99% of all this revenue goes straight to… pic.twitter.com/mq1f7D5vNT
— jussy (@jussy_world) November 12, 2026
The buybacks, however, have only slowed the selling. They have not stopped the decline.
HYPE Price Levels to Watch
HYPE is now testing its most important support area, between $68 and $70. Three levels meet there: the 200-day moving average near $69, the lower band of the ascending channel near $70, and the 0.5 Fibonacci retracement at $68.08.
Buyers stepped in when today’s candle dipped to $69.91. The last time HYPE tested the 200-day average, in April, it went on to rally from May.
A daily close below this zone would confirm the breakdown and open the way to the 0.618 Fibonacci level at $61. That level matches the area where HYPE consolidated in June and July. On the upside, bulls need to reclaim $75 to ease the pressure.
Whether high revenue can defend the 200-day average will likely decide if HYPE’s trend survives.

Copper prices have fallen to their weakest level since July. The futures market is pricing in AI fears and a hawkish Federal Reserve, but the physical market is pointing the other way.
Benchmark three-month copper on the London Metal Exchange (LME) fell to $13,515 per ton on Thursday. An early rebound on Friday faded, leaving the metal about 9% below September’s record of $14,875.
Why Paper Prices Are Falling
The selling has come from financial markets, not from a surplus of metal. Copper has been trading as a proxy for AI infrastructure, and the latest tech selloff dragged it lower. News that Nvidia CEO Jensen Huang is stepping down added to doubts about data-centre spending.
“Every time AI takes a hit, copper demand and prices come under pressure too,” said Tom Price, analyst at Panmure Liberum.
Monetary policy is adding pressure. A hotter-than-expected US inflation print revived bets on rate hikes, and Fed officials have not ruled out a 50-basis-point hike at the December 8–9 meeting. The stronger dollar triggered selling by model-driven funds.
Meanwhile, Deutsche Bank sees lower odds of US tariffs on refined copper, which is unwinding the trade that had pulled metal into the US.
The Physical Market Tells a Different Story
China’s market is moving the opposite way. Shanghai Futures Exchange (SHFE) warehouse stocks fell 24% in one week to 33,848 tons, the lowest in almost three years and less than one day of Chinese consumption. The Yangshan premium, which tracks China’s demand for imported copper, hit a record $240 per ton on Thursday.
Jimmy McGeoch of Goldman Sachs described the physical market as “tight as a drum,” according to Robert Ivanhoe. Ivanhoe pointed to record-low smelter processing fees, Chinese smelter production cuts, and new grid tenders from China’s major grid operators. He warned that Chinese inventories could be depleted by year-end.
The Yangshan Copper Premium hits another all-time high… as Jimmy McGeoch at @GoldmanSachs said this morning, 'the physical copper market is tight as a drum'.We are hearing that China’s refined copper market will continue to tighten at least through the end of the year,… https://t.co/fpVd1iOfD6 pic.twitter.com/g1HTKCngHF
— Robert Friedland (@robert_ivanhoe) November 10, 2026
According to Daniel Ghali of Deutsche Bank, copper bears need a recessionary spiral, while bulls only need the status quo to hold.
Copper Price Chart Shows Real Technical Damage
The technical damage is real even if the sell-off is happening on paper. On the daily chart (USD per pound), copper lost its rising support trend line in late October, and the line acted as resistance when price retested it on October 30.
XCU daily chart / Source: Tradingview
On Thursday, copper closed below its 200-day moving average for the first time since this rally began. The same line held the March 23 swing low. The breakdown also took out the 0.382 Fibonacci retracement at $6.31 and a horizontal support zone. Price is now near $6.21, about 10.7% below the September high, and has printed its first lower low in months.
The next support is the 0.5 Fibonacci level at $6.11. Below it, the 0.618 retracement at $5.91 lines up with long-term support, about 4.8% below current prices.
The RSI sits near 35 and is falling, so copper isn’t oversold yet. Volume has eased since the November 4 and 9 selloffs, but the price keeps falling as sellers press on.
The selloff may be a paper one, but losing the 200-day average could invite more systematic selling. The December Fed meeting and China’s import premiums will show which side wins.

US PPI data showed producer prices rising less than expected in October, and Bitcoin (BTC) jumped within minutes. The move caught bearish traders off guard, wiping out about $39 million in short bets within an hour, CoinGlass data shows. One trader who bet $52 million on a drop now sits under 2% from a forced exit.
The reversal followed a brutal day for bulls. Over 24 hours, $1.42 billion in crypto positions were liquidated, and 83.4% of that hit traders betting on gains, according to CoinGlass.
How Did US PPI Flip the Market Against Bears?
The Producer Price Index (PPI) tracks what businesses pay for goods and services. As a result, it often hints at what shoppers pay later.
Prices rose 6.5% over the year, below the 6.6% forecast, the Labor Department said. The monthly gain was 0.3%, under the expected 0.4%.
US 🇺🇸 PPI DATA:Core PPI MoM: 0.3% (Est. 0.3%, Prior 0.7%)Core PPI YoY: 5.0% (Est. 5.0%, Prior 5.0%)PPI MoM: 0.3% (Est. 0.4%, Prior 1.3%)PPI YoY: 6.5% (Est. 6.6%, Prior 6.3%)
— Wall St Engine (@wallstengine) November 13, 2026
Inflation still did not cool. The annual rate rose from 6.3% in September, and a core measure climbed 0.5% for the month.
Bitcoin, which had dipped below $67,600 earlier in the day, jumped from about $69,246 to nearly $70,000 within five minutes of the release. It briefly topped $70,200 on Binance before easing to about $69,870.
Bitcoin Price Performance. Source: TradingView
Short sellers, who profit when prices fall, took the hit. They accounted for $39.06 million of the $41.14 million liquidated in the hour, CoinGlass data shows.
Can the $52 Million Bitcoin Short Survive?
Tracking site Hyperbot shows a trader on crypto exchange Hyperliquid opened a 750 BTC short 50 minutes before the data. The entry averaged $69,008.
