The following piece is adapted from The Block’s briefing, The Daily, published during weekday afternoons.
Good Wednesday! Bitcoin has climbed near $74,500, even though derivatives participants are increasing the probability that valuations drop under $70,000 by the Christmas holiday.
Also featured in today’s briefing, Bitmine discloses an annual net deficit of $6.3 billion, the circulating value of stablecoins contracts by $14.2 billion for its largest retreat since the 2022 bear market, and further updates.
Meanwhile, Pyth Network integrates equities and ETF information from the NYSE into its network, and Deutsche Bank introduces its cryptocurrency custody platform alongside a portfolio management agreement.
P.S. Make sure to visit The Latent, our affiliate publication focusing on artificial intelligence. Subscribe to The Latent Daily here and access all other publications by The Block here. Additionally, follow The Block and The Latent on X for additional updates.
Bitcoin ‘ripe for a squeeze’ as traders raise odds of sub-$70,000 Christmas
Participants in bitcoin derivatives currently estimate a greater likelihood that the digital currency drops beneath $70,000 before Christmas than rising past $80,000.
- On the Derive platform, the chance of bitcoin closing out Christmas under $70,000 grew from 15% in the prior week to 31%, as stated by founder and CEO Nick Forster. The probability of finishing higher than $80,000 dropped from 53% to 26%.
- Speculators are likewise purchasing heightened downside protection. Bitcoin options turnover on Derive hit $418 million across the past week, marking a 37% surge, where put contracts represented 55% of the total premiums exchanged compared to 36% during the preceding week.
- Concurrently, K33 reported that open interest for bitcoin perpetual futures reached roughly 353,000 BTC, expanding by 12% across 30 days despite bitcoin’s 10% valuation decline. Vetle Lunde, Head of Research at K33, indicated the sector was primed for a squeeze, with geared positions capable of magnifying price shifts in either direction.
- U.S. spot bitcoin ETFs registered $1.28 billion in net outflows through the prior week, accompanied by an extra $296 million during Monday and Tuesday. K33 similarly documented withdrawals totaling 31,652 BTC from global bitcoin ETP vehicles over the preceding seven trading sessions.
Bitmine reports $6.3 billion annual net loss as ether falls 44%
Bitmine, headed by Tom Lee, announced a net loss exceeding $6.3 billion for the financial year ending August 31, contrasting with a $348.6 million gain from the prior year. Nearly $6.23 billion of this shortfall originated from unrealized valuation contractions within its digital asset holdings.
- Ether dropped around 44% across the fiscal year, moving from roughly $4,390 down to $2,466. By the conclusion of August, Bitmine maintained 5.9 million ETH valued at $14.6 billion, alongside 211 BTC worth $16.6 million.
- Notwithstanding these deficits, Bitmine persisted in purchasing ether. The firm mentioned on Monday that its reserves had climbed to 6,070,092 ETH, accounting for 4.97% of the aggregate Ethereum circulation, just under its 5% accumulation target.
Stablecoin supply drops $14.2 billion in biggest decline since 2022
The circulating pool of primary stablecoins decreased by $14.2 billion across the preceding 30 days, marking the steepest contraction since the 2022 crypto market downturn, per data from Glassnode. Total stablecoin capitalization rests just under $280 billion, hitting its lowest mark since September 2025.
- Glassnode noted that the reduction reflects investors exchanging stablecoins back into fiat dollars and withdrawing funds from the crypto environment, leaving reduced purchasing power available for a market rebound. The firm added that a resumption of stablecoin expansion would serve as the initial signal of fresh capital flowing into the ecosystem.
- Separately, CryptoQuant revealed that the market valuation of USDT contracted by $6.6 billion during the 60-day window leading to November 7, exceeding double the $3.2 billion reduction observed across a comparable duration following the FTX crash in December 2022. Conversely, gold-referenced tokens held relatively stable at a combined capitalization of $5.61 billion.
OKXICE sets Nov. 23 launch for tokenized securities venue under SEC exemption
OKXICE, a collaborative enterprise pairing OKX with Intercontinental Exchange—the parent entity of the NYSE—intends to unveil its tokenized asset marketplace on November 23 utilizing a five-year SEC innovation waiver, which permits such platforms to function without registering as conventional exchanges.
- The organizations noted they have finalized 70 assets originating from issuers like Coinbase, Circle, and Robinhood, alongside 59 exchange-traded funds. The trading hub will be accessible to U.S. participants who possess a CeDeFi Wallet and have finished the verification procedure.
- Nonetheless, 67 corporations, including Meta, Tesla, Netflix, and Costco, had chosen to opt out by November 5, pushing back against tokenized representations of their equities trading on the marketplace. Nasdaq has likewise expressed worries regarding the exemption, cautioning that it might enable tokenized shares to circulate outside the conventional national market infrastructure.
Bitcoin Core discloses three patched security flaws, including mining bug
Bitcoin Core revealed three security vulnerabilities on Tuesday, featuring a critical-severity defect that could stop impacted mining nodes from building legitimate block templates subsequent to a blockchain reorganization.
- The remaining pair of medium-severity vulnerabilities involved block processing routines and Tor network connections. All three security issues were resolved during October 2025, with fixes deployed inside Bitcoin Core versions 30.0 and 29.2.
In the next 24 hours
- The United States will publish weekly initial jobless claims, existing home sales for October, and the federal Treasury balance on Thursday. Federal Reserve representatives Beth Hammack, Michael Barr, Mary Daly, and John Williams are additionally slated to deliver remarks.
- The European Central Bank will release its monetary bulletin, and ECB Vice President Boris Vujčić is scheduled to speak.
- Token generation events feature peaq (PEAQ) and Espresso (ESP).
Stay up to date using The Block’s daily summary covering the most impactful events taking place across the decentralized asset landscape.
© 2026 The Block Crypto, Inc. All Rights Reserved. Newsletters are distributed for educational purposes only. They are not presented or meant to be utilized as legal, tax, investment, financial, or alternative guidance.
Originally published at https://www.theblock.co/newsletters/the-daily/2026-11-11-bitcoin-outlook-christmas-bitmine-net-loss-more-crypto-news-438430.
