Bitcoin finance, weekly · 7 to 13 November · Published by Hemi Labs
The week in five lines Bitcoin fell below $70,000 on 13 November, its lowest level since August, and is on track for a sixth straight weekly loss. US spot ETFs lost $880M from 9 to 12 November, extending outflows to six straight sessions. MSCI will drop Strategy and Metaplanet from its indexes at the close on 30 November. The White House nominated two SEC and two CFTC commissioners, including two who worked on the CLARITY Act. The DOJ moved to seize $1.2B of the Binance theft and broke up a $400M North Korean deepfake scheme. By the numbers Week to 13 November; ETF flows through 12 November
Hot Inflation, Fleeing Funds, and a Six-Week Slide Bitcoin slid from about $75,800 to below $70,000 this week. A hot CPI print locked in a December rate hike, and ETF holders kept selling. Bitcoin price, daily USD, 00:00 UTC, 3 to 13 November
Grey: daily open. Orange: 13 November, 18:58 UTC. Axis starts at $64,000. Source: DefiLlama CPI ran hot. October prices rose 0.4% against 0.3% expected, and core rose 0.3% against 0.2%. Traders fully priced a December hike, and Fed Governor Waller floated 50 basis points. Bitcoin Foundation PPI ran cooler. Producer prices rose 0.3% against 0.4% expected on 13 November, and Bitcoin briefly reclaimed $70,000. Coin Republic Support gave way. Bitcoin lost the short-term holder cost basis near $75,600 on 8 November, then the $73,000 level Glassnode flagged as key. The Crypto Desk Longs paid for it. Liquidations topped $750M on 12 November, $634M of it in longs, the same day news of Nvidia's CEO stepping down hit tech futures. The Block OUR READ Rates are now the story. A December hike is fully priced, the 10-year yield sits above 5%, and the dollar is near a 19-month high. Leverage has been flushed and larger wallets are accumulating, per Glassnode, but buyers are waiting on the Fed.
ETF Outflows Stretch to Six Straight Sessions US spot Bitcoin funds have shed $2.8 billion across the last ten sessions, with one inflow day in between. US spot BTC ETF net flows $ millions, daily, 30 October to 12 November
Orange: inflow. Grey: outflow. 13 November not yet reported. Source: Farside BlackRock's IBIT accounted for $765M of the $880M that left from 9 to 12 November. Farside Stablecoins shrank. Supply fell $14.2B in the 30 days to 9 November, the fastest contraction since June 2022, per Glassnode. Bitcoin.com Institutions MSCI drops Strategy and Metaplanet at the close on 30 November under its non-operating company rule. MSCI-linked funds hold about 3.1% of Strategy's shares. The Block Strategy kept buying, adding 1,036 BTC in the week to 8 November for 850,364 BTC in total. The Crypto Desk Deutsche Bank went live with custody for bitcoin, ether, USDC, EURC, and EURAU for institutional and corporate clients in Europe on 11 November. The Crypto Times Spark pulled in 2,857 BTC Seven-day change in BTC posted with lenders BTC with lenders, 7-day change 6 to 13 November
Now: Aave 68,783; Morpho cbBTC 50,289; Babylon 41,060; Spark 10,961; Venus 8,009; Compound 7,452; Lombard 6,532; Morpho kBTC 5,746 BTC. DefiLlama, Morpho API.
A One-Day Rate Spike, Then Calm The rate to borrow USDC against cbBTC on Base, the largest BTC-backed loan market on Morpho, doubled to 11.9% on 7 November, then settled back to 5.3%. Borrow rate, cbBTC to USDC on Morpho, Base Variable APY, daily, 5 to 13 November
Morpho API. Borrowing eased to $1.59B from $1.63B a week ago, while cbBTC posted on Morpho held at 50,289 BTC. Ethereum mainnet's cbBTC market costs 5.1% on $302M borrowed, in line with Base. Bitcoin DeFi held at about 52,700 BTC, with Babylon up 0.7% to 41,060 BTC and Lombard's LBTC backing down 4.8% to 6,532 BTC, per DefiLlama.
Washington Fills the Bench as the DOJ Chases Binance's Billions Four nominees head to the Senate, prosecutors moved on the Binance theft, and attackers kept probing the wallets and servers around crypto. SEC nominees: Kristin Johnson, a former CFTC commissioner focused on custody and DeFi rules, and Steven Levine, nominated to succeed Hester Peirce. The Block CFTC nominees: Nathan Anonick and Matthew Rowland, both of whom worked on the Senate Agriculture Committee's portion of the CLARITY Act. The Block Agencies aligned: the SEC filed a brief backing the CFTC's approval of perpetual futures on individual US stocks. The Block Binance follow-up: the DOJ won court authorization to seize or restrain $1.2B of the stolen funds, with $2.7B frozen in all. Decrypt FaceStealer: the FBI disrupted a North Korean scheme that used deepfake video calls to steal more than $400M over 18 months. Decrypt New alliance: Tron, Tether, and Chainalysis formed a Digital Crime Task Force to freeze illicit USDT on Tron. The Block The week's incidents As of 13 November
Sources: The Crypto Desk, Decrypt Status board As of 13 November
Arcade Winners Crowned as the ZK Miner Heads to Beta Testers From this week's Midweek with Max: the hemiProve ZK miner build is nearly in testers' hands, the veHEMI audit has about three weeks to run, and Hemi Arcade: Turbo Edition named its winners. ZK miner to beta testers. A build and testing instructions head to the beta testers channel shortly, with a Proxmox VM guide on the way. Internal review caught a flaw in third-party software it uses, now being patched upstream. hemiProve beyond blockchains. An update in testing lets developers pull proof data from anywhere online. veHEMI audit, about three weeks. Retroactive claims and the PoP points conversion follow once it clears. AI audits help, not replace. AI catches common bugs like reentrancy, freeing human auditors for deeper logic flaws. Oxygen still gets a professional audit, and Hemi has started running AI audits on some partners deploying to the network. Multisig guardrails. Hemi is exploring threshold signatures and the onchain guardrails it built for Vetro: a quick sign-off for emergencies like pausing a protocol, stricter signers for upgrades, and possibly post-quantum signatures in the mix. Office Hours: Protocol Engineering Office Hours comes off the regular schedule, with special editions possible around big milestones. Full recap FROM MIDWEEK WITH MAX On institutions that want legal recourse, Max said the goal is systems that don't need a counterparty. Confidence comes from audits, battle testing, and time with real money onchain. Nobody needs a legal agreement with Satoshi to hold Bitcoin. Hemi Arcade: Turbo Edition winners 16 onchain games, two livestreams, nearly seven hours of play
COMMUNITY · HEMI ARCADE Creator Goes Two for Two Pixel Fighter pits the Hemi team and mascots against each other, and Night Shift sends you into an abandoned hospital at 2:13 a.m. Play every entry in the Hemi Discord's contest channel. The next edition arrives in January. Earn on Hemi: SushiSwap and BrownFi pools APR on Merkl, including incentives, as of 13 November, 19:40 UTC
Jurisdictional restrictions may apply. Rates may fluctuate based on market conditions.
Ahead: Nvidia, Fed Minutes, and the MSCI Cut
Figures as of 13 November 2026, 19:00 UTC, from DefiLlama, Morpho, Farside, and Merkl. Hemi Pulse is published by Hemi Labs for information only. It is not investment, legal, or tax advice. Digital assets involve risk. |
Hemi Pulse - November 13, 2026
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