The trader posted about $1.94 million of their own funds. Borrowed money, at up to 40 times leverage, covers the rest.
What does this whale know?A trader opened a $52 MILLION Bitcoin short with 40x leverage just 50 minutes before the PPI data release.Is he expecting a massive dump? pic.twitter.com/l5X8rJlcOv
— Crypto Rover (@cryptorover) November 13, 2026
Hyperbot puts the liquidation price, where the exchange forcibly closes the bet, near $70,986. At its peak, Bitcoin came within about 1.1% of that level, and the gap later widened to roughly 1.6%.
The position was already down about $208,000 before the release. There is no public evidence the trader saw the numbers early.
If the bet fails, closing it means buying back 750 BTC into a rising market. In March 2025, a $423 million, 40x Bitcoin short on the same exchange sparked a public liquidation hunt, BeInCrypto reported.
The bigger test comes at the Fed’s December 8–9 meeting. Governor Christopher Waller has tied a possible half-point hike to core consumer prices running at 0.3% or more. October’s core reading hit exactly that, according to ING.

A wallet linked to the Ethereum Foundation sold 2,000 Ethereum (ETH), worth about $3.87 million, on Friday. The wallet has now sold 6,785 ETH since October 26.
ETH now trades close to where its mid-August rally began. Yet the wallet’s sales look small next to the money leaving US spot Ethereum exchange-traded funds.
The Foundation-Linked Wallet Is Down to 11,000 ETH
On-chain tracker Lookonchain flagged Friday’s sale on X. The wallet placed two 1,000 ETH orders through CoW Swap, minutes apart.
The #EthereumFoundation-linked wallet (0x5CBC) just dumped another 2,000 $ETH($3.87M)!Every time #EthereumFoundation-linked wallets dump $ETH, the price drops.Oct 12: $ETH down 9%.Oct 26: $ETH down 7.7%.Nov 10: $ETH down 10.4%.Today marks the 4th sale. How much further… pic.twitter.com/NICa6RGPdT
— Lookonchain (@lookonchain) November 13, 2026
It sold 2,785 ETH, worth $6.42 million, on October 26, then two batches of 1,000 ETH earlier this week.
The wallet now holds about 11,000 ETH, worth roughly $21.3 million at current prices. Lookonchain tied recent Foundation-linked sales to fresh ETH drops. ETF data, however, points to a much larger seller.
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The Bigger Seller Sits in Ethereum ETFs
SoSoValue data shows US spot Ethereum ETFs recorded $695.9 million in net outflows in November so far.
The wallet sold 4,000 ETH this month, worth about $8.03 million based on Lookonchain’s figures. The ETF outflows are roughly 87 times that amount.
The Ethereum ETF outflows have also been persistent. The funds bled money in 7 of 8 trading sessions this month.
Their total net assets fell from $13.22 billion on October 30 to $11.65 billion by November 11. BeInCrypto earlier reported six straight weeks of outflows from these funds.
Ethereum Price Tests the Base of Its August Breakout
ETH’s price has fallen over the same stretch. BeInCrypto Markets data shows ETH at $1,939, down 5.17% over the past 24 hours.
Ethereum (ETH) Price Performance. Source: BeInCrypto Markets
ETH last traded this low around August 18, when it closed at $1,917.85. ETH broke out of its summer range the next day and climbed past $2,500 within the week.
Analyst More Crypto Online said on X that ETH’s sharp decline has not yet signaled a bottom. The analyst said ETH has reached Fibonacci support at $1,920.51, with $1,832.78 as the next level.
The wallet’s remaining 11,000 ETH leaves room for more sales. Still, ETF flows are the larger number to watch for whether ETH holds near $1,920.
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Crypto exchange Bybit told users on Friday to update Telegram on Android now. The warning follows a bug that let a single chat message run code on Android phones.
The risk reaches beyond Telegram. “A compromised device could also put other apps at risk,” Bybit said. Exchange and wallet apps often share a phone with Telegram.
What did the Telegram bug do?
On November 9, Telegram let bots send “widgets,” small apps inside a chat message, according to tbreak.
Two days later, security firm V12 posted a video in which a bot message opened an Android phone’s Calculator app on its own. That demonstrates remote code execution (RCE): an outsider making a device run commands it should not.
Any telegram message can now become RCE6630b003766baed1fa86cea880d22e41dc416f63d800de3246941ede2396ad48 https://t.co/YutcuqjXud pic.twitter.com/NLqRINZ0hg
— V12 (@v12sec) November 11, 2026
V12 has not published how the attack works, and no independent party has confirmed it, Kod.ru reported.
Is the Bug Fixed?
Telegram says yes. “This issue in Telegram for Android was fixed yesterday, and the fix was deployed to all users earlier today,” it posted on November 11.
dev.ua found no evidence of real attacks.
Why Does it Matter for Crypto Users?
The widgets carry payments in Gram, the TON blockchain’s currency, formerly Toncoin, through Telegram’s self-custody wallet. Self-custody means no company can reverse a transfer. Durov said over 1 million of those wallets went live within 48 hours, TokenPost reported.
dev.ua also noted that code running with Telegram’s access could, in theory, reach the data keeping an account logged in. Two-factor authentication does not protect sessions already open.
This is Telegram’s second Android code-execution flaw in a month, after a voice-call bug disclosed by NebuSec. Bybit itself lost about $1.5 billion in February 2025 after hackers, whom the FBI tied to North Korea, compromised a developer’s computer at its wallet provider.
What Should Users Watch Next?
Bybit urged users to avoid unknown bots, chats and links, and to trust only its verified channels.
Telegram has not said whether iPhone or desktop users were affected. Widgets are also set to reach group chats, with no date announced.

Six coins have led crypto’s quarterly performance rankings over the past two years, according to new Grayscale research. Bitcoin (BTC) did not finish first in any of those quarters.
Grayscale says Bitcoin makes up the entire crypto allocation for many institutional portfolios. The ranking shows where the top returns came from instead.
