TLDR
- Bitcoin fell below $68,000, its lowest level since August, as $1.6 billion in leveraged bets were liquidated.
- MSCI plans to remove Strategy from its major equity indexes on December 1.
- DTCC plans to bring tokenised securities to Solana in the second half of 2027.
- The US moved to seize or restrain more than $1.2 billion in crypto stolen from Binance.
- Hyperliquid passed Bybit, Kraken and OKX in open interest.
Bitcoin had a rough week, dropping below $68,000 for the first time since August. Strategy, Solana, US prosecutors and Hyperliquid also made headlines. Here are the five main stories from the past seven days.
Bitcoin Falls Below $68,000 as Liquidations Climb
Bitcoin slid below $68,000 this week, its lowest price in more than three months. The drop sped up on November 13, when more than $1.6 billion in leveraged positions were liquidated within 24 hours, according to CoinGlass data. Long positions made up nearly 89% of that total.
The sell-off came as the US dollar strengthened and traders priced in a possible interest rate increase from the Federal Reserve in December. Higher bond yields and weaker technology stocks added to the pressure.
Buyers of US spot Bitcoin exchange-traded funds also pulled back. Those funds have recorded about $1.88 billion in net outflows since the start of November.
MSCI Plans to Remove Strategy From Its Indexes
Index provider MSCI announced it will remove Strategy from its major equity indexes. Strategy is one of the largest corporate holders of Bitcoin in the world. The change is scheduled for December 1.
MSCI said companies that mainly hold investment assets look more like funds than regular operating businesses. Strategy is led by Michael Saylor.
Strategy has warned that the removal could lead to about $2.8 billion in share sales. JPMorgan estimates that outflows could reach $8.8 billion if other index providers make the same move.
Solana Gets a Tokenisation Plan From DTCC
The Depository Trust & Clearing Corporation, known as DTCC, announced plans to connect Solana to its tokenisation infrastructure. Eligible securities held through its custody system could be shown as digital tokens on the blockchain.
Tokenisation means creating a digital version of an asset that can be recorded on a blockchain. The work is expected in the second half of 2027, so the rollout is more than a year away.
US Moves to Seize $1.2 Billion in Stolen Crypto
On November 12, the Department of Justice said it had won court approval to seize or restrain more than $1.2 billion in cryptocurrency stolen from Binance. The funds are linked to North Korean hackers.
The case is part of a wider investigation. Authorities and private companies have now frozen more than $2.7 billion in stolen digital assets.
Officials also disrupted a North Korean operation called FaceStealer. The social engineering campaign stole more than $400 million in crypto over 18 months.
Hyperliquid Passes Larger Exchanges in Open Interest
Hyperliquid, a decentralised derivatives platform, has passed Bybit, Kraken and OKX in reported open interest. A report from The Block on November 13 gave the figures.
The platform ended the third quarter with about $16.8 billion in open positions, up nearly 80% from June. Quarterly revenue rose 22% to $191 million, and trading in stock-linked perpetual contracts surged.
The next key date is December 1, when MSCI’s removal of Strategy is scheduled to take effect. Traders are also watching for a possible Federal Reserve rate increase in December.
