Goldman Sachs, Citigroup and other financial giants have committed about $270 million to their joint stablecoin venture, Bloomberg reported, citing people familiar with the matter. The money is meant to cover five years of operating costs for Project Faro, which was revealed in September. Santander and Deutsche Bank are also in the group, along with Wells Fargo, Fidelity, MUFG and Standard Bank. The venture plans to issue a dollar-denominated stablecoin and is expected to be incorporated in the U.S. It also aims to develop stablecoins pegged to other Group of 7 currencies, with a euro-denominated token first in line. The banks didn’t immediately respond to CoinDesk’s request for comment.
Crypto and prediction market firms including Coinbase, Kraken and Kalshi have sided with the CFTC for a second time in a legal fight against traditional finance over perpetual futures. In a brief filed Monday, they argue that single-stock perps are security futures, not swaps, as the Citadel Securities- and Cboe-backed Capital Markets Alliance claims in a lawsuit seeking an emergency halt. The case echoes CME’s suit over crypto perps, though there the CFTC would keep jurisdiction even if the products were swaps. A federal judge initially let stock perp trading continue but signaled she finds the alliance’s overreach argument has merit. The CME case is awaiting a ruling on the CFTC’s motion to dismiss.
Consumer prices rose 0.4% in October, down from 0.6% in September but hotter than the 0.3% forecast. Core CPI, which excludes food and energy, rose 0.3% versus expectations of 0.2%. The Bureau of Labor Statistics didn’t release a year-over-year figure because there was no October 2025 report during last year’s government shutdown. A December Fed rate hike now looks all but assured, with Governor Chris Waller suggesting a 50-basis-point move could even be appropriate. Bitcoin slipped about 1% further to around $73,600, the 10-year Treasury yield rose to 4.93% and the 2-year to 4.69%, and Nasdaq 100 futures fell more than 1%.
Bitcoin broke with stocks as ETF outflows mounted and MARA said it will sell more. Plus: a hotter-than-expected CPI report, and crypto firms back the CFTC in a legal fight over stock perpetuals.
Tuesday, November 10, 2026
Bitcoin has recently been closely tracking U.S. stocks. On Monday, however, that stopped. Bitcoin and Nasdaq futures have moved in tandem for weeks, falling together on Oct. 30 and during last week’s AI-led selloff, but when the S&P 500 posted its best day since April 8 and the Nasdaq Composite rose 2.7%, bitcoin stayed put. The largest cryptocurrency was down 1.4% since midnight UTC earlier this morning and little changed over the past 24 hours. The flows offer a clue as to why: U.S. spot bitcoin ETFs lost another $201 million on Monday, according to Farside Investors, taking outflows since Nov. 2 to around $1.5 billion, and the funds are now down roughly $1.1 billion on a year-to-date basis, compared with more than $20 billion of net inflows in each of the past two years. BlackRock’s IBIT has now posted seven straight sessions of redemptions. Supply is also growing, with bitcoin miner MARA Holdings disclosing it sold 13,597 BTC for around $1.1 billion in the past six weeks and saying it plans to sell more, and retail interest looks thin too, with Santiment data showing bitcoin has lost around 108,700 non-empty wallets since Oct. 16. In the meantime, Wall Street keeps building on crypto rails: the New York Stock Exchange picked Avalanche to settle trades on a planned 24/7 tokenized securities platform, sending the AVAX token up around 5% over the past 24 hours. The next test, U.S. inflation data, has since arrived stronger than expected, with October CPI up 0.4% and core CPI up 0.3% against forecasts of 0.3% and 0.2%, and bitcoin slipped further after the release. Analysts at BRN say bitcoin needs “real buying, not a lucky break.” Stay alert.
U.S. CPI rose stronger than expected 0.4% in October; core rate rose 0.3%
Inflation dipped a bit in October after September’s high reading, but came in stronger than forecast and remained well above the Federal Reserve’s 2% target, setting up the economy for another rate hike at the central bank’s final meeting of the year next month. The Consumer Price Index rose 0.4% in October, down from 0.6% in September and worse than forecasts for 0.3%, while the core rate, which excludes food and energy costs, rose 0.3%, the same as in September and versus forecasts for 0.2%. The year-over-year rate wasn’t released because the Bureau of Labor Statistics had no October 2025 report during the then-ongoing government shutdown. Bitcoin added to its earlier losses, dipping about another 1% to $73,600, and U.S. stock index futures turned lower, with the Nasdaq 100 down 1.15% and the S&P 500 off 0.5%. Rates had already risen ahead of the print after Fed Governor Chris Waller suggested overnight that the central bank should hike next month even if CPI was soft, and that it might consider a 50-basis-point move if CPI came in strong. The 10-year Treasury yield was up 6.5 basis points to 4.93% and the 2-year yield up 14 basis points to 4.69%, as traders priced in a small chance of a 50-basis-point move in December.
Bitcoin miner MARA sold 13,597 BTC for $1.1 billion in six weeks, plans to sell more
Bitcoin miner MARA Holdings sold 13,597 BTC, about $1.1 billion worth, after September at an average of about $81,039, according to its third-quarter shareholder letter filed Monday, and plans to keep selling coins to raise cash for AI infrastructure, debt repayments and potential share buybacks. That is equivalent to 40% of the 34,012 bitcoin it held at the end of September and about six times what it mined during the entire third quarter. MARA used $750 million of the proceeds to repay loans secured against its bitcoin, releasing 17,477 pledged coins and cutting the share of its remaining holdings that are lent out or pledged to less than 5% from 57%. It had taken out the loans in August to help fund its planned purchase of Long Ridge, a natural-gas power business, which it expects to close in the coming weeks. The sales mark a reversal of MARA’s July 2024 pledge to retain everything it mined, with sales reaching 26,984 BTC in the first nine months of 2026 and the latest disposals taking the year’s total above 40,000 BTC. Third-quarter revenue fell 35% to $164 million, and MARA reported a $632 million profit that included an $885 million accounting gain from bitcoin’s rise during the quarter. The company is targeting two new data-center leases before year-end, while warning that negotiations could run into 2027.
Coinbase, Kalshi, Kraken parent back CFTC in legal fight over stock perpetual futures
Coinbase, Kalshi, Kraken’s parent company Payward, DRW Holdings, Jump Trading and Paradigm backed the U.S. Commodity Futures Trading Commission in a legal clash over its authority to regulate perpetual futures tied to individual stocks, filing a letter in support of the agency with the U.S. District Court for the Southern District of New York. The lawsuit was brought earlier this month by the Capital Markets Alliance, which says it is backed by traditional finance firms including Cboe and Citadel Securities and argues that such products fall under the jurisdiction of the Securities and Exchange Commission. The group is challenging the CFTC’s approval of open-ended futures contracts for stocks, comparable to those in the crypto derivatives market, and applications by Coinbase, Kalshi and Payward to list U.S. stock perpetuals, which have no expiration date, were deemed approved on Nov. 2. A CFTC spokesperson called the lawsuit “troubling” when it was filed on Nov. 3 and said markets should be governed by law, not litigation campaigns intended to block innovation.
CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets.
L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal.
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