Bitcoin (BTC) closed on Sunday, November 8 below its 50-week moving average for the first time in eight weeks. Long positions worth more than $1 billion were liquidated within 24 hours. On November 9, the New York Stock Exchange (NYSE) chose the Avalanche blockchain for its planned tokenized securities platform, which will run 24/7.
$1.04 billion in long liquidations and the lost 50-week average
Bitcoin briefly fell below $74,000 early on Monday, November 9. According to CoinGlass, total liquidations exceeded $1.15 billion, with $1.04 billion in longs and $117 million in shorts. Ether (ETH) traders were the largest group, with more than $500 million, against about $309 million for Bitcoin. In all, 167,764 traders were liquidated, and the largest single order was a $48.2 million ETH-USDT long on Binance. The true figure is probably higher, since Binance and OKX still report incomplete data.
Spot Bitcoin ETFs had net outflows of $1.28 billion over the week, the largest since late June. The 12 funds lost money in four of the five sessions and turned negative for the year, with total outflows of $914.1 million in 2026. BlackRock's IBIT lost $403 million on Friday alone.
Alex Thorn, head of research at Galaxy, noted that Bitcoin ended the week about 0.7% below the 50-week average of $75,488. It had regained the average on September 20 and stayed above it for seven straight weeks. In the bear-market recoveries of 2011-2012 and 2019-2020, Bitcoin also lost the average after first reclaiming it, but the previous bear-market low held on weekly closes. Thorn cautioned that the sample has only five reclaims and that a bottom is only visible in hindsight. The previous cycle low was $59,517 on June 28. According to Thorn, Galaxy's bullish technical view from October stands if Bitcoin regains the average within a month.
For us, the 50-week average worked as extra resistance, and losing it together with the liquidations are the two items of the day that count on the chart. Bitcoin still holds our support in the $74,000 area.
NYSE picks Avalanche for 24/7 tokenized stocks
Ava Labs announced on November 9 that the NYSE chose Avalanche for clearing and settlement on its planned tokenized securities platform, which depends on regulatory approval. The Wall Street Journal reports that the target is a launch within the fourth quarter, using the NYSE's existing technology to match trades. Ava Labs CEO Emin Gün Sirer said Avalanche will cover the need for "24/7 atomic settlement."
The choice followed about a year of testing. Dennis Lee, head of digital issuance at the NYSE, said the exchange is evaluating different technologies for different parts of the platform and will support stocks listed on more than one blockchain. The week before, the NYSE announced agreements with Broadridge Financial Solutions, Computershare, Equiniti and Superstate, while Securitize and tZERO were already partners.
We see the partnership as very important and think it needs little commentary. Sooner or later everything will come onchain.
Strategy buys 1,036 BTC and repurchases $188.3 million of preferred shares
Strategy bought 1,036 BTC worth $81.9 million at an average price of $79,012 per BTC, according to its SEC filing on Monday, November 9. Its holdings now stand at 850,364 BTC, for which it has paid $64.16 billion in total, an average of $75,456. That equals about 4.05% of Bitcoin's 21 million supply.
The company raised $283.8 million net by selling MSTR shares and used $188.3 million to repurchase about 1.89 million STRC shares, after $208.2 million the week before. Since the start of October it has spent about $1.06 billion on STRC repurchases, nearly five times the $219.7 million it put into Bitcoin. MSTR stock was down 3% at $125 in Monday's premarket.
Bitmine adds 9,587 ETH as Buterin says "ETH is money"
Bitmine added 9,587 ETH, worth about $20 million. Its holdings reach 6,070,092 ETH, roughly $13.6 billion at a reference price of $2,234, or 4.97% of the ETH supply. Chairman Tom Lee saw confirmation of the strategy in Vitalik Buterin's statement at Devcon in Mumbai: "ETH is a store of value, ETH is money." In a post on X, Buterin explained that he now sees fee burning as weaker than it looked and that optimizing it may conflict with decentralization.
For Strategy and Bitmine we have nothing new to add, since the purchases follow the familiar weekly pattern.
North Korean laundering through NEAR memecoins
According to Elliptic, North Korean hackers created at least six tokens on NEAR between November 5 and 7 and ran about $430,000 of proceeds from the $6.3 billion Binance hack through them. They used liquidity pools on decentralized exchanges to move funds between wallets without direct transfers. The tokens drew almost no outside trading and were abandoned. Five of the six creators were funded with proceeds from earlier sales, two to 13 minutes before the next launch.
Elliptic co-founder Tom Robinson wrote that North Korean launderers "layer many cheap techniques, each adding a little extra delay." The same technique was used after the 2025 Bybit hack, with at least $24 million in a new token on TRON. About 11.8 million NEAR from the Binance hack, worth $43.7 million according to Elliptic, remained unmoved.
In our view, the effort gained the perpetrators nothing substantial, because everything is visible on a blockchain.
Former employee sues Ethereum Foundation and Buterin
Former employee Kayleen Fulton filed a lawsuit in Colorado on November 4 against the Ethereum Foundation, its Singapore subsidiary, executive Bastian Aue and Vitalik Buterin. She alleges she was fired on April 6 after a disagreement over the "EF Mandate" published on March 13, specifically the section called "Source Seppuku License." Fulton and her colleague Trent Van Epps organized a letter with 53 signatures that supported the Foundation's direction but objected to some of its terms. The suit alleges both were fired in retaliation.
The complaint also alleges disability discrimination and interference with medical leave rights, in connection with a cancer diagnosis she had disclosed. It seeks damages without a specific amount. These claims are allegations and have not been proven. The Block received no response from Fulton or the Ethereum Foundation before publication.
We will follow how the case develops for the Foundation and Buterin.
October CPI comes without annual changes
The US consumer price index (CPI) for October is published on November 10. FXStreet reports that the market expects a rise of 0.3% in the headline index and 0.2% in core, after 0.6% and 0.3% in September. FXStreet itself forecasts 0.2% for both. The Bureau of Labor Statistics will not publish annual changes for most individual components, because October 2025 data is missing due to the shutdown. According to a post by Kobeissi Letter on X, the BLS said the gap "prevents reliable annual comparisons."
Annual CPI is our favorite number and can move the market, so we will rely on the monthly figure and core. We do not rule out that annual data will also be missing from the next PPI. Interest rates will depend on what we see in the accompanying numbers.
In brief
Bitcoin: Closed Sunday, November 8 about 0.7% below the 50-week average of $75,488, with $1.04 billion in longs liquidated.
NYSE: Chose Avalanche for clearing and settlement on its planned 24/7 tokenized securities platform, pending regulatory approval.
Strategy: Bought 1,036 BTC for $81.9 million and holds 850,364 BTC.
Bitmine: Added 9,587 ETH and holds 6,070,092 ETH, 4.97% of the supply.
Elliptic: North Korean hackers ran about $430,000 of Binance hack proceeds through six NEAR tokens.
Ethereum Foundation: Sued by a former employee who alleges retaliation, an allegation that has not been proven.
CPI: October data is out November 10 without annual changes for most components.
The market
Bitcoin is trading around $74,000 and holds our support for now.