Bitcoin bulls can’t rely on ETF flows

Spot bitcoin ETFs just had their biggest weekly outflow since June, and the Nvidia-led tech selloff is weighing on crypto. Plus: Coinbase’s full trust charter, and Trump on World Liberty’s UAE ties. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Monday, November 9, 2026   Spot bitcoin ETFs, the source of demand many crypto bulls were counting on to keep powering prices higher into year-end, have faltered badly. These U.S.-listed funds, seen as a proxy for institutional demand, registered a net outflow of $1.282 billion last week, the largest weekly outflow since the week of June 22–28, according to SoSoValue. Four of the five trading days were red, and the funds are now down $914 million year to date in flows, after turning positive for the year on Sept. 22 following more than $6 billion of inflows since early August. The renewed exodus comes amid jitters in AI and tech stocks, where the Nasdaq has notched a five-week losing streak, and it adds to doubts about the argument that bitcoin is digital gold and a safe haven, as well as the popular bullish narrative that money would rotate into BTC once the AI trade fizzled out. Over the weekend, TradFi-linked instruments on crypto platforms gave investors a way to trade while traditional markets were closed: after reports that Nvidia CEO Jensen Huang acknowledged an affair with a woman U.S. officials believe was working for China, and that the company’s board opened an investigation, the tokenized NVDA on XStocks fell 4%, and NVDA-linked perpetual futures on Binance and Hyperliquid saw a similar drop, in line with the shares, which fell about 4% in premarket trading on Monday. Traders will be closely watching Tuesday’s U.S. consumer price index, since a softer-than-expected reading could pull bond yields lower and give risk assets a tailwind, though analysts at Marex say lower yields are supportive only at the margin and not enough to offset persistent ETF outflows and fresh positive leverage. Stay alert. Read today’s full report → Market snapshot As of 9am ET Asset Price 24h BTC $74,576 −1.82% ETH $2,119 −5.33% SOL $86.85 −2.96% XRP $1.09 −5.58% Prices approximate. Visit coindesk.com/price for live data. What matters today Markets   Story 1 of 3 Bitcoin drops as Nvidia cheating scandal and failed Iran talks trigger volatility Bitcoin made sharp two-way moves overnight, falling to about $73,761 late Sunday, its lowest level since August, before recovering to trade above $75,000, while ether dropped below $2,100 before bouncing to around $2,144. The volatility set off forced selling in leveraged futures: more than $1 billion of crypto positions were liquidated in 24 hours, according to CoinGlass, including $913 million of bets that prices would rise, with ether taking the bigger hit at $448 million of liquidations versus $272 million for bitcoin. The market was digesting two headlines: reports that Nvidia CEO Jensen Huang acknowledged an affair with a woman U.S. officials believe was spying for China, which led Nvidia’s board to open an independent investigation, with the company saying it had no reason to believe national security or company secrets were compromised, and Secretary of State Marco Rubio saying negotiations with Iran had stalled. The tokenized version of Nvidia stock traded at a 3.55% discount to Friday’s Nasdaq close, a sign crypto traders expected a sharper drop when stocks opened, and the Nasdaq fell nearly 5% last week. CoinDesk notes that bitcoin has more often than not declined during oil rallies, and that on the chart it is now stuck between 200-day average support near $73,150 and 100-day average resistance near $77,430. Read more → Finance   Story 2 of 3 Trump says he knows ‘nothing’ about World Liberty’s UAE ties as Justin Sun challenges filings President Donald Trump said he knows nothing about World Liberty Financial’s dealings with UAE-linked investors, as Tron founder Justin Sun challenges the Trump family’s crypto venture over its foreign ownership disclosures in a federal lawsuit. Trump acknowledged co-owning World Liberty in a CBS “60 Minutes” interview that aired Sunday and, asked how its ties to investors linked to the UAE government differ from a hypothetical case involving the Biden family, said he knows nothing about it. World Liberty is challenging federal jurisdiction over Sun’s lawsuit concerning roughly 4 billion frozen WLFI tokens by citing its UAE citizenship, according to Sun, who alleges the company first disclosed only Florida citizenship before amending its filing after an August hearing to list 22 entities in its ownership chain and citizenship in Florida, Delaware, Puerto Rico and the UAE. Sun is seeking sanctions against World Liberty and its lawyers, alleging they withheld ownership details until those details could help defeat federal jurisdiction. The dispute follows a reported $500 million deal for a 49% stake in World Liberty by an entity backed by UAE national security adviser Sheikh Tahnoon bin Zayed Al Nahyan. Sun alleged fraud and the unlawful freezing of his tokens in an April lawsuit, World Liberty countersued in May, calling his case a “meritless PR stunt,” and Sun plans to refile in California state court once the sanctions dispute is resolved. Read more → Policy   Story 3 of 3 Coinbase gets full U.S. trust charter from federal banking regulator Coinbase, the biggest U.S. crypto exchange, will now operate a fully chartered trust bank after the Office of the Comptroller of the Currency elevated its previously conditional status, the company said. Coinbase National Trust received provisional approval in April, which allowed it to offer federally regulated custodial and payments services, though not to act as a full-service bank that takes deposits and extends loans, and after several months of building out compliance systems, hiring personnel and undergoing regulatory scrutiny, Coinbase said the agency signed off on the full charter. It follows Ripple’s full trust charter last month and a wave of crypto firms seeking national trust status, a trend that accelerated after the GENIUS Act cleared a path for federal trusts to issue compliant stablecoins. CoinDesk notes that the OCC has embraced crypto firms and stablecoins under the Trump administration, including granting conditional trust status to World Liberty Financial. Coinbase Vice Chairman Ryan VanGrack said in a statement that the approval puts more of the business behind its commitment to clear rules and rigorous oversight. Meanwhile, the Independent Community Bankers of America has sued the OCC, claiming it overreached its authority in granting trust charters to crypto firms. Read more → CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets. L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal. Crypto Daybook Americas: A newsletter from CoinDesk Were you forwarded this newsletter? Sign up here.  Copyright © 2026 CoinDesk, All rights reserved.  CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York, NY 10011, USA Unsubscribe Manage preferences