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Bitcoin closed trading at $69,376 on Nov. 13, marking a decline to below the $70,000 threshold. The 24-hour change stood at -4.1%, while the seven-day performance reflected an -8.5% drop. This price action coincided with a significant wave of forced selling across the digital asset market.
As of 05:30 UTC, Bitcoin traded at $64,838, -3.3% over 24 hours, with $51.0 billion in 24-hour volume.
Liquidations and ETF Redemptions
Leveraged positions were wiped out at a rate that reached $1.47 billion over the preceding 24 hours. Of that total, $1.31 billion consisted of long positions, indicating that traders betting on price increases were the primary victims of the volatility. The outflow from institutional vehicles compounded the sell pressure.
U.S. spot Bitcoin exchange-traded funds lost approximately $1.44 billion across five trading sessions leading up to Nov. 11. On Nov. 11 alone, total withdrawals from these ETFs amounted to $299.8 million. BlackRock’s IBIT fund accounted for $269.7 million of that daily outflow. Macroeconomic data added to the uncertainty surrounding the asset’s valuation, as October consumer inflation came in at 0.4%, exceeding the 0.3% forecast by economists.
Regulatory and Infrastructure Moves
On Nov. 9, Coinbase announced it had received full approval from the Office of the Comptroller of the Currency for its institutional custody business. This national trust charter follows preliminary clearance received in April. The company plans to migrate its New York-regulated custody operations into this new federal entity over a three-year period. The charter specifically excludes ordinary retail deposits, traditional lending, and direct stablecoin issuance. Services such as staking, prime trading, and financing will remain with Coinbase affiliates.
Also on Nov. 9, Ava Labs announced that its Avalanche network would serve as the core ledger for the New York Stock Exchange’s proposed tokenized securities venue. This selection followed roughly a year of technical and commercial evaluation. The planned NYSE platform aims to support round-the-clock trading and onchain settlement for tokenized U.S. stocks and exchange-traded funds, subject to regulatory approval.
Exchange Actions and Corporate Disclosures
Binance stated on Nov. 12 that it had covered the assets affected by its approximately $6.3 billion hack in October. The exchange published a new reserve snapshot, although the accompanying zero-knowledge proof remained pending. In a separate regulatory development, the Financial Crimes Enforcement Network issued an order against MEXC on Nov. 6. The order imposes transfer restrictions tied to allegations that the platform facilitated at least $16 billion in illicit transactions. MEXC stated that withdrawals remained operational, and the FinCEN order takes effect 30 days after publication in the Federal Register.
The Justice Department and the Commodity Futures Trading Commission sued the state of Arkansas on Nov. 12 to halt its enforcement case against Kalshi. Federal lawyers argued that the CFTC holds exclusive jurisdiction over the disputed event contracts, while Arkansas alleged illegal gambling and deceptive practices. In the banking sector, Goldman Sachs, Citi, Santander, and Deutsche Bank committed around $270 million to a planned stablecoin company. The 21-member consortium targets a launch in the first half of 2027 with a dollar token, with funding commitments covering five years of operating costs. Deutsche Bank also launched custody services for institutional and corporate clients in Europe, supporting Bitcoin, Ether, USDC, EURC, and EURAU, with plans to expand into Asian financial centers by 2027.
Miners and corporate treasuries reported mixed activity. MARA disclosed in a Nov. 9 shareholder letter that it sold 13,597 BTC for approximately $1.1 billion. This sale allowed the company to repay $750 million in Bitcoin-backed loans, releasing 17,477 BTC from collateral. MARA’s third-quarter revenue fell 35% to $164.2 million. Conversely, Strategy purchased 1,036 BTC for $81.9 million according to its Nov. 9 disclosure. Strategy also repurchased $188.3 million of STRC preferred shares, financing both the Bitcoin purchase and share repurchases through common-stock sales. As of Nov. 8, Strategy reported holding 850,364 BTC and approximately $4.9 billion in dollar-denominated assets.
