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# Hemi Pulse - November 6, 2026
- URL: https://news.hemi.xyz/hemi-pulse-november-6-2026/
- Published: 2026-11-07T00:00:00.000Z
- Updated: 2026-11-07T00:00:02.000Z
- Description: Hemi's weekly recap on yield, DeFi, ecosystem, and community updates.
- Author: Hemi Labs
- Tags: Hemi, Bitcoin, Ethereum, Yield

| ![hemi](https://storage.ghost.io/c/54/c6/54c6f660-26c3-4ce3-8ea1-ea7e37a8cc90/content/images/2026/07/hemi-logo-positive.png)PulseFriday6 November 2026Bitcoin finance, weekly · 31 October to 6 November · Published by Hemi LabsELECTION WEEKBitcoin gave back its election bounce.Binance reopened and refilled.The week in five lines**Democrats won the House and Senate** on 3 November. Crypto PACs spent about $176M, with roughly $75M going to two races they lost.**Binance reopened withdrawals** on 1 November and says about 98% of the stolen funds are now recovered or replaced.**US spot ETFs shed $870M** from 2 to 5 November, with outflows on three of four days.**Wall Street had its worst day in 18 months** on 5 November, and Bitcoin fell 5.65% to $75,880.**Hemi's GPU prover runs about 2.3x faster** than upstream SP1 on the same hardware, as hemiProve nears beta.**By the numbers**Week to 6 November; ETF flows through 5 NovemberMetricNowChangeUS spot ETF flows−$870M4 daysBitcoin price$75,623−2.3% w/wcbBTC on Morpho50,046 BTC+10.2%Borrowed against cbBTC, Base$1.63B+0.6%BTC loan rate, Base8.2%low 5.4%01THE LEADA Blue Congress, and a $75 Million Lesson for Crypto PACsDemocrats took control of both chambers in the 3 November midterms. The crypto industry's PACs spent about $176 million, and the biggest bets lost.2Chambers flipped to Democratic control$176MSpent by crypto PACs$75MSpent on two races they lost**Ohio:** Fairshake and Digital Freedom Fund spent $63M against Sherrod Brown, who won. Illinois was the other loss. [CoinDesk](https://www.coindesk.com/tech/2026/11/03/election-2026-coindesk-live-blog?ref=news.hemi.xyz)**Market reaction:** Bitcoin dipped overnight on the results, then recovered to about $77,400\. [CoinDesk](https://www.coindesk.com/tech/2026/11/03/election-2026-coindesk-live-blog?ref=news.hemi.xyz)**Policy outlook:** HashKey says Democratic control may delay some crypto policies. The CLARITY Act, stalled in the Senate, now has the lame-duck session before the new Congress sits in January. [CoinDesk](https://www.coindesk.com/tech/2026/11/03/election-2026-coindesk-live-blog?ref=news.hemi.xyz)OUR READBitcoin market structure still needs votes from both parties, and that has not changed. Spending against individual candidates bought little this cycle. Rules already passed still apply, with GENIUS Act regulations due in January.02MARKETS AND INSTITUTIONSETF Outflows and a Tech Sell-Off Pull BTC Below $76,000Spot ETFs lost $870 million in four days. On 5 November, worries over AI spending gave Wall Street its worst day in 18 months, and Bitcoin fell with it.**US spot BTC ETF net flows by day**Fri 30 Oct−$643MMon 2 Nov−$399MTue 3 Nov−$116MWed 4 Nov+$75MThu 5 Nov−$430M**2 to 5 Nov** **−$870M**Grey: outflow. Orange: inflow. Friday 6 November not yet reported. Source: [Farside](https://farside.co.uk/bitcoin-etf-flow-all-data/?ref=news.hemi.xyz)**BlackRock's IBIT** accounted for $807M of the outflows from 2 to 5 November. [Farside](https://farside.co.uk/bitcoin-etf-flow-all-data/?ref=news.hemi.xyz)**The 5 November sell-off:** the S&P 500 fell 4.4%, the Nasdaq about 5.5%, and the Dow 3.4%, on doubts about AI spending and tech valuations. [Motley