Market Overview
Bitcoin declined approximately 8% from last Friday's close of roughly $75,850 to the mid-$69,000s, briefly dipping to around $67,700 as of Friday morning EDT—its lowest level since August. Meanwhile, equities moved in the opposite direction, with the S&P 500 rising about 2.9%, the Nasdaq 3.2%, and the Dow 2% through Thursday's close.
Nvidia's Executive Crisis Impacts Equities
Nvidia stock sank nearly 11% for the week as leadership changes unfolded. On Wednesday, a second affair involving company personnel was reported. On Thursday, the company announced leadership transitions. By Thursday's open, Nvidia had fallen about 14% before closing down 4.34%. The weekly loss erased roughly $490 billion in market value.
Stablecoin and ETF Outflows Pressure Bitcoin
Bitcoin weakness reflects constrained liquidity. USDT supply declined $6.6 billion over 60 days, and roughly $7 billion has left stablecoins since a reported exchange hack—the biggest drawdown since 2022. Spot bitcoin ETF flows are negative on a 12-month trailing basis, with peak inflows occurring in October 2025. However, bitcoin reached highs not seen since January 2026 when measured against Nvidia stock.
Macroeconomic Headwinds
Gold fell about 4.7% to $3,885.30 due to rising yields and a stronger dollar, briefly hitting its lowest level since October 2025. Oil volatility reflected Middle East headlines. The Federal Reserve signaled future rate increases, with Fed Governor Christopher Waller highlighting research suggesting oil shocks now transmit more strongly into core inflation. Treasuries sold off as markets priced in additional Fed hikes.
Corporate Bitcoin Holdings Decline
Public companies sold a net 11,647 BTC, worth approximately $869 million, between November 2 and 8. Index provider changes also impacted persistent bitcoin buyers, as MSCI removed Strategy from its USA Index and Metaplanet from its Japan Small Cap Index effective November 30.
Banking and Stablecoin Developments
Banks reportedly plan a $270 million stablecoin venture involving 21 institutions, including Goldman Sachs, Citi, and Wells Fargo. In custody news, Coinbase secured OCC approval for its national trust company, providing a federal custody charter.
Tokenization and Infrastructure Progress
Tokenized-equity supply reached $4.7 billion, up $932 million in a week. An NYSE-affiliated platform selected Avalanche for clearing and settlement infrastructure, pending regulatory approval. Data showed 62% of tokenized-stock volume on Jupiter occurred outside regular market hours.
Security and Regulatory Concerns
Scrutiny of exchange MEXC escalated into announced FinCEN restrictions, with Treasury citing at least $16 billion in allegedly illicit flows. Gnosis Pay announced a data breach exposing customer names, addresses, card numbers, and linked wallets. Infrastructure failures also affected non-crypto systems, including outages at 128 Japanese credit unions and Microsoft Exchange Online access issues.