A Leaderboard That Kept Changing Hands
The Grayscale report tracks quarterly price returns for the 10 largest non-stablecoin assets. It runs from the first quarter of 2025 to the current quarter, using data as of November 4.
XRP (XRP) led the first quarter of 2025. Ethereum (ETH) then held the top spot for two straight quarters, gaining 36% in Q2 and 67% in Q3.
BNB (BNB) led Q4 2025 despite falling 14%, because every top-10 asset declined that quarter. TRON (TRX) followed in Q1 2026 with a 10% gain.
Hyperliquid (HYPE) jumped 78% to lead Q2 2026. Grayscale had already flagged Hyperliquid-led financial tokens beating meme coins in July. Zcash (ZEC) then posted the biggest gain on the board, rising 260% in Q3 2026.
Quarterly Performance of the 10 Largest Non-Stablecoin Crypto Assets. Source: Grayscale
Bitcoin’s best finish came in Q2 2025, when it ranked second with a 30% gain. It placed third in four quarters and finished last in Q3 2025.
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Bitcoin Accounts for About Half of Crypto’s Swings
Grayscale says that rotation suggests crypto is not simply a single Bitcoin trade. The firm’s sector data points in the same direction.
Over three years, Bitcoin explained only about half of return variation across the FTSE Grayscale Crypto Sectors. Sector and asset-specific drivers accounted for the rest.
Artificial intelligence (AI) tokens depend least on Bitcoin. Sector-specific factors contributed 50% of annualized volatility there, compared with 35% tied to Bitcoin.
The Currencies sector sits at the other end. Bitcoin-driven volatility measured 43% there, against 7% from sector-specific factors.
Separately, the report restates that Bitcoin’s own volatility has fallen to 43%, within the S&P 500 range. It cites J.P. Morgan Asset Management’s 2027 assumptions, projecting a 10% compound annual Bitcoin return over a decade.
Still, Grayscale added a caveat to its findings.
“None of this means crypto is low risk.”
The fourth quarter has been rough for the whole group so far. Through November 4, all 10 assets were down, and TRX led again with a 5% loss.
Bitcoin ranked third, down 7%. Zcash, last quarter’s leader, had slipped to seventh with a 15% decline.
Only 2 percentage points separated Bitcoin from TRX at that point. Bitcoin’s latest drop came after that cutoff, so the gap may have changed since.
A win before December 31 would be Bitcoin’s first in Grayscale’s table.
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The FBI is warning crypto holders about FaceStealer, a scheme North Korean hackers use to drain funds via fake video calls. The bureau says it has taken more than $400 million over the last 18 months.
Anyone who owns crypto, works in Web3, or maintains open-source code is a potential target, the FBI adds.
How the FaceStealer Scheme Works
The Justice Department ties the campaign to groups known as Sapphire Sleet, BlueNoroff, and APT38, among other names. Each FaceStealer lure starts with a meeting invite sent from an account stolen from an earlier victim.
Once the target joins, the attackers secretly record the target’s webcam. Meanwhile, they play prerecorded clips of past victims the target knows, so trusted contacts appear to be on the call. The DOJ says the group also uses deepfakes of well-known crypto figures.
Next, the North Korean hackers fake a technical error, such as claiming the target cannot be heard. The “fix” they send installs malware. In several cases, the theft came months or even more than a year after the first compromise.
The FBI is warning the public about FaceStealer, a highly effective social engineering scheme used by North Korean cyber actors to steal cryptocurrency and target the software supply chain. FaceStealer uses imposter versions of video conference platforms, secretly recorded web… pic.twitter.com/3UuMRgBajt
— FBI Cyber Branch (@FBICyberBranch) November 12, 2026
The FaceStealer tactic is not new. Reports last year already tied fake Zoom meetings to $300 million in North Korean crypto theft. Google’s Mandiant team also flagged similar AI-enabled Zoom lures earlier this year.
FBI Seizes 900 Victim Webcam Videos
The FBI says it disrupted cloud-based infrastructure behind FaceStealer and seized more than 900 webcam videos of victims. Its Los Angeles field office led the probe.
It exploits our trust in ubiquitous video conference platforms and valued personal relationships. If you can’t imagine a scenario where you might fall prey to it, you are not thinking creatively enough.
Patrick Grandy, Assistant Director in Charge, FBI Los Angeles Field Office
Open-source developers are a growing focus. By hijacking trusted maintainer accounts, North Korean hackers could slip malicious code into widely used software, the FBI warns.
Each new FaceStealer victim also becomes a launchpad. The hackers comb contact lists, social media, and chat apps to find the next targets, the DOJ says.
Alongside the FaceStealer disruption, the DOJ moved to seize $1.2 billion from the Binance hack. Overall, North Korean hackers have stolen $7.61 billion in crypto this year, BitOK data shows.

DeFi Development (DFDV) stock fell 8.95% from its $3.24 previous close to $2.95 on November 12. The drop came on the day the Solana (SOL) treasury firm reported a $66.6 million third-quarter profit.
The company said its net asset value (NAV) per share more than quadrupled from August 12 to September 30. Shares traded above the prior close in the morning before sliding from midday.
DeFi Development stock price on November 12. Source: Google Finance
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Revenue Nearly Halved, So Where Did the $66.6 Million Come From?
The company’s Q3 shareholder letter shows revenue fell 47.4% year over year to $2.4 million. Its quarterly filing shows two gains drove the profit instead.
Net gains on digital assets added $37.9 million. That was 49% less than the $74.4 million booked a year earlier.
A further $33.4 million came from gains on derivative instruments, up from $4.6 million a year earlier.
Revenue covered only part of $4.3 million in operating costs and $3.4 million in interest expense. SOL holdings and equivalents still grew 13% from August 12, reaching about 2.61 million by November 9.
Shares recovered slightly after the bell, trading at $3.05, 3.39% above the close. The drop added to earlier losses. A BeInCrypto Q3 earnings preview showed DFDV stock down at least 37% from September 30 to November 6.
