Community Trust ScoreVerified
Bitcoin options traders have increased the probability of the cryptocurrency ending below $70,000 by Christmas to 31 percent, up from 15 percent the previous week, according to The Block. The shift in sentiment coincides with a rise in downside protection purchases as the asset trades around $74,500.
Earlier reporting: Bitcoin ETFs See $1.04B Outflow as Short-Term Holders Post Losses.
Earlier reporting: Hut 8 Reports $26.6B AI Contract Value, Sells 3,102 Bitcoin for Buybacks.
As of 10:13 UTC, Bitcoin traded at $73,365, -0.4% over 24 hours, with $23.0 billion in 24-hour volume.
Options volume and put demand
Nick Forster, founder and CEO of Derive, reported that the odds of Bitcoin finishing above $80,000 by the holiday have simultaneously fallen from 53 percent to 26 percent. This move reflects a broader repositioning in the derivatives market, where traders are increasingly hedging against further price declines.
Bitcoin options volume on Derive reached $418 million last week, a 37 percent increase from the prior period. Put options accounted for 55 percent of the premiums traded, a significant jump from 36 percent the previous week. The data indicates a clear preference for bearish positions among active options participants.
Leveraged positions and ETF outflows
K33 reported that Bitcoin’s perpetual futures open interest reached approximately 353,000 BTC, up 12 percent over the last 30 days. This increase in open interest occurred despite a 10 percent decline in Bitcoin’s price over the same period. Vetle Lunde, Head of Research at K33, described the market as “ripe for a squeeze,” noting that leveraged positions could amplify price moves in either direction.
Outflows from U.S. spot Bitcoin exchange-traded funds (ETFs) added to the bearish pressure. These funds recorded $1.28 billion in net outflows last week, followed by an additional $296 million in net outflows on Monday and Tuesday. K33 also reported withdrawals of 31,652 BTC from global Bitcoin exchange-traded products (ETPs) over the past seven trading days.
Bitmine loss and stablecoin supply
Tom Lee-led Bitmine reported a net loss of more than $6.3 billion for the fiscal year ended August 31, compared with a $348.6 million profit a year earlier. Nearly $6.23 billion of the loss stemmed from unrealized declines in the value of its digital assets. Ether fell approximately 44 percent during the fiscal year, dropping from about $4,390 to $2,466.
At the end of August, Bitmine held 5.9 million ETH worth $14.6 billion, along with 211 BTC valued at $16.6 million. The company stated that its holdings had since reached 6,070,092 ETH, representing 4.97 percent of Ethereum’s total supply, just below its 5 percent accumulation target.
Stablecoin supply also contracted, with Glassnode reporting a $14.2 billion drop in major stablecoin supply over the past 30 days. This marks the largest decline since the 2022 crypto bear market. Total stablecoin supply now stands just below $280 billion, its lowest level since September 2025. Glassnode noted that the decline indicates holders are redeeming stablecoins for dollars and moving money out of crypto, reducing buying power for a market recovery.
CryptoQuant reported that Tether (USDT) market capitalization fell $6.6 billion over the 60 days through November 7. This decline is more than twice the $3.2 billion drop seen over a similar period following the collapse of FTX in December 2022. Gold-backed tokens remained relatively steady at a combined $5.61 billion market capitalization.
OKXICE, a joint venture between OKX and NYSE parent Intercontinental Exchange, plans to launch its tokenized securities venue on November 23 under the SEC’s five-year innovation exemption. The companies confirmed 70 assets from issuers including Coinbase, Circle, and Robinhood, along with 59 exchange-traded funds. However, 67 companies, including Meta, Tesla, Netflix, and Costco, had opted out as of November 5, objecting to tokenized versions of their shares trading on the venue. Nasdaq has raised concerns about the exemption, warning it could allow tokenized securities to trade outside the existing national market system.
Bitcoin Core disclosed three security vulnerabilities on Tuesday, including a high-severity bug that could prevent affected mining nodes from creating valid block templates following a blockchain reorganization. The other two medium-severity flaws involved block processing and Tor connections. All three vulnerabilities were fixed in October 2025, with patches released in Bitcoin Core versions 30.0 and 29.2.
Source: The Block
