The market has remained cautious over the past 24 hours, with the Fear and Greed Index at 29 (Fear), down from 32 the previous day. Bitcoin traded between approximately $73,200 and $74,800 and is currently around $73,900, up about 0.2% over 24 hours; Ethereum is around $2,050, within a range of approximately $2,036–$2,104, and is largely unchanged; Solana is around $83. Overall, prices are consolidating in a narrow range after the previous decline, while the short-term holder cost basis of around $75,600 remains above the current price.
1. ETFs and fund flows: Outflows slow, but stablecoins are contracting
The latest complete data for U.S. spot Bitcoin ETFs is for November 10 (Tuesday): total net outflows were about $95 million, roughly half of the approximately $201 million recorded on the previous trading day, but still marking a fourth consecutive day of outflows. BlackRock’s IBIT saw outflows of about $78.2 million, marking its eighth consecutive trading day of net redemptions, with cumulative outflows of about $1.73 billion since October 30; Fidelity’s FBTC saw outflows of about $36.8 million; Morgan Stanley’s MSBT recorded net inflows of about $20 million, making it the only Bitcoin product to post inflows that day. Spot Ethereum ETFs were nearly flat that day, with net outflows of about $1.3 million, compared with outflows of about $185 million on the 9th. Flows for November 11 have not yet been fully reported.
On November 11, on-chain analytics firm Glassnode reported that stablecoin total supply fell by about $14.2 billion over the 30 days through November 9, its fastest contraction since June 2022. Total supply has dipped slightly below $280 billion, a situation described as Bitcoin “running low on fuel.” The firm also noted that U.S. spot Bitcoin ETFs saw cumulative net outflows of about $1.6 billion over roughly 20 trading days. Another firm, CryptoQuant, said about $3.6 billion worth of Bitcoin had recently moved to exchanges, much of it possibly to realize losses. On the relatively positive side, leveraged long positions have been largely flushed out, and addresses holding 100 to 10,000 Bitcoin have begun accumulating. Glassnode views about $73,000 as key support.
II. Bitmine posts huge fiscal-year loss, holdings approach 5%
Ethereum treasury company Bitmine (BMNR), chaired by Tom Lee, disclosed a net loss of about $6.31 billion for the fiscal year ended August 31. About $6.23 billion of that was unrealized fair-value losses on digital assets, mainly reflecting Ethereum’s roughly 44% decline that year. It held about 5.9018 million Ethereum at fiscal year-end. In an update on November 9, the company said it had accumulated 6,070,092 Ethereum, about 4.97% of the supply. Tom Lee previously said the company would stop accumulating once it reached its “Alchemy of 5%” target. The company also disclosed that its internal controls were still deemed ineffective, for the second consecutive year.
III. Traditional finance and tokenization: Deutsche Bank launches custody, OKX partners with NYSE parent
On November 11, Deutsche Bank officially launched digital asset custody services for institutional and corporate clients in Europe, supporting the safekeeping and transfer of Bitcoin, Ethereum, and stablecoins such as USDC and EURC. Israel’s Discount Bank announced that, starting November 26, it would offer eligible retail customers the ability to buy and sell Bitcoin and Ethereum through its mobile banking app, becoming the first bank in the country to provide the service directly through its own app. Separately, third-quarter holdings filings showed that Barclays increased its stake in BlackRock’s Bitcoin ETF by about 48%, to approximately 3.94 million shares worth about $187 million as of September 30; Citi opened a new position of about $119 million in Fidelity’s Bitcoin ETF.
OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, plan to launch OKXICE tokenized securities trading on November 23 for eligible U.S. customers. The offering will include about 70 tokenized U.S. stocks and several ETFs, trade around the clock, and rely on a temporary innovation exemption from the U.S. Securities and Exchange Commission. Reports say about 67 companies have objected to their stocks being tokenized by third parties, including JPMorgan Chase and McDonald’s; crypto-related assets have been relatively more supportive.
On the regulatory front, Russia’s central bank set out a clear timeline: starting November 17, non-qualified investors may buy Bitcoin, Ethereum, and USDT through intermediaries after passing a risk assessment, subject to an annual limit of 300,000 rubles per intermediary. Starting November 22, exchanges may conduct organized cryptocurrency trading once their trading rules have been approved.
IV. Security incidents: cross-chain protocol domain hijacked, Bitcoin Core discloses patched vulnerabilities
The website domain of cross-chain protocol Across was targeted in a social engineering attack against its registrar, Namecheap, in the early hours of November 11 (Beijing time) and redirected to a phishing page. Security firm GoPlus estimated user losses at about $350,000. Across recovered the domain and restored service on November 11, saying it would make affected users whole and that its smart contracts had not been attacked. On the same day, Bitcoin Core publicly disclosed three previously patched vulnerabilities, including a high-severity issue that could prevent miner nodes from generating valid block templates after a chain reorganization. The fixes are included in versions 29.2 and 30.0; this was not an active, in-the-wild exploit. In addition, analytics platform Arkham said addresses linked to funds stolen from Bitget transferred about 1,052 Bitcoin (approximately $78.61 million) over the six days from November 6 to 11, most of it into mixing services. The largest outflow occurred on November 11.