Why DFDV Stock Moves Faster Than SOL in Both Directions
That growing treasury also explains why the stock swings harder than SOL itself. The company uses debt and preferred stock to buy more SOL without issuing new common shares. In Q3, the stock returned about 1.5x SOL’s price gain, according to the letter.
Management puts that amplification above 9x. About $221.8 million of gross SOL sits on roughly $23.9 million of net asset value for common holders. That figure uses the company’s $84.99 SOL reference price from November 11.
CEO Joseph Onorati acknowledged the downside.
“Amplification works in both directions, and shareholders felt its impact over the last year as SOL fell,” Onorati wrote in the shareholder letter.
The firm now plans to fund more SOL mainly through CHAD, its perpetual preferred stock. DeFi Development first pitched it through an up to $20 million preferred offering at a 13% dividend. The rate rose to 14% on November 2.
The company also stress-tested CHAD against lower SOL prices. After a 50% SOL drop, assets left after convertible principal would cover CHAD notional 0.4x. Modeled income would then trail CHAD dividends and convertible interest by about $3.3 million yearly, before other costs. The model assumes a 5% yield on the SOL treasury.
CHAD follows the digital credit model of Strategy’s STRC and Bitcoin treasury firm Strive’s SATA. Demand for CHAD will shape how much SOL DeFi Development can add without selling new common shares.
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Crypto-backed lending remains a substantial market. Outstanding crypto-collateralized loans stood at $56.2 billion at the end of June 2026, according to Galaxy Research.
The appeal of crypto loans is accessibility. A traditional personal loan often depends on income, credit checks, and scheduled repayments. A crypto-backed loan uses assets you already own as security.
Users can raise funds without selling, although a falling market can put those assets at risk.
KuCoin’s Crypto Loans, introduced this year, look promising for investors seeking flexibility. We reviewed its borrowing rules, asset coverage, rewards, and liquidation terms to see where it works well.
KuCoin Crypto Loans at a Glance
FeatureWhat Users GetLoan typeFlexible borrowing without a fixed maturity dateBorrowable assets13 cryptocurrencies, including USDT, BTC, ETH and SOLCollateral options47 assets according to KuCoinInterestVariable rates, calculated hourly. For example, 3.94% on DOGE and 0.54% on BTC. RewardsHold to Earn on qualifying collateralLoan managementOne integrated position across app and webMain riskLiquidation if collateral coverage becomes insufficient
1. Borrowing Without Selling: How Flexible Is It?
Suppose you hold Bitcoin but need USDT for a short-term trade. On KuCoin, you can pledge BTC, borrow USDT and repay later to release your collateral. You maintain exposure to Bitcoin’s price while the loan is open.
The main attraction is flexibility. Flexible Loan has no fixed repayment date, and borrowers can repay partially or fully at any time, normally without an early repayment fee.
What works well:
No conventional monthly repayment schedule.
Partial or full repayments whenever needed.
Continued exposure to the pledged asset’s price.
The trade-off is market exposure. If Bitcoin falls sharply, keeping the loan open can become difficult. Borrowing also requires identity verification and sufficient eligible collateral.
Borrowed USDT is still crypto. Paying ordinary bills may require conversion, withdrawal and additional fees.
2. Asset Coverage: A Wider Range of Borrowing Options
KuCoin lists 13 borrowable cryptocurrencies, including USDT, USDC, BTC, ETH and SOL. KuCoin now lists 47 collateral assets, up from five at launch.
That selection accommodates portfolios beyond Bitcoin and Ether.
An interesting addition is tokenized stock exposure: AAPLX, TSLAX, MSTRX, HOODX and CRCLX. An eligible Apple-linked token holder could borrow USDT without first selling that position, subject to the exchange’s product rules.
StrengthsLimitationsBroad collateral selection, including altcoins and gold-backed tokensIndividual collateral weights can reduce borrowing capacityFive new tokenized-stock collateral optionsStock-linked tokens introduce additional pricing risksMultiple assets can support borrowingAsset eligibility varies by jurisdiction
Tokenized stocks track shares but do not provide ordinary shareholder rights. Their prices can diverge from the underlying shares, particularly outside US trading hours.
KuCoin has confirmed the five additions, but their collateral weights should be checked on the live product page. KuCoin also restricts xStocks trading in many countries, including the US, UK, and Portugal. Users should check eligibility first.
3. Hold to Earn: Are the Rewards Worth It?
Qualifying collateral can continue receiving Hold to Earn rewards if the feature is enabled before borrowing. Payments go to the Funding Account.
That is useful for investors who already hold eligible tokens. However, the financial benefit deserves closer examination.
Consider the published reference rate for BTC:
BTC reward APR: 0.01%.
On $10,000 of BTC: Approximately $1 in annual rewards.
Borrowing interest: Variable, updated hourly.
The calculation is straightforward: compare the loan cost with any eligible rewards. Do not assume the yield pays for the loan.
Interest accrues hourly, and KuCoin’s terms allow unpaid interest on flexible loans to compound. An attractive borrowing rate today could rise during the loan period.
The new tokenized-stock collateral assets also have no confirmed Hold to Earn eligibility.
4. Loan Management: Convenient for Multi-Asset Loans
Multiple collateral assets and loan liabilities sit inside one position. Instead of watching separate loans, users can see their total debt, collateral and loan-to-value (LTV) risk together.
Web access is convenient for traders who research markets at a desk. They can apply, review terms, add collateral, repay and redeem through a browser. KuCoin says the app and web access the same position.
This assessment is based on public documentation; we did not execute a live loan.
The key considerations are:
Consolidated monitoring: One position makes it easier to track total borrowing exposure.
Shared risk: A sharp decline in one collateral asset can weaken the overall position.
Liquidation: Breaching the applicable LTV threshold can trigger automatic collateral sales and fees.
Collateral reuse: KuCoin’s terms permit it to stake, lend or otherwise use pledged assets, introducing additional platform risk.
KuCoin uses initial, warning and liquidation LTV thresholds. Its published percentages are examples rather than universal limits.
