Bitcoin traders raise odds of sub-$70,000 Christmas, Bitmine reports $6.3 billion annual net loss, and more

The following article is adapted from The Block's newsletter, The Daily, which comes out on weekday afternoons.

Happy Wednesday! Bitcoin has risen to around $74,500, though options traders are raising the odds of the price falling below $70,000 by Christmas.

Also in today's newsletter, Bitmine reports a $6.3 billion annual net loss, stablecoin supply drops $14.2 billion in its largest contraction since the 2022 bear market, and more.

Meanwhile, Pyth Network adds NYSE stock and ETF data to its marketplace, and Deutsche Bank launches its digital asset custody service and signs an asset management deal.

P.S. Don't forget to check out The Latent, our sister website covering AI. Get The Latent Daily here and all other The Block newsletters here. Also, follow The Block and The Latent on X for more updates.

Bitcoin 'ripe for a squeeze' as traders raise odds of sub-$70,000 Christmas

Bitcoin options traders now see a greater chance of the cryptocurrency falling below $70,000 by Christmas than climbing above $80,000.

• On Derive, the probability of bitcoin ending Christmas below $70,000 rose from 15% last week to 31%, according to founder and CEO Nick Forster. The odds of finishing above $80,000 fell from 53% to 26%.
• Traders are also buying more downside protection. Bitcoin options volume on Derive reached $418 million last week, up 37%, with put options accounting for 55% of premiums traded, compared with 36% the previous week.
• Meanwhile, K33 said bitcoin's perpetual futures open interest reached around 353,000 BTC, up 12% over 30 days even as bitcoin's price fell 10%. K33 Head of Research Vetle Lunde said the market was "ripe for a squeeze," with leveraged positions potentially amplifying price moves in either direction.
• U.S. spot bitcoin ETFs recorded $1.28 billion in net outflows last week, followed by another $296 million on Monday and Tuesday. K33 also reported withdrawals of 31,652 BTC from global bitcoin ETPs over the past seven trading days.

Bitmine reports $6.3 billion annual net loss as ether falls 44%

Tom Lee-led Bitmine reported a net loss of more than $6.3 billion for the fiscal year ended Aug. 31, compared with a $348.6 million profit a year earlier. Nearly $6.23 billion of the loss came from unrealized declines in the value of its digital assets.

• Ether fell around 44% during the fiscal year, from approximately $4,390 to $2,466. At the end of August, Bitmine held 5.9 million ETH worth $14.6 billion, along with 211 BTC valued at $16.6 million.
• Despite the losses, Bitmine continued buying ether. The company said Monday that its holdings had reached 6,070,092 ETH, representing 4.97% of Ethereum's total supply, just below its 5% accumulation target.

Stablecoin supply drops $14.2 billion in biggest decline since 2022

The supply of major stablecoins fell $14.2 billion over the past 30 days, the largest decline since the 2022 crypto bear market, according to Glassnode. Total stablecoin supply now stands just below $280 billion, its lowest level since September 2025.

• Glassnode said the decline shows that holders are redeeming stablecoins for dollars and moving money out of crypto, leaving less buying power for a market recovery. It said a return to stablecoin supply growth would be the first sign of fresh money entering the market.
• Separately, CryptoQuant reported that USDT's market capitalization fell $6.6 billion over the 60 days through Nov. 7, more than twice the $3.2 billion decline seen over a similar period following FTX's collapse in December 2022. Gold-backed tokens, meanwhile, remained relatively steady at a combined $5.61 billion market capitalization.

OKXICE sets Nov. 23 launch for tokenized securities venue under SEC exemption

OKXICE, a joint venture between OKX and NYSE parent Intercontinental Exchange, plans to launch its tokenized securities venue on Nov. 23 under the SEC's five-year innovation exemption, which allows such venues to operate without registering as traditional exchanges.

• The companies said they have confirmed 70 assets from issuers including Coinbase, Circle and Robinhood, along with 59 exchange-traded funds. The venue will be available to U.S. customers who have a CeDeFi Wallet and have completed onboarding.
• However, 67 companies, including Meta, Tesla, Netflix and Costco, had opted out as of Nov. 5, objecting to tokenized versions of their shares trading on the venue. Nasdaq has also raised concerns about the exemption, warning that it could allow tokenized securities to trade outside the existing national market system.

Bitcoin Core discloses three patched security flaws, including mining bug

Bitcoin Core disclosed three security vulnerabilities on Tuesday, including a high-severity bug that could prevent affected mining nodes from creating valid block templates following a blockchain reorganization.

• The other two medium-severity flaws involved block processing and Tor connections. All three vulnerabilities were fixed in October 2025, with patches released in Bitcoin Core versions 30.0 and 29.2.

In the next 24 hours

• The U.S. will release weekly jobless claims, October existing home sales, and the monthly Treasury balance on Thursday. Fed officials Beth Hammack, Michael Barr, Mary Daly, and John Williams are also scheduled to speak.
• The European Central Bank will publish its economic bulletin, and ECB Vice President Boris Vujčić is scheduled to speak.
• Token unlocks include peaq (PEAQ) and Espresso (ESP).

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