【11.7 Crypto Briefing | Weekend lull: BTC around $76K; Fear Index falls to extreme fear; U.S. Treasury cuts off MEXC】

Saturday’s market was relatively quiet. The three stories gaining the most traction were sentiment, regulation, and Binance’s recovery progress.

I. Markets: BTC holds around $76K amid low weekend volume • BTC: Traded in a narrow range of roughly $75,900–$76,100 (public quotes around $75,900–$76,100, up approximately 0.3%–0.6% on the day); ETH around $2,245; BNB around $695; SOL around $90. • Fear & Greed Index: approximately 25 (extreme fear), down from around 50 in neutral territory two days ago—the drop in sentiment has been sharper than the price decline. • Flows: U.S. spot BTC ETFs saw net outflows of about $412 million on Friday (Farside), with BlackRock’s IBIT at approximately $403 million for the day. Net outflows so far in November total about $1.28 billion; only Wednesday has recorded net inflows this month. Liquidations over the past 24 hours were around $200 million, still mainly affecting longs. • Glassnode and others say BTC’s correlation with the S&P 500 has been around 0.8 over the past 30 U.S. trading days—macro and tech-stock sentiment continue to weigh on it.

II. Regulatory drama: Treasury cuts off MEXC; 401(k) rules move forward • On Friday, the U.S. Treasury Department’s FinCEN issued an order to MEXC Global, effectively cutting off its access to the U.S. financial system. It alleges that at least approximately $16 billion in transactions were linked to sanctions evasion involving Iran, North Korea, and Russia, as well as cybercrime, and that the exchange had “serious deficiencies” in its AML program. • The Department of Labor (DOL) has submitted a proposed rule allowing alternative assets, including crypto, in 401(k) plans for review by the White House OIRA. This is consistent with the direction of Trump’s earlier executive order. There are still steps to complete before it takes effect, but the narrative is leaning positive.

III. Binance update: Update #9 is live; next batch targeted for next week; hacker still converting to BTC • He Yi (@heyibinance) shared Recovery Update #9 on 11/6: starting at 04:00 UTC, another batch of asset withdrawals reopened across about 58 networks and assets, including ETH, BSC, Base, Optimism, Polygon, and Arbitrum, as well as USDE, XRP, CAKE, and others. The rollout is in batches, not a one-click reopening of everything; deposits have remained available throughout. • Official statements from Richard Teng and others say HYPE, INJ, APT, PLASMA, NEAR, and LTC are targeted to reopen before the end of next week, with efforts to restore remaining assets on networks that are already back online. About 98% of affected assets have been replenished; approximately $2.85 billion remains frozen. • Elliptic: The hacker also converted about $124 million in altcoins into BTC (in addition to the approximately $1.48 billion in BTC stolen in the incident itself). The laundering route spans 16 chains and more than 20,000 wallets, but little has actually been cashed out. Santiment: As of 11/5, net BTC outflows on the Binance side were about 28,300 BTC.

IV. Notable figures and on-chain activity (crypto-related only) • CZ (@cz_binance): Posted a series of security reminders: “An app can’t protect you from system vulnerabilities. Update your OS immediately”; a decade-old OpenSSH vulnerability in Alpine Linux; iOS also needs updating; and “Self-custody = your responsibility.” He also shared a photo from the Oxford Union and pushed back against people spreading fake news. • Michael Saylor (@saylor): “The world needs a Bitcoin bank. We’re building it.” He also posted “You can't print another day” and “Digital Credit is ₿etter.” • Arthur Hayes (@CryptoHayes): “Let the AI bailouts begin!” He also joked that the round trip was painful. • Brian Armstrong (@brian_armstrong): Advocated for tokenized stocks: “As the CEO of a public company, I want more people to own our stock.” He also emphasized that stablecoins let people around the world hold and convert to dollars at almost no cost. • Lookonchain: A whale spent about 19.7 million USDT to buy approximately 8,773 ETH (around $2,245 each); an address dormant for over a year bought about 3,009 BTC today (around $228 million); Pump.fun was also seen depositing another approximately 76,000 SOL to Kraken. • Machi Big Brother (@machibigbrother): Posted “$ETH will be a post-quantum store of value.” Lookonchain also reported another liquidation involving his positions, after he sold NFTs to top up his margin and was liquidated again. • No verifiable crypto-related statements from Musk or Trump today. Vitalik mainly reposted news about ETHBEAT’s rebrand, while Justin Sun mostly reposted TRON-related content—omitting anything that would be a stretch to include.

In plain English: Prices moved sideways over the weekend, while sentiment has fallen into “extreme fear.” Regulators are cutting off MEXC while also advancing 401(k) rules, so the direction isn’t one-sided. Binance is still restoring services, and the hacker is still converting coins. Check official channels when needed, and don’t mistake a low-volume weekend for a trend reversal.

#Bitcoin #BTC #BNB #Binance #MEXC #ETF #Cryptocurrency #OnChainData

This is not investment advice.