Users also cannot freely withdraw collateral if doing so would breach borrowing requirements.
📚 Crypto Loan 101: A simple guide to crypto-backed borrowing.Your crypto holdings can do more than just sit in your wallet. With KuCoin Crypto Loans, you can use them as collateral to access liquidity without selling.Here's how it works:1️⃣ Deposit eligible crypto as… pic.twitter.com/ny1wxUyPPx
— KuCoin (@kucoincom) November 10, 2026
5. Are KuCoin Crypto Loans Worth Using?
KuCoin Crypto Loans suits experienced holders seeking temporary liquidity who understand LTV and can monitor positions closely.
What We LikeWhat Could Be BetterFlexible borrowing and repaymentHourly changing borrowing ratesBroad collateral coverageLow rewards on certain holdingsIntegrated position managementShared liquidation exposureApp and web accessAsset-specific collateral weights and borrowing limits apply
The product’s strongest feature is its flexibility. Users can access funds against a range of existing holdings and manage their exposure through one interface.
Its reward feature offers some additional value, although the financial benefit may be modest.
Tokenized-stock collateral is promising but brings geographic restrictions. Borrowing capacity depends on each asset’s collateral weight, market price, and applicable borrowing limits.
Before borrowing, check the live interest rate, collateral weight, liquidation threshold and fees.
Our assessment: KuCoin offers a practical borrowing option for investors who want to maintain their holdings while accessing liquidity. The new tokenized-stock collateral and App and Web access give eligible users more choice in how they borrow and manage positions. Its usefulness depends on borrowing costs and the user’s ability to manage collateral risk. A healthy LTV buffer remains essential because a temporary funding need can quickly become an unwanted asset sale.

A global Microsoft outage has pushed parts of Japan’s financial sector back to an old tool. Market participants switched to fax after Outlook email, used to confirm trade details, stopped working.
The disruption began on Thursday and hit Microsoft 365 business apps such as Teams, SharePoint and Copilot worldwide, along with Outlook. In the US, Downdetector logged up to 130,000 Outlook reports at the peak.
How the Microsoft Outage Hit Japan’s Finance Sector
Nikkei reported that the outage disrupted Japan’s financial market. A source on a domestic asset manager’s trading desk said one broker had asked it to stop placing orders. That broker relies on Microsoft’s email system.
In addition, investment trusts delayed publishing their net asset values. The government’s shared IT system, overseen by the Digital Agency, also went down, Deputy Chief Cabinet Secretary Masanao Ozaki confirmed.
The root cause remains unclear. Microsoft says servers failed automated health checks, while a core process that sets up secure connections became overwhelmed.
Servers that came back online often failed again once traffic returned, the company adds. Its Japanese unit said it had found no facts pointing to a cyberattack.
Japan was not alone. In Australia, some workers also turned to fax machines, ABC reported. RSM Australia partner Ashwin Pal estimated the cost to local businesses in the billions of Australian dollars.
We're continuing to work on recovering our frontend servers while implementing further traffic optimization actions to improve service stability and increase capacity. A more comprehensive update can be found at MO1550821 in the Microsoft 365 admin center, as well as…
— Microsoft 365 Status (@MSFT365Status) November 13, 2026
The Microsoft outage follows a string of failures at central tech providers. In September, a separate outage took down ChatGPT, Claude and Grok. For crypto, the pattern also revives the debate about Web3’s centralization problem.
Wall Street Takes the Disruption in Stride
Japan still has a domestic fax industry. Brother, Canon and Ricoh continue to sell fax machines and printers with fax features. Even so, fax is no longer a core business for any of them.
Meanwhile, Microsoft shares closed slightly higher on Thursday despite the outage, then slipped in overnight trading. The stock was already under pressure after Microsoft overtook Nvidia in market value earlier this week.
Microsoft (MSFT) Stock Price. Source: TradingView
Still, a Microsoft outage of this scale shows how fragile financial plumbing can be. A single point of failure can freeze key systems, as a cooling failure at a CME data center showed last year.

Bitcoin price fell below $69,000 for the first time since mid-August, as five separate pressures landed in the same week. The drop has pushed Bitcoin (BTC) onto its 200-week average, the line that anchored its summer recovery.
No single trigger explains the speed of the move. Leverage did, and a weekly close below the average could expose BTC holders to a much deeper retest.
1. Fed Rate-Hike Bets Are Back on the Table
Hotter-than-expected October inflation data has flipped the rate debate firmly toward tightening.
Traders now see no chance of the Federal Reserve (Fed) holding or cutting rates in December, according to CME FedWatch data.
Fed funds futures assign an 88.7% probability to a 25 basis point hike at the December 9 meeting. That would lift the target range from 3.75%–4% to 4%–4.25%.
The remaining 11.3% points to a larger 50 basis point move, taking the range to 4.25%–4.5%.
CME FedWatch target rate probabilities for the December 9 Fed meeting, Source: CME FedWatch
Fed Governor Christopher Waller has also said he would back a 25 basis point increase at the December meeting.
Historically, Bitcoin has struggled when borrowing costs climb, since tighter money pulls capital toward safer yields.
2. Strategy Is Losing Its MSCI Index Spot
MSCI will remove Strategy, the largest corporate Bitcoin holder, from its benchmark indexes on November 30.
The exclusion does not force Strategy to sell any BTC. However, the MSCI exclusion rules could make raising fresh capital harder.
Strategy funds its BTC buying through those capital raises. Weaker access to investors could therefore slow one of the market’s most consistent sources of demand.
3. Bitcoin ETF Outflows Are Draining Demand
US spot Bitcoin exchange-traded funds (ETFs) have shed $1.44 billion over five straight sessions, according to Farside Investors data.
The streak began on November 5, when $430.2 million left the funds. Another $411.9 million followed the next day.
BlackRock’s iShares Bitcoin Trust (IBIT) drove most of the selling. The largest spot Bitcoin fund accounted for roughly $1.07 billion of the five-day outflow.
