In this week’s edition of the weekly recap, Bitcoin has fallen below $70,000 as liquidations and ETF withdrawals have weighed on the market. Coinbase has announced its completed federal trust bank approval, while NYSE has selected Avalanche infrastructure for its planned tokenized securities platform.
Summary
- Bitcoin fell below $70,000, with leveraged crypto liquidations reaching $1.47 billion over 24 hours.
- Coinbase announced full OCC approval for its institutional custody business, subject to trust bank restrictions.
- NYSE selected Avalanche for settlement infrastructure supporting its proposed tokenized securities trading platform.
- Binance said it completed replacement coverage for assets affected by its October security breach.
- FinCEN’s action against MEXC prompted exchanges to tighten controls on transfers involving the platform.
Bitcoin drops below $70,000 as ETF withdrawals continue
- Bitcoin fell to $69,376 in a Nov. 13 snapshot, down 4.1% over 24 hours and 8.5% over seven days. CoinGlass figures put crypto liquidations at roughly $1.47 billion, including $1.31 billion in long positions.
- U.S. spot Bitcoin ETFs lost approximately $1.44 billion across five trading sessions through Nov. 11, according to SoSoValue figures. BlackRock’s IBIT accounted for $269.7 million of the $299.8 million withdrawn on Nov. 11. October consumer inflation of 0.4% exceeded economists’ 0.3% forecast.
Coinbase announces full federal trust bank approval
- Coinbase secured its national trust charter and announced the completed approval on Nov. 9, following preliminary clearance in April. Its institutional custody business will operate under Office of the Comptroller of the Currency supervision.
- The company plans to move its New York-regulated custody operations into the federal entity over three years. The charter covers custody and related services but excludes ordinary retail deposits, traditional lending and direct stablecoin issuance. Staking, prime trading and financing remain services provided by affiliates.
NYSE chooses Avalanche for tokenized securities settlement
- Ava Labs announced on Nov. 9 that Avalanche would provide the core ledger for the clearing firm supporting NYSE’s upcoming tokenized securities venue. The selection followed roughly a year of technical and commercial evaluation.
- The proposed platform would support round-the-clock trading and onchain settlement, subject to regulatory approval. Avalanche’s role concerns recording and settling transactions; the trading venue is designed to accommodate equities issued across multiple blockchain networks. NYSE’s plans cover tokenized U.S. stocks and exchange-traded funds.
Binance says replacement coverage is complete
- Binance said on Nov. 12 that it had covered assets affected by its approximately $6.3 billion October hack and published a fresh reserve snapshot. The accompanying zero-knowledge proof was still pending. Its statement concerned replacing customer assets, without claiming that attackers had returned all stolen funds.
MEXC faces U.S. financial-system restrictions
- Following FinCEN’s Nov. 6 order, MEXC faced transfer restrictions tied to allegations that it facilitated at least $16 billion in illicit transactions. The order takes effect 30 days after Federal Register publication. MEXC said withdrawals remained operational, while other exchanges warned customers about direct transfers involving the platform.
Federal agencies sue Arkansas over Kalshi
- The Justice Department and CFTC sued Arkansas on Nov. 12 to stop its enforcement case against Kalshi. Federal lawyers argued that the CFTC has exclusive jurisdiction over the disputed event contracts. Arkansas alleges illegal gambling and deceptive practices; the federal court had not ruled on the requested relief.
Banks commit funding to a dollar stablecoin venture
- Goldman Sachs, Citi, Santander and Deutsche Bank were among firms committing around $270 million to a planned stablecoin company, Bloomberg reported Nov. 10. The 21-member consortium targets a first-half 2027 launch, starting with a dollar token. Funding commitments cover five years of operating costs.
Deutsche Bank opens institutional crypto custody
- Deutsche Bank launched custody services for paying institutional and corporate clients in Europe, supporting Bitcoin, Ether, USDC, EURC and EURAU. The bank manages wallets and private keys. Retail customers are outside the initial offering, while expansion into Asian financial centers is planned for 2027.
MARA discloses $1.1 billion in Bitcoin sales
- MARA’s Nov. 9 shareholder letter disclosed sales of 13,597 BTC after quarter-end for approximately $1.1 billion. It repaid $750 million in Bitcoin-backed loans, releasing 17,477 BTC pledged as collateral. Third-quarter revenue fell 35% to $164.2 million, while unrealized Bitcoin gains supported reported net income.
Strategy buys another 1,036 Bitcoin
- Strategy purchased 1,036 BTC for $81.9 million and repurchased $188.3 million of STRC preferred shares, according to its Nov. 9 disclosure. Common-stock sales financed both transactions. The company reported 850,364 BTC and approximately $4.9 billion in dollar-denominated assets as of Nov. 8.
