Bitcoin barely flinched at a hot CPI report as ETF selling slowed, but stablecoin supply and U.S. demand remain tight. Plus: OKXICE sets a launch date, and Kraken’s xStocks expands to UK and EU shares.
Wednesday, November 11, 2026
Bitcoin took Tuesday’s hot U.S. inflation report and a flush-out of leveraged positions in its stride, falling less than 1% over the past 24 hours. The question now is whether that performance is a sign of resilience or just a pause in selling. Consumer prices rose a greater-than-forecast 0.4% last month, prompting traders to price in a 90% chance of a quarter-point Fed interest-rate increase, according to CME FedWatch. The largest cryptocurrency dropped to around $72,700 on Tuesday, and futures traders took the brunt as liquidations jumped 288% to $725 million, according to CoinGlass. What has changed is the pace of ETF selling: U.S. spot bitcoin ETFs lost $95 million on Tuesday for a fourth straight day of net outflows, down from $201 million on Monday, $412 million on Friday and $430 million on Thursday. Stablecoins are tight too, with CryptoQuant data showing the market capitalization of Tether’s USDT has dropped $6.6 billion over 60 days, the biggest 60-day contraction since its data began in 2022 and more than double the drop after the collapse of FTX four years ago, while the Coinbase Premium, a gauge of U.S. demand, has been negative for 30 straight days. That leaves bitcoin hovering around its 200-day moving average, near $73,200 by CryptoQuant’s calculation, which the firm says separates a shallow correction from a deeper one, and below the 365-day average of $76,400, which it says must be reclaimed to restore a bullish structure. Stocks, in contrast, are bouncing, with Nasdaq 100 futures up 1.7% after CoreWeave’s earnings beat. Options traders are buying protection from declines, though not frantically: eight of the 10 most active bitcoin contracts on Deribit expiring through Nov. 27 are puts at strikes of $69,000 to $74,000, yet implied volatility is only around 36% to 38%. Analysts at BRN said bitcoin needs “real buying, not a lucky break.” Stay alert.
OKXICE to debut tokenized stock trading with Strategy, Coinbase, Circle this month
OKXICE, the joint venture between crypto exchange OKX and NYSE parent Intercontinental Exchange, will debut its blockchain-based securities trading venue on Nov. 23, following a wave of corporate objections, with more than 70 assets confirmed for round-the-clock trading, though not all will be available at the start, a spokesperson said. The lineup includes Coinbase Global, Circle Internet, Robinhood, BitGo, Securitize and Better.com, plus Strategy’s common and preferred stocks and 59 exchange-traded funds from asset manager Direxion, which oversees $70 billion. It looks considerably different from the broad mix of companies OKXICE first proposed: of the 62 on its original list, 56, about 90%, had objected, according to CoinDesk’s tally, and total objections reached 67, including Apple, Microsoft, Nvidia, Amazon, Tesla and JPMorgan Chase. OKXICE is set to be the second venue to start under the SEC’s five-year “innovation exemption,” following Canton-based TSV earlier this month. Trading will run through Uniswap v4 liquidity pools on OKX’s X Layer network, with Securitize providing tokenization infrastructure, and access will initially be limited to eligible U.S.-based OKX customers, who will keep the tokens in their own wallets and retain rights to dividends, voting and corporate actions.
Kraken’s xStocks adds 200 UK and EU shares as its assets top $1.1 billion
Kraken parent company Payward is adding more than 200 U.K. and European stocks to its xStocks platform, including all 40 companies in Germany’s DAX index, such as SAP, Siemens and Allianz, an expansion beyond the tokenized U.S. stocks that formed the core of the offering. Payward said xStocks now holds more than $1.1 billion in assets. Each token tracks a stock and is backed by shares held with a regulated custodian, with investment firm GTN handling trade execution and custody, but the tokens remain unavailable to investors in the U.K. and U.S. The expansion follows a September agreement with the London Stock Exchange to tokenize its 100 largest listed companies, with trading on its LSE 24 platform planned for 2027 pending regulatory approval, and Payward also plans to add hundreds of Hong Kong-listed stocks in the coming weeks. xStocks are share-backed certificates offering synthetic exposure to stock prices without ownership of the underlying companies, though since August eligible holders have been able to submit proxy voting preferences through Broadridge, and dividend value is reinvested in additional tokens rather than paid out in cash. CoinDesk notes that this differs from the model planned by OKXICE, since the SEC’s innovation exemption requires tokens to give holders the same rights and privileges as traditional shares of an equivalent class.
Bitcoin sits out stock rebound as ETF outflows extend to fourth day
Bitcoin was little changed since midnight UTC at around $74,000, stabilizing after dipping to $72,700 on Tuesday, while ether held steady near $2,050, even as Nasdaq-100 futures rebounded 1.7% after AI cloud-computing provider CoreWeave’s earnings beat estimates. U.S. spot bitcoin ETFs lost $95 million on Tuesday, according to SoSoValue, extending outflows to a fourth straight day, with BlackRock’s IBIT accounting for $78 million of that in its eighth straight session of redemptions. The chances of a Federal Reserve rate increase at its Dec. 8-9 meeting rose to 90%, according to CME FedWatch, after consumer prices rose a greater-than-forecast 0.4% in October. In derivatives, crypto futures liquidations surged 288% to $725 million in 24 hours, with ether’s $253 million exceeding bitcoin’s $200.5 million even though its open interest is half the size, and four of the 10 most-traded perpetual futures contracts were linked to traditional finance, including a 3x semiconductor ETF, SanDisk, gold and Nvidia. Put volume on Deribit bitcoin options expiring through Nov. 27 was 1.5 times call volume, and 25-delta puts are priced around 4 to 5 volatility points above calls. Among tokens, gram (GRAM), the renamed toncoin, led the CoinDesk 100 with a gain of around 5% after Telegram founder Pavel Durov said more than 700,000 wallets were created in the app in 48 hours, while Zcash fell about 14% over 24 hours.
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.
Crypto Daybook Americas: A newsletter from CoinDesk
