In this week's review, Bitcoin fell below $70,000, dragged down by liquidations and the outflow of ETF funds; Coinbase announced that it had completed approval from the federal trust bank; NYSE chose Avalanche infrastructure for its planned tokenized securities platform.

• Bitcoin fell below $70,000, and the liquidation amount of leveraged crypto assets in the past 24 hours reached $1.47 billion.
• Coinbase announces that its institutional custody business has been fully approved by the US Federal Reserve (OCC), but it is still subject to relevant restrictions of trust banks.
• NYSE has chosen Avalanche as the settlement infrastructure for its proposed tokenized securities trading platform.
• Binance indicates that the replacement and coverage of assets affected by the security vulnerabilities in October have been completed.
• FinCEN's actions against MEXC prompted several exchanges to tighten transfer controls related to that platform.

Bitcoin falls below $70,000, and the outflow of ETF funds continues.

• According to the snapshot from November 13th, Bitcoin was trading at $69,376, a decrease of 4.1% within 24 hours, and an 8.5% decline over the past 7 days. CoinGlass data shows that the total liquidation amount in the crypto market was approximately $1.47 billion, of which $1.31 billion came from long positions.
• SoSoValue data shows that within five trading days up to November 11, a total of approximately $1.44 billion in US spot Bitcoin ETF flowed out. BlackRock accounted for $269.7 million of the $299.8 million that flowed out on November 11. The consumer inflation rate in October was 0.4%, higher than the economists' forecast of 0.3%.

Coinbase Announces Full Approval from Federal Trust Bank

• Coinbase indicates that it has obtained a national trust license, and on November 9th, it announced the completion of the approval process, which represents a step forward from the preliminary permit obtained in April. Its institutional custody business will be regulated by the US Federal Reserve Board (FRB).
• The company plans to migrate the custodial services regulated by New York State to a federal entity within three years. This license covers custodial and related services, but does not include ordinary retail deposits, traditional lending, or the direct issuance of stablecoins. Pledge, principal brokerage transactions, and financing services will still be provided by affiliated companies.

NYSE chooses Avalanche for the settlement of tokenized securities

• On November 9th, Ava Labs stated that Avalanche will provide the core ledger for the clearing institution of the tokenized securities platform that NYSE is about to launch. This selection was made after approximately one year of technical and commercial evaluation.
• The proposed platform will support 24/7 trading and on-chain settlement, but still requires regulatory approval. The role of Avalanche is to record and settle transactions; the design of the trading venue is intended to be compatible with stocks issued across multiple blockchain networks. The plans for NYSE cover the tokenization of U.S. stocks and exchange-traded funds.

Binance Replacement and overwriting have been completed.

• Binance stated on November 12 that they had covered the assets affected by the October hacker attack, which amounted to approximately $6.3 billion, and announced a new reserve snapshot. The accompanying zero-knowledge proof is still pending. Their statement involved replacing customer assets and did not claim that the attackers had returned all of the stolen funds.

MEXC Faces Restrictions from the US Financial System

• After FinCEN issued the order on November 6th, MEXC faced transfer restrictions related to its alleged assistance in at least $16 billion in illegal transactions. The order will take effect 30 days after it is published in the Federal Register. MEXC stated that withdrawals can still be made normally, while other exchanges advised customers to avoid direct transfers with this platform.

Federal agencies sue Arkansas over Kalshi

• The Department of Justice and CFTC filed a lawsuit against Arkansas on November 12, requesting that it cease its law enforcement proceedings against Kalshi. Federal prosecutors argue that CFTC has exclusive jurisdiction over the contract in question. Arkansas accuses them of illegal gambling and deceptive practices; the federal court has not yet made a ruling on the requested relief.

Multiple banks have pledged to provide funding for dollar-stabilized coin projects.

• Bloomberg reported on November 10th that institutions such as Goldman Sachs, Citi, Santander, and Deutsche Bank have pledged to invest approximately $270 million in a planned stablecoin company. This consortium, consisting of 21 members, aims to launch a dollar-pegged token in the first half of 2027. The funding commitment is intended to cover the operational costs for five years.

Deutsche Bank Launches Institutional Crypto Custody Service

• Deutsche Bank launches hosting services in Europe for paid institutions and corporate clients, supporting Bitcoin, Ethereum, USDC, EURC, and EURAU. This service is responsible for managing wallets and private keys. Retail clients are not included in the initial service scope, with plans to expand to Asian financial centers in 2027.

MARA Reveals the Sale of $1.1 Billion in Bitcoin

• In its letter to shareholders dated November 9th, MARA disclosed that it sold 13,597 units of BTC after the end of the quarter, amounting to approximately $1.1 billion. The company repaid a Bitcoin mortgage loan of $750 million and released 17,477 units of BTC that were used as collateral. Revenue in the third quarter decreased by 35% to $164.2 million, while unrealized Bitcoin gains supported the reported net profit.

Strategy has once again purchased 1,036 bitcoins.

• As disclosed on November 9th, Strategy purchased 1,036 units of BTC for $81.9 million and repurchased $188.3 million worth of STRC preferred stock. Both transactions were financed by the issuance of common stock. The company stated that as of November 8th, it held 850,364 units of BTC as well as assets valued at approximately $4.9 billion in US dollars.