Good Morning Lions,
BlackRock's IBIT keeps bleeding and the withdrawal streak still hasn't snapped. Sure, a couple weeks of redemptions can be noise, but I think this is steady de-risking, and that kind of selling takes longer to burn out.. If you're counting on the ETF bid to catch BTC, I see NO sign of it yet. Nothing flips for buyers/sellers until IBIT logs an inflow day.
Spot Bitcoin ETFs Log $2.35 Billion in Outflows
TL;DR: US spot Bitcoin ETFs saw $185.4 million in net outflows on Friday, closing a two-week stretch with $2.35 billion in total redemptions. BlackRock's IBIT extended its own withdrawal streak to 11 consecutive sessions.
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Coinbase Will Suspend 12 Non-USD Trading Pairs
TL;DR: Coinbase will halt trading in 12 non-USD crypto pairs, including ADA-ETH and XLM-BTC, on November 25, 2026. The exchange says the change consolidates liquidity, and USD order books stay open in eligible regions.
Nakamoto Ends Third Quarter Holding 4,283 Bitcoin
TL;DR: Nakamoto Inc., David Bailey's Bitcoin treasury company, held 4,283 BTC on Sept. 30, down 184 BTC from June. For the third quarter it reported an $85.5 million net profit alongside a $15.8 million adjusted operating loss.
Bitso Routes Perpetual Futures Orders to Hyperliquid
TL;DR: Latin American exchange Bitso launched "Perps through Bitso" on November 9, sending customer orders to Hyperliquid. The integration opens access to more than 200 on-chain perpetual futures markets with leverage of up to 50x.
TokenLogic Proposes Higher Reserve Factors on 54 Aave Reserves
TL;DR: In a November 12 Aave governance proposal, TokenLogic called for raising reserve factors on 54 reserves. Polygon DAI lenders would see their share of borrower interest fall from 75% to 30%, adding about $4 million in annual DAO revenue according to TokenLogic's model.
IBIT's next session of flows settles this one. If the streak runs to a 12th day, I think the ETF bid stays off the table for BTC a while longer. One green day from BlackRock and you'll see that picture change fast. Easy out there, frens 👀 — Khal
More crypto news, daily, at news.leodex.io. The Daily LEO · Written by the LEO Team, Edited by Khal.