Across all funds, November 4 is the only session with net inflows since the start of the month.
Not every product is losing money, however. Morgan Stanley’s spot Bitcoin fund (MSBT), the cheapest on the table at a 0.14% fee, has drawn inflows in each of the last four sessions.
Early data for November 12 shows a further $47.7 million in outflows, with figures for IBIT and Fidelity’s FBTC still pending.
Bitcoin ETF daily flows by fund, October 26 to November 12, Source: Farside Investors
ETF flows remain the clearest gauge of institutional appetite. Redemptions concentrated in the largest fund suggest big allocators are cutting exposure rather than buying the dip.
4. Leveraged Longs Turned a Slide Into a Crash
The sell-off forced $1.65 billion in liquidations over 24 hours, according to CoinGlass data.
Roughly 89% of those positions were longs. In other words, traders betting on higher prices were forced to sell into the decline.
Each forced sale pushed the price lower, which in turn triggered the next wave of liquidations.
Crypto Liquidations. Source: Coinglass 5. A Democratic Congress Puts Crypto’s Biggest Bill at Risk
Democrats won control of both the House and Senate in the November 3 midterms, taking over in January 2027.
That puts the Digital Asset Market Clarity (CLARITY) Act, which would define how US regulators oversee crypto, in limbo. The bill already fell 49–50 in September’s Senate cloture vote.
If it stalls through year-end, it effectively starts over under Democrats. House Democrats are already discussing a stricter alternative.
Still, any bill needs 60 Senate votes and Trump’s signature. The bigger near-term cost is time, as regulatory clarity may slip into 2027 or later.
Where Can the Bitcoin Price Find Support?
BTC is now testing its 200-week simple moving average (SMA) near $67,975. The average tracks nearly four years of closes and serves as a gauge of Bitcoin’s long-term trend.
That same line caught BTC during the July sell-off and launched the August rally. A weekly close above it would keep the long-term uptrend intact.
If it gives way, the $66,000 to $67,000 zone is the next major support. That band capped every recovery attempt from June through August, and broken resistance often flips into support on a retest.
Below that, $62,300 stands as the final floor. Buyers stepped in there in late February and again before the late-August breakout.
A brief break under that level in July produced the $58,000 low.
Bitcoin Price Analysis. Source: TradingView
On the upside, $75,000 is the first hurdle if BTC bounces. The level held as support through September and October before breaking this week.
What Could Decide Bitcoin’s Next Move?
Two dates will likely set the near-term path. MSCI’s exclusion takes effect November 30, and the Federal Open Market Committee (FOMC) announces its decision on December 9.
A softer-than-expected Fed could revive a rebound toward $75,000. In contrast, a hike paired with continued ETF outflows would raise the odds of a test of $62,300.
The broader test is whether Bitcoin trades as a rate-sensitive risk asset or a long-horizon store of value. A weekly close below the 200-week average would point to the former.

Elon Musk’s mother, Maye Musk, says the Grok Bot AI agent moved 2,000 of her Dropbox photos into folders in five minutes. She had set aside a whole week for the job.
Her son shared the post and urged users to hand the agent their most laborious tasks. Dropbox also replied to the story.
How Maye Musk Saved a Week of Photo Sorting
The model and author asked Grok Bot for the best way to move 2,000 photos in Dropbox from Camera Uploads into Folders. Instead of listing steps, the agent offered to do what she called a painful task itself.
After that, she checked her Folders and found the photos there. She joked that she can now spend her time scrolling on X.
I asked @bot the best way to move 2000 photos in @Dropbox from Camera Uploads to Folders. She said, “would you like me to do it for you?” I was surprised as I had booked out the week to start sorting through them, a painful task. She did it in five minutes. I went to my Folders…
— Maye Musk (@mayemusk) November 12, 2026
Dropbox answered with a short reply: “Five minutes well spent.” Meanwhile, Elon Musk quoted the post with a pitch of his own.
Give Grok @Bot your most laborious tasks! https://t.co/4TCwwBCe5j
— Elon Musk (@elonmusk) November 13, 2026
Maye Musk has spoken publicly about her son before, saying he ignored her advice to focus on one company after PayPal.
How Grok Bot Handles Everyday Tasks
SpaceXAI, the company formerly known as xAI, launched Grok Bot in beta in August together with Cursor. The agent runs on its own cloud computer, opens a browser and signs in to a user’s tools. As a result, it can finish a task rather than only explain it.
On Mac, Grok Bot can now also use Messages, Mail, Notes, Reminders, Calendar, Location and Contacts, the team says.
The tool is part of SpaceX’s AI business. SpaceX stock has climbed over the past week but still trades below its level from the June debut.
SpaceX (SPCX) Stock Price. Source: TradingView
Earlier, three SpaceXAI staff tested the agent by trying to build a startup in 72 hours on livestream. Early testers also compared Grok Bot with OpenAI’s rival agent Dots.
However, giving an agent account access carries risks. Musk has promised to make users whole if Grok Bot loses their money, while major US banks have already detected unauthorized AI agents inside customer accounts.
For Maye Musk, the trade-off paid off. Grok Bot gave her back a week.

US spot crypto ETFs lost $1.48 billion between November 4 and 10. Over the same five trading days, 10 major US stock ETFs drew $37.5 billion.
After the S&P 500’s worst day since April 2025 on November 5, stock fund buyers returned. Crypto fund holders kept redeeming, which took a steady source of demand away from crypto prices.
Stock Buyers Went Shopping After the Crash
Vanguard’s S&P 500 ETF (VOO) led the buying with $16.9 billion in five days. Invesco’s Nasdaq 100 fund (QQQ) followed with $5.3 billion.
US equity fund flows over five trading days ended November 10. Source: X/The Kobeissi Letter
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Leveraged funds drew money as well. The triple-leveraged semiconductor fund SOXL took in $2.1 billion. That buying came after a US tech selloff erased roughly $3 trillion in value on November 5.
Crypto ETFs moved the other way over the same five days.
