US spot Bitcoin ETFs have net outflows of about $1.56 billion since the start of 2026, according to SoSoValue data analyzed by CoinDesk. Bitcoin (BTC) fell below $70,000 early on November 13, its lowest level since August. Meanwhile, JPMorgan reports almost $1 billion in crypto-linked stocks and funds, and Hyperliquid closed the third quarter with record open interest.
Bitcoin ETFs swing from +$1.01 billion to -$1.56 billion in two weeks
On October 29, spot Bitcoin ETFs were up about $1.01 billion for the year. On October 30 they lost $643.3 million in a single day, which cut the total to roughly $368 million. The slide continued from there, with outflows of $643.6 million in the week ending Thursday, $1.28 billion the week before and $202.6 million the week before that.
This is the 12th week of 2026 with outflows above $500 million. There were 15 such weeks in 2025 and four in 2024. The full-year comparison is starker: the funds took in $35.24 billion in 2024 and $21.37 billion in 2025, and are negative this year. CoinDesk ties the heavy redemptions directly to the market decline.
In the episode we read these numbers as a large part of the reason Bitcoin's price is struggling. The institutional demand that carried earlier years has reversed.
JPMorgan holds $981 million in Bitcoin ETFs, Strategy and Coinbase
According to a 13F filing JPMorgan Chase submitted to the SEC, the bank held about $981 million in spot Bitcoin ETFs, Strategy and Coinbase on September 30. With positions in Robinhood and Bitcoin miners, the total likely exceeds $1 billion.
The largest piece is BlackRock's iShares Bitcoin Trust (IBIT), with 11,408,930 shares worth about $540 million. That is a 9.6% increase in shares from the previous quarter, when the position was worth about $356 million. Total exposure to spot Bitcoin ETFs comes to $549 million. In Strategy, the bank raised its position by 36%, to 848,932 shares from 624,387, worth about $131.3 million. The Coinbase stake is about $301 million.
A 13F is a snapshot of September 30 and does not necessarily show price bets, since banks hold such positions for hedging or to serve clients. CEO Jamie Dimon has called Bitcoin useless, while the bank has issued JPM Coin on Ethereum and put out a first Bitcoin price forecast. In our view, a man who has mocked crypto for years, and whose bank keeps building positions, gives a clear sign of where institutions are heading.
Hyperliquid hits record $16.8 billion in open interest
Hyperliquid ended the third quarter with $16.8 billion in derivatives open interest, up almost 80% from the end of June, according to a report by the Hyperliquid Research Collective. It now leads Bybit, Kraken and OKX in open interest. Its share of the total across eight major exchanges rose to 11.7% from 9.6% three months earlier.
Native perpetuals volume grew from $109.5 billion in July to more than $188 billion in September. Daily traders averaged 65,161, a quarterly record. Protocol revenue rose 21.7% quarter on quarter to almost $191 million, but remains 36.5% below last year. Equity perpetuals traded $153.8 billion in volume (+161%) and passed commodities on HIP-3. Bloomberg reported that Wintermute often wins the auctions for early access to incoming orders, which some critics regard as an unfair advantage.
Despite the recent drop that has followed Bitcoin, Hyperliquid's token is holding up well, and we think these numbers explain it.
Telegram Android security flaw and a Bybit warning
On November 13, Bybit asked users to update Telegram on Android. On November 9, Telegram had allowed bots to send widgets, small apps inside a message. Two days later, security firm V12 published a video in which a bot message opened the Calculator app on an Android phone by itself, a case of remote code execution (RCE). Telegram says the fix reached all users on November 11 and that no attacks have been reported. Bybit warns that a compromised phone can expose other apps as well.
Calculator sounds harmless. What kept us thinking is what else a bot could open the same way.
Cardano: Charles Hoskinson says the roadmap is complete
In a YouTube livestream, Cardano founder Charles Hoskinson said "the roadmap is complete" and that everything he had said would be built has been built. He was speaking to disgruntled investors, with ADA 94% below its 2021 high of $3.09 and trading at $0.17. Hoskinson denied ever promising that Cardano would overtake Bitcoin and said he does not promise price increases.
The roadmap had five eras: Byron (September 2017), Shelley with staking (July 2020), Goguen with smart contracts (September 2021), Basho (September 2022) and Voltaire (September 2024). The Plomin hard fork in January 2025 gave ADA holders a governance vote. "I have no authority in this ecosystem," he said, adding that investors are essentially asking him to "raise the price."
What happens to the token now is up to the community, and we wish it luck.
In brief
US PPI inflation: The producer price index rose 0.3% in October, below the 0.4% forecast, and the annual rate reached 6.5%, the highest since November 2022. Markets fully price in a 0.25 percentage point rate hike at the Fed meeting on December 8 and 9. The figure was better than expected, but it does not change the Fed's course.
Nvidia and Congress: Senate Banking Committee Chair Tim Scott asked Jensen Huang to testify on December 3 and Commerce Secretary Howard Lutnick on December 10, over chip exports to China and Singapore's Megaspeed, which the US suspects of helping Chinese firms get around restrictions, according to the New York Times. Huang resigned on Thursday, and Nvidia stock closed at $166.19 (-4.3%) on November 12.
The market
Bitcoin is trading between $66,000 and $67,000, having lost another support level. Liquidations exceeded $600 million, mostly in long positions, after passing $800 million earlier the same day.