Fool](https://www.fool.com/coverage/stock-market-today/2026/11/05/crypto-market-today-nov-5-bitcoin-erases-post-election-rally-as-wall-street-suffers-worst-day-in-18-months/?ref=news.hemi.xyz)**Jobs beat:** October payrolls rose 165,000 against about 65,000 expected, unemployment held at 4.1%, and Bitcoin slipped below $76,000\. [KuCoin](https://www.kucoin.com/news/flash/bitcoin-price-falls-below-76-000-amid-strong-us-jobs-data-and-etf-outflows?ref=news.hemi.xyz)**Bitcoin collateral climbed at Aave, Spark, and Morpho**BTC posted with lenders, net of borrowingVenueNow7dAave v364,820+6.7%Morpho, cbBTC50,046+10.2%Spark8,148**+15.4%**Compound v37,493−0.5%Venus6,346−11.4%Morpho, kBTC6,132−1.0%Change from 30 October. DefiLlama, Morpho API.03BITCOIN YIELDBTC Loan Rates Cool, Then Climb AgainAfter last week's spike to 13%, the rate to borrow USDC against cbBTC on Base fell as low as 5.4%. By 6 November it was back above 8%, with borrowing at $1.63 billion.**Borrow rate, cbBTC to USDC on Morpho, Base**Fri 30 Oct8.7%Sat 31 Oct6.8%Sun 1 Nov6.7%Mon 2 Nov5.4%Tue 3 Nov6.1%Wed 4 Nov5.5%Thu 5 Nov5.8%Fri 6 Nov8.2%Variable borrow APY, daily. Orange: latest. Morpho API.**The largest BTC-backed loan markets on Morpho**Borrowed and variable rate, 6 NovemberMarketBorrowedRatecbBTC to USDC, Base$1.63B8.2%cbBTC to USDC, Ethereum$302M8.0%kBTC to RLUSD$223M3.7%WBTC to USDC$123M8.3%kBTC to PYUSD$95M4.2%WBTC to USDT$84M13.4%Morpho API.**Kraken's kBTC borrows cheapest.** Loans against kBTC in RLUSD and PYUSD cost about 4%, half the rate on cbBTC.**Babylon held steady** at 40,778 BTC staked, while Lombard's LBTC backing eased 2.8% to 6,862 BTC.**Bitcoin DeFi was flat** at about 53,300 BTC, or 5.0% of all DeFi, per DefiLlama.04POLICY AND SECURITYBinance Reopens, Refills, and Widens Its Reserves ReportA week after the largest crypto theft on record, Binance turned withdrawals back on and expanded its proof of reserves.**Withdrawals resumed** on 1 November, reopening asset by asset. [24/7 Wall St.](https://247wallst.com/investing/cryptocurrency/2026/11/05/binance-has-replaced-98-of-the-hacked-coins-will-the-largest-crypto-exchange-survive/?ref=news.hemi.xyz)**About 98% replaced:** Binance says nearly all of the lost funds are now recovered or replenished. [24/7 Wall St.](https://247wallst.com/investing/cryptocurrency/2026/11/05/binance-has-replaced-98-of-the-hacked-coins-will-the-largest-crypto-exchange-survive/?ref=news.hemi.xyz)**Reserves widened:** proof of reserves now covers 44 tokens, up from 10, with a zero-knowledge proof to follow. [24/7 Wall St.](https://247wallst.com/investing/cryptocurrency/2026/11/05/binance-has-replaced-98-of-the-hacked-coins-will-the-largest-crypto-exchange-survive/?ref=news.hemi.xyz)**A separate breach:** on 5 November, Binance removed API keys tied to SignalPlus after a social engineering attack there took about $82,000\. Binance systems were unaffected. [24/7 Wall St.](https://247wallst.com/investing/cryptocurrency/2026/11/05/binance-has-replaced-98-of-the-hacked-coins-will-the-largest-crypto-exchange-survive/?ref=news.hemi.xyz)FROM MIDWEEK WITH MAXSecure storage is a solved problem with poor UX: multivendor multisig and offline key generation with extra entropy. The harder problem is assets in active use, where Hemi's ZK settlement and prover diversity across zkVMs remove single points of failure. [Full recap](https://hemi.xyz/blog/midweek-with-max-hemiprove-speedups-and-the-vehemi-roadmap?ref=news.hemi.xyz)**Status board**As of 6 NovemberItemNext[Binance withdrawals](https://247wallst.com/investing/cryptocurrency/2026/11/05/binance-has-replaced-98-of-the-hacked-coins-will-the-largest-crypto-exchange-survive/?ref=news.hemi.xyz)Reopening