Bitcoin Slides Below $70K as Coinbase Lands OCC Trust Charter

Bitcoin fell below $70,000 on Nov. 13, with CoinGlass pegging 24-hour crypto liquidations at roughly $1.47 billion, $1.31 billion of it in long positions. The drop came as U.S. spot Bitcoin ETFs bled about $1.44 billion across five trading sessions through Nov. 11, according to SoSoValue figures. The same day, Coinbase announced completed federal trust bank approval from the Office of the Comptroller of the Currency, and NYSE selected Avalanche as settlement infrastructure for its planned tokenized securities venue.

How deep did the Bitcoin correction go?

Bitcoin traded at $69,376 in a Nov. 13 snapshot, down 4.1% over 24 hours and 8.5% on the week. ETF outflows compounded the pressure: BlackRock's IBIT accounted for $269.7 million of the $299.8 million withdrawn on Nov. 11 alone. Macro didn't help — October consumer inflation printed at 0.4%, above the 0.3% economists expected.

What does Coinbase's OCC charter cover?

Coinbase secured its national trust charter on Nov. 9, following preliminary clearance in April. Its institutional custody business will now operate under OCC supervision, and the company plans to migrate its New York-regulated custody operations into the federal entity over three years.

The scope has hard limits. The charter covers custody and related services but excludes ordinary retail deposits, traditional lending and direct stablecoin issuance. Staking, prime trading and financing stay with affiliates.

Why did NYSE choose Avalanche?

Ava Labs announced Nov. 9 that Avalanche will provide the core ledger for the clearing firm supporting NYSE's upcoming tokenized securities platform, after roughly a year of technical and commercial evaluation. The proposed venue would support round-the-clock trading and onchain settlement, pending regulatory approval.

Avalanche's role covers recording and settling transactions. The trading venue itself is designed to accommodate equities issued across multiple blockchain networks, with plans spanning tokenized U.S. stocks and exchange-traded funds.

What happened with Binance and MEXC?

Binance said Nov. 12 it had completed replacement coverage for assets affected by its roughly $6.3 billion October hack and published a fresh reserve snapshot. The accompanying zero-knowledge proof was still pending. The statement addressed replacing customer assets, not a recovery of stolen funds.

MEXC, meanwhile, faces U.S. financial-system restrictions under FinCEN's Nov. 6 order, which ties transfer limits to allegations the exchange facilitated at least $16 billion in illicit transactions. The order takes effect 30 days after Federal Register publication. MEXC says withdrawals remain operational, while other exchanges have warned customers about direct transfers involving the platform.

The enforcement picture widened elsewhere. The Justice Department and CFTC sued Arkansas on Nov. 12 to halt its case against Kalshi, arguing the CFTC holds exclusive jurisdiction over the disputed event contracts. Arkansas alleges illegal gambling and deceptive practices. The federal court hasn't ruled on the requested relief.

What are banks and miners doing?

• Goldman Sachs, Citi, Santander and Deutsche Bank are among a 21-member consortium committing roughly $270 million to a planned stablecoin company, Bloomberg reported Nov. 10. The venture targets a first-half 2027 launch with a dollar token, and funding covers five years of operating costs.
• Deutsche Bank separately launched institutional custody in Europe, supporting Bitcoin, Ether, USDC, EURC and EURAU, with wallet and private key management in-house. Retail customers are excluded initially; Asian expansion is planned for 2027.
• MARA disclosed in a Nov. 9 shareholder letter that it sold 13,597 BTC after quarter-end for approximately $1.1 billion and repaid $750 million in Bitcoin-backed loans, freeing 17,477 BTC of collateral. Third-quarter revenue fell 35% to $164.2 million.
• Strategy bought 1,036 BTC for $81.9 million and repurchased $188.3 million of STRC preferred shares, financing both with common-stock sales. It held 850,364 BTC and about $4.9 billion in dollar-denominated assets as of Nov. 8.

Watch the MEXC window: FinCEN's transfer restrictions bite 30 days after Federal Register publication, and the federal court's decision on Arkansas' Kalshi case will shape how far state gambling law can reach into CFTC-regulated event contracts.