Crypto ETF Outflows Continued Through the Rebound
Spot ETFs tracking six major crypto assets all posted net outflows over the window, according to SoSoValue data.
Bitcoin (BTC) funds shed $1.06 billion, while Ethereum (ETH) funds lost $326 million. Solana (SOL), XRP (XRP), Hyperliquid (HYPE), and Zcash (ZEC) funds lost a combined $89.4 million.
Major crypto ETFs net outflows by asset from November 4 to 10. Source: SoSoValue/BeInCrypto
Bitcoin and Ethereum ETFs saw inflows on just one day, November 4, during the post-midterm rally. BlackRock-led Bitcoin ETF outflows then stretched to a fifth straight day on November 11.
Solana ETFs have not recorded an inflow day since October 21.
For 2026, Bitcoin and Ethereum ETFs are down a combined $2.25 billion through November 11. In contrast, the four altcoin ETF groups remain $1.75 billion positive, although two launched only this year.
These outflows lined up with steep price declines across the same assets over the past week.
How Far Did Crypto Prices Fall This Week?
The Bitcoin price stood at $68,439, down 9.93% over seven days, BeInCrypto Markets data shows.
Ethereum dropped 14.26% to $1,924.99. XRP fell 15.77% to $1.02, while Solana lost 12.08% to $78.99.
Zcash posted the steepest weekly drop among the six, sliding 28.56% to $933.94. Over the past 24 hours, the total crypto market cap dropped 8.67% to $2.30 trillion.
What Would Bring Crypto Fund Buyers Back?
Bitcoin has already lost its 200-day moving average. BeInCrypto analysis flags $67,000 as the next support level.
Meanwhile, traders now fully price in a December Federal Reserve rate hike after hotter October inflation data.
A return to daily ETF inflows would be the clearest sign that crypto funds are drawing buyers again. If Bitcoin loses $67,000, however, the outflow streak could extend.
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President Donald Trump has nominated Steven Levine to replace Hester Peirce at the US Securities and Exchange Commission (SEC). The Republican lawyer would serve a term ending June 5, 2030.
Peirce, widely known as “Crypto Mom,” led the SEC’s Crypto Task Force before leaving the agency on October 2. Levine has said little publicly about crypto regulation.
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JUST IN: The White House nominations list is out. It names Nathan Anonick and Matthew Rowland for the CFTC, and Kristin N. Johnson and Steven Levine for the SEC. Levine would take Hester Peirce's seat. pic.twitter.com/8fc1KmWGFR
— BeInCrypto (@beincrypto) November 13, 2026
Steven Levine’s Road Runs Through Uyeda’s Office
Without public statements to go on, the SEC nominee’s career is the clearest record of his work.
Associate in the asset management group at law firm K&L Gates.
Joined the SEC in 2020 as senior counsel in the Division of Investment Management.
Counsel to Commissioner Mark Uyeda, then deputy chief of staff when Uyeda became acting chair in 2025.
General counsel at the White House Council of Economic Advisers from February 2025.
Senior counselor to the Labor Secretary since November 2026, according to his LinkedIn.
His crypto work appears in SEC meeting records. In December 2023, Levine met Grayscale and Invesco-Galaxy about their spot Bitcoin (BTC) exchange-traded product (ETP) applications.
Two months later, he joined Uyeda in a meeting with crypto investor Paradigm on SEC custody and exchange rule proposals.
These meetings show Levine handled crypto files. The memos record the topics discussed, without his positions.
A Familiar CFTC Voice Heads to the SEC
Meanwhile, Levine is among 4 SEC and Commodity Futures Trading Commission (CFTC) nominees sent to the Senate November 12. The list also names Democrat Kristin Johnson for the SEC seat formerly held by Caroline Crenshaw.
President Joe Biden nominated Johnson to the CFTC, where she served from 2022 until September 2025.
In her farewell speech, she warned that prediction markets lacked guardrails and that regulators had limited visibility into them.
She also voiced serious concern about interference in the work of independent agencies. At the same event, she said the CFTC likely needed both Democratic and Republican commissioners.
Next, all 4 nominations go to Senate committees, with the Banking Committee reviewing Levine and Johnson. Nominations still pending when the current Congress ends on January 3 are returned to the president.
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The US Justice Department has court approval to seize or restrain more than $1.2 billion stolen from Binance. The money comes from the October 29 hack the FBI pinned on North Korea’s state hacking unit.
That covers less than a fifth of the haul. On-chain data shows billions more still within the Binance hacker’s reach.
A $1.2 Billion Slice of a $2.7 Billion Freeze
The Justice Department announced the action on November 12 in a release. The FBI attributed the Binance hack to a North Korean unit it calls “TraderTraitor.”
Government and private-sector efforts have frozen more than $2.7 billion so far. The $1.2 billion court order targets part of that frozen pool.
Assistant Attorney General Tysen Duva credited the DOJ’s Criminal Division with the early freezes.
“As the Department’s liaison to the digital asset industry, the Criminal Division quickly and efficiently used its expertise to immediately halt about half of this historic breach,” Duva said.
Binance customers, meanwhile, are already covered. The exchange said it replaced every token lost in the hack from its own treasury and insurance funds. Any funds the US eventually forfeits would therefore not change what users hold.
Binance has completed coverage of assets impacted in the security incident and we have published a new Proof of Reserves snapshot. Once the zero-knowledge proof is generated, users can independently verify that their assets are backed at a minimum of 1:1 -…
— Binance (@binance) November 12, 2026
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The DOJ said its recovery work continues because the hackers keep routing funds through bridges, mixers, and exchanges.
Where the Rest of the $6.34 Billion Sits
On-chain data shows how far that laundering has gone so far. Onchain Lens put the total haul at about $6.34 billion in an update earlier this week, citing Arkham Intelligence data.
Roughly $2.85 billion remains accessible to the hackers. The remaining $891 million may have already been moved or laundered, the firm said.
Over the past few days, the hackers also moved funds through cross-chain protocols THORChain and Chainflip.
