Bitcoin closed the week at $74,968 (−4.3%), its fifth consecutive weekly decline, and Ether closed at $2,127 (−6.8%). A relief rally after the U.S. midterms lifted BTC above $81,000 on Wednesday, but an AI-led equity sell-off, a much stronger U.S. jobs report and the heaviest spot ETF outflows since June reversed it. A weekend flush of more than $1 billion in leveraged longs then took both assets to their lowest levels since August, while stablecoin supply shrank at its fastest pace this year. Tuesday’s U.S. CPI is the next test for a market pricing roughly an 80% chance of a December Fed hike.
Bitcoin: ETF redemptions cut the rebound short
Bitcoin | Price |
Weekly open | $78,338 |
Weekly high | $81,116 |
Weekly low | $73,477 |
Weekly close | $74,968 |
Weekly performance | -4.3% |
Bitcoin gained about 4% on Nov 4 as Democratic wins in both chambers removed the election overhang, reaching a weekly high near $81,100. The gain lasted one session: on Nov 5 the S&P 500 fell 4.4% on AI-regulation fears and BTC dropped 5.5%. Friday’s payroll beat lifted December Fed-hike odds to roughly 80%. On Sunday evening BTC fell from $75,690 to $73,477 within 15 minutes in thin liquidity, then recovered to close just below its 50-week moving average ($75,488). It remains about 40% below its record of $126,080.
U.S. spot Bitcoin ETFs recorded $1.28 billion in net outflows from November 2 to 6, their largest weekly outflow since late June. Wednesday’s $74.6 million inflow was the only positive session, while Friday alone saw $411.9 million in net redemptions.
Ethereum: Persistent ETF outflows and deleveraging deepen losses
Ethereum | Price |
Weekly open | $2,281 |
Weekly high | $2,445 |
Weekly low | $2,087 |
Weekly close | $2,127 |
Weekly performance | -6.8% |
Ether underperformed, with ETH/BTC about 2.6% lower on the week. It rallied 6.6% to $2,445 on Nov 4, lost 7.7% on Nov 5 and touched its lowest level since August on Sunday. Leverage was more crowded in ETH: Sunday’s long liquidations in ETH ($448 million) exceeded those in BTC ($272 million) despite ETH’s far smaller market value, and U.S. spot ETH ETFs recorded a sixth straight week of outflows.
U.S. spot Ethereum ETFs recorded $365.3 million in net outflows, marking their sixth consecutive week of redemptions. The sustained withdrawals point to continued weakness in demand through U.S. listed funds.
Top Stories of the week You need to know
CFTC Clears Stock Perpetual Futures as Wall Street Coalition Sues to Block Approval
The CFTC cleared perpetual futures tied to individual stocks for trading on eligible U.S. exchanges registered with both the CFTC and SEC, bringing a derivatives product popularized in crypto to regulated U.S. equity markets. The contracts let traders take exposure to a stock’s price without owning the shares or rolling an expiring contract. The CFTC announcement did not name launch venues or give a start date, and a coalition including Cboe and Citadel Securities has sued to overturn the approvals, arguing that the contracts fall under SEC jurisdiction as security-based swaps
US Treasury cuts off MEXC over alleged $16B in illicit transactions
The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an order on November 6 barring U.S. financial institutions from processing funds transfers to or from crypto exchange MEXC Global. Treasury said MEXC facilitated at least $16 billion in transactions linked to sanctions evasion, cybercrime and other illicit activity between May 2021 and May 2026. The order takes effect 30 days after publication in the Federal Register, making MEXC exposure relevant to institutional counterparty reviews and payment routing.
Morgan Stanley among first banks to tokenize US equities, Treasurys through DTCC’s service
Morgan Stanley was among the first banks to tokenize U.S. equities and Treasuries through DTCC’s new service, which launched with 20 participating institutions, including JPMorgan, Citi and Fidelity. The initiative gives major financial institutions practical experience integrating blockchain-based securities with existing market infrastructure. Separately, Morgan Stanley expects to support tokenized equities on its own alternative trading system in the first quarter of 2027.
Europe’s largest asset manager Amundi tokenizes equity index fund on Ethereum
Amundi, Europe’s largest asset manager, launched a tokenized share class of its STOXX Europe 600 index fund on Ethereum in partnership with CACEIS. The fund tracks 600 companies across developed European markets and remains available through traditional investment channels. The launch extends Amundi’s tokenization efforts beyond money market funds as it explores how blockchain-based distribution could broaden access and speed up settlement.