by asset[Binance ZK reserves proof](https://247wallst.com/investing/cryptocurrency/2026/11/05/binance-has-replaced-98-of-the-hacked-coins-will-the-largest-crypto-exchange-survive/?ref=news.hemi.xyz)Pending[CLARITY Act](https://www.orrick.com/en/Insights/2026/10/The-CLARITY-Act-Stalls-in-the-Senate-Whats-Next-for-Digital-Asset-Regulation?ref=news.hemi.xyz)Lame duck or new Congress[GENIUS Act rules](https://www.theblock.co/news/regulation/2026-10-20-blockchain-association-clearer-rules-genius-act-421092?ref=news.hemi.xyz)Effective Jan 2027[MSCI treasury-firm rule](https://www.coindesk.com/markets/2026/10/16/msci-approves-rules-that-could-eject-strategy-metaplanet-from-equity-indexes?ref=news.hemi.xyz)List due 11 NovFed ratesNext meeting 8 to 9 Dec05THIS WEEK IN HEMIhemiProve Speeds Up as veHEMI Takes ShapeFrom this week's shortened Midweek with Max: Hemi's ZK proving network has a name, a faster prover, and contracts with auditors.**Meet hemiProve.** It is the tentative name for Hemi's ZK proving network and ZK miner. Final QA across platforms is underway ahead of the beta.**2.3x faster than SP1.** On the same hardware, the optimized GPU prover runs about 2.3x faster than upstream SP1 and 7 to 7.5x faster than upstream RISC Zero.**Audits in motion.** hemiProve contracts are with auditors, the veHEMI relock awaits a final delivery date, and Oxygen is expected to ship to audit this week.**The next hemiStake** launches once the relock audit clears, with auto-relock, retroactive rewards, and PoP points conversion.**Where veHEMI goes:** hemiProve, hBitVM, and the FastTrack Bitcoin tunnel liquidity system will use veHEMI as economic collateral, with fees to passive holders and to active holders who restake. Later, the chain builder extends to shared sequencing and shared DA.**Coming soon:** an integration with a Bitcoin-backed lender, plus new technical posts. Full format returns next week. [Full recap](https://hemi.xyz/blog/midweek-with-max-hemiprove-speedups-and-the-vehemi-roadmap?ref=news.hemi.xyz)COMMUNITY · HEMIGO OF THE MONTHOctober Goes to LuctatioLuctatio is the Hemigo of the Month for October 2026 and receives the exclusive Special Hemigo of the Month Hoodie.COMMUNITY · HAIR GAMESSeason XI Is LiveHair Games Season XI continues. Part 2 of the Hemi Arcade 2: Turbo Edition livestream aired Thursday, 5 November.[Play Hair Games](https://game.hairtoken.xyz/?ref=news.hemi.xyz)**Earn on Hemi: SushiSwap and BrownFi pools**Merkl incentive APR as of 6 NovemberPoolAPRTVL[HEMI-USDC.e](https://app.merkl.xyz/opportunities/10970935178586256329?ref=news.hemi.xyz) Sushi**56.65%**$55K[HEMI-USDT](https://app.merkl.xyz/opportunities/17345204897459357218?ref=news.hemi.xyz) Sushi**54.80%**$111K[hemiBTC-VUSD](https://app.merkl.xyz/opportunities/4022707304947230100?ref=news.hemi.xyz) BrownFi**21.23%**$245K[USDC.e-VUSD](https://app.merkl.xyz/opportunities/5800716454219059942?ref=news.hemi.xyz) BrownFi**13.55%**$57K[WBTC-hemiBTC](https://app.merkl.xyz/opportunities/15342484602909041814?ref=news.hemi.xyz) BrownFi**9.21%**$83KJurisdictional restrictions may apply. Rates may fluctuate based on market conditions.[About the BrownFi partnership](https://hemi.xyz/blog/brownfi-algebra-finance-and-merkl-partner-to-build-hemi-liquidity-hub?ref=news.hemi.xyz)06CALENDARAhead: MSCI, the Fed, and GENIUS RulesDateEventNext weekMidweek with Max, full format11 NovMSCI publishes affected companies8–9 DecFOMCJan 2027GENIUS Act rules take effectFigures as of 6 November 2026, 16:00 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. |
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