LET'S NOT FORGET THE BINANCE HACKERBINANCE HACKER HAS LAUNDERED NEARLY $900MOf the estimated $6.34B hack:• $891.37M potentially moved or laundered• $2.85B remains accessible• $2.60B frozenTotal remaining holdings: $5.45B.Over the past 2–3 days, the hacker has been… pic.twitter.com/R9Cnc7U4wY
— Onchain Lens (@OnchainLens) November 10, 2026
Meanwhile, blockchain analytics firm Elliptic tracked about 1,650 Bitcoin (BTC) in new addresses by November 6. The coins came from other stolen assets, and some funds later reached the Tornado Cash mixer.
Earlier, the FBI, Secret Service, and IRS-CI urged crypto service providers to block addresses tied to the laundering. Onchain Lens questioned whether the hackers could move another $1 billion before THORChain and Chainflip restrict the linked wallets.
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Crypto traders betting on higher prices lost $599 million over the past 24 hours. The wipeout came as Bitcoin (BTC) and Ethereum (ETH) slid to their lowest levels in nearly three months.
Longs made up 88% of $680.81 million in total crypto liquidations, Coinglass data shows. Friday’s US producer price data could now decide whether bets on a half-point Fed rate hike grow.
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Bitcoin Longs Absorb Nearly Half the Damage
Bitcoin positions accounted for $325.28 million of the total, with longs making up 95.3%. Ethereum followed at $106.07 million, where 89.7% came from long bets.
In all, 112,947 traders were liquidated. The largest single order was a $31.09 million Bitcoin long on Hyperliquid, closed at $72,250.
Crypto Liquidations on November 13. Source: Coinglass
Leverage on stock-linked contracts unwound too. Nvidia-tracking perpetuals saw about $39.67 million in liquidations following Jensen Huang’s exit from Nvidia.
Those forced sales hit as both majors slid to their lowest levels since August.
Bitcoin and Ethereum Slide to 3-Month Lows
The Bitcoin price traded at $70,834, per BeInCrypto Markets data. This marked the cryptocurrency’s lowest level since August 20. It fell 3.79% over 24 hours and 6.53% over the past week.
Bitcoin (BTC) Price Falls Below $71,000. Source: BeInCrypto Markets
Ethereum dropped 2.10% over 24 hours to $2,007.04. Its loss over the past week reached 10.11%, taking it to its lowest level since mid-August. The total crypto market cap was down 5.09% over 24 hours to $2.42 trillion.
Bitcoin lost its 200-day moving average of $73,137 on Thursday, BeInCrypto’s analysis of the breakdown showed. If it fails to reclaim that average, the next supports sit at $68,000 and $67,000.
For now, Bitcoin holds just above $70,000. Inflation data due later on Friday could decide which of those levels comes into play.
Will Friday’s PPI Raise the Odds of a Bigger Fed Hike?
October’s Consumer Price Index rose 0.4% on the month, above the 0.23% forecast. Traders now fully price in a December Federal Reserve (Fed) rate hike.
CME FedWatch put the odds of a quarter-point hike at 85.5% on Friday. The chance of a half-point move stood at 14.5%, up from 0% a week ago.
The Bureau of Labor Statistics releases October’s Producer Price Index (PPI) on Friday at 8:30 a.m. ET. Economists expect a 0.4% monthly rise, down from 1.3% in September, per a Dow Jones survey.
A hotter reading would strengthen the case for a half-point hike. In October, Bitcoin slipped below $80,000 the day after a PPI report beat forecasts.
A softer print could ease those bets before the Fed meets on December 8 and 9.
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BREAKING: Bitcoin falls below $71,000 for the first time since August 20th and selling pressure in crypto gains momentum.Bitcoin is now down more than -19% since October 2nd. pic.twitter.com/0sggb7RY63

Two XRP Ledger networks will be wiped clean on November 25 after a server crash left critical testing infrastructure unable to recover.
The announcement comes as XRP struggles near $1.03, raising questions about whether the reset could further damage investor confidence.
However, real XRP holdings and transactions will remain unaffected.
Testnet and Devnet for XRP Ledger developers will be reset on Nov 25, 5–6 PM PT. All on-chain state (accounts, tokens, AMMs, etc.) will be deleted and need to be re-fund and re-setup afterward.Details:https://t.co/wrgSt9mGVT pic.twitter.com/QDmFTdSoyO
— XRP Ledger Operations (@XRPLOperations) November 10, 2026
Why Is XRP Ledger Resetting Its Networks?
Ripple will reset two networks called Testnet and Devnet on November 25, between 5 p.m. and 6 p.m. Pacific Time, according to XRP Ledger Operations.
Think of these networks as practice environments. Developers use them to test new payment systems and blockchain features without risking real money.
The problem began when a server storing Testnet’s complete transaction history crashed. Ripple says the server cannot recover without a reset.
The company is now increasing storage capacity to prevent similar problems.
The reset will permanently erase testing accounts, transaction records, balances, and trading setups. Developers will need to rebuild their testing environments.
“The resets affect Testnet and Devnet only. Other networks, including Mainnet, will continue to operate as usual,” the official announcement confirms.
This means XRP holders can continue sending, receiving, and trading their tokens normally.
Such resets have happened before. Ripple successfully reset Devnet in October 2025.
Could the XRP Ledger Reset Affect XRP Price?
XRP traded around $1.03 on November 12, following a weekly decline of more than 15%.
XRP Price Performance. Source: BeInCrypto
The timing is uncomfortable for investors. With XRP already under selling pressure, social media discussions around a major network reset could fuel further uncertainty.
However, there is no evidence connecting the planned maintenance to XRP’s recent losses.
The reset does not change XRP’s supply, ownership or live network operations. Its direct impact on the token’s value should therefore be limited.
Short-term sentiment could still suffer if traders confuse the testing networks with the main blockchain.
For investors, the key date is November 25. A successful reset would remove an infrastructure problem, while unexpected technical complications could raise fresh concerns.
Broader crypto-market sentiment will likely remain the bigger driver of XRP’s price.