- Stablecoin supply shrank $14.2 billion in 30 days, the sharpest since June 2022.
- Barclays boosted its IBIT stake 48% to 3.94 million shares in the third quarter.
- Nvidia fell over 7% after hours on a WSJ report that its board may oust Jensen Huang.
The global crypto market cap slipped 0.1% to $2.54 trillion over the past 24 hours. Bitcoin traded at $73,709.51, up 0.3% on the day but down 8.6% over the past week. Ethereum changed hands at $2,052.32, up 0.1% in 24 hours and down 15.4% over seven days. BNB eased 0.1% to $677.86, down 5.4% weekly. XRP slipped 0.2% to $1.04, down 19.7% over the week. Solana rose 0.2% to $83.21, down 13.2% over seven days.
CoinGlass data showed $494 million in liquidations over 24 hours, with longs at $364 million and shorts at $131 million. The largest single liquidation was a $31.517 million ETH-USDT position on HTX.
Trending Searches
ZIG Finance led trending searches, down 3.2% to $0.0377. Bitcoin edged up 0.2% to $73,687.22, and Pearl rose 1.2% to $1.48. Among top gainers, Ozone Chain jumped 67.3% to $0.2183, ni hao cat climbed 40.7% to $0.02116, and Fren Pet gained 36.3% to $3.39.
Macro and Tech
US stocks rose on Wednesday, with the Nasdaq up 2.11%. Nvidia shares fell more than 7% after hours after the Wall Street Journal reported that the company’s board was preparing to remove CEO Jensen Huang. Semafor reported that some directors favor CFO Colette Kress as interim CEO. Nvidia has not announced any management change.
MSCI Removes Bitcoin Treasury Firms
MSCI’s November review will remove Strategy from its global standard indexes, including the MSCI USA Index, effective at the close on November 30. Metaplanet is also reportedly on the removal list, and SharpLink has been placed on a watchlist.
Under rules MSCI finalized on October 15, companies whose assets are mainly non-operating and that trigger at least four of five financial tests are no longer eligible. Funds tracking the affected indexes will need to sell Strategy shares, but the company itself is not required to sell any Bitcoin.
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On-Chain Stress Signals
Darkfost said short-term holders sent 48,500 BTC to exchanges in 24 hours, with 47,300 of them sent at a loss. Darkfost called it one of the largest capitulation events by short-term holders in recent months.
US Bitcoin ETFs lost $969 million over five trading days. The Coinbase premium has been negative for 70 straight days and now stands at -0.14%. Glassnode said total stablecoin supply shrank by $14.2 billion in 30 days, the fastest contraction since June 2022.
ETF Flows and Bank Holdings
SoSoValue data showed Bitcoin spot ETFs losing nearly $300 million on November 11, a fifth straight day of outflows. BlackRock’s IBIT shed $269.7 million, while Morgan Stanley’s MSBT took in $8.96 million. Ethereum ETFs posted a $144.81 million outflow.
Barclays raised its IBIT stake 48% to 3.94 million shares. Citigroup opened a new FBTC position worth about $119 million.
Tokenized Stocks and Banks
OKX said OKXICE will open 24/7 trading of tokenized securities to eligible US users from November 23, with more than 70 assets expected. The first issuers include Coinbase, Circle, Robinhood, Strategy, BitGo and Securitize, alongside 59 Direxion ETFs.
Kraken parent Payward will tokenize more than 200 UK and European stocks, covering the full FTSE 100 and DAX. The Block reported that Deutsche Bank launched digital asset custody for BTC, ETH, USDC, EURC and EURAU.
Policy Moves
Former White House crypto adviser Patrick Witt said Trump still wants to buy Bitcoin for the Strategic Bitcoin Reserve. Witt said open-market purchases face legal questions because Congress has added a ban to the NDAA. The SEC filed a brief supporting the CFTC in the dispute over single-stock perpetual derivatives.
The Bank of Russia said exchanges may begin crypto trading from November 22. Israel Discount Bank will let customers trade Bitcoin and Ether in its app from November 26.
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