Liquidations & Coinbase Charter

Leveraged longs were flushed while Coinbase won a full federal trust charter.

Bitcoin traded at $74,506 at about 06:21 UTC on November 10, 2026, 40.94% below its $126,156 all-time high, after a November 9 close of $75,245. The November 9 Read showed the weekly candle closing just under its 50-week average, and price has not reclaimed it. The Nvidia story behind the weekend move was first examined in the Coinjuice LIVE session on Bitcoin’s 75K line and the Paraguay lockout and the latest LIVE session a comparison to a 2011 price move is made.

Over one weekend, borrowed money was forced out of the market while the largest US exchange moved its custody business into the federal banking system. One story is about who is leaving. The other is about the rails being built for whoever stays.

Liquidations: Weekend Headlines Push BTC to Its Lowest Since August

What moved the market, per CoinDesk:

• The Nvidia headline: Reports said Nvidia CEO Jensen Huang acknowledged an affair with a woman US officials believe was spying for China. Nvidia’s board opened an independent investigation, and the company said it had no reason to believe national security or company secrets were compromised.

• The Iran headline: Secretary of State Marco Rubio said negotiations with Iran had stalled.

• The low: Bitcoin fell to about $73,761 late on November 8, its lowest level since August, per CoinDesk, before recovering above $75,000. Daily lows differ by source and day boundary: CryptoQuant records $73,474 on November 8, and DefiLlama records $73,688 on November 9.

• Crypto traded first: Tokenized Nvidia stock traded at a 3.55% discount to Friday’s Nasdaq close over the weekend, and Nvidia shares fell about 4% in premarket trading on November 9 covered in the LIVE session.

What the drop did to leverage:

• The flush: More than $1 billion in crypto positions were liquidated, including $913 million of bets on higher prices, per rolling 24-hour CoinGlass readings reported by CoinDesk.

• Ether took more of it: Ether liquidations reached $448 million against $272 million for Bitcoin. ETH fell 5.33% over 24 hours against 1.82% for BTC, per CoinDesk’s November 9 snapshot.

What the slower money did:

• ETF holders: US spot Bitcoin ETFs lost $1.28 billion over the week to November 6, their worst week since late June, per The Block. That turned 2026 flows negative, at a net $914.1 million out.

• The rolling window: Across the five days from November 3 to November 9, all funds lost $1.0841 billion, per DefiLlama.

• One fund, most of the selling: IBIT lost $213.2 million on November 9 and $1.02 billion across the five days, nearly the whole all-funds total.

• Treasuries kept buying, at smaller size: Strategy reported buying 1,036 BTC for $81.9 million in its SEC filing, per The Block, and Strive added 29 BTC, per Bitcoin Magazine.

• A miner on the sell side: CoinDesk reports that miner MARA sold 13,597 BTC for $1.1 billion over six weeks and plans to sell more.

Source: DefiLlama ETF flow data, November 3 to 9 (five reporting dates), as of about 06:22 UTC November 10. The all-funds line includes smaller funds outside the four shown, including MSBT at +$22.1M on November 9.

Coinbase Charter: Custody Moves Under a Federal Bank Supervisor

What the OCC approved:

• The decision: The Office of the Comptroller of the Currency approved Coinbase National Trust Company’s charter on November 6, 2026, converting the conditional approval granted in April, per Crypto Times. Coinbase announced it on November 9.

• What it covers: The trust bank can hold client digital assets as a fiduciary custodian under federal supervision. Coinbase has not said when existing custody clients will move to the new entity.

• What it does not cover: A national trust charter is not a commercial bank licence. It does not allow insured deposits or lending.

• Coinbase’s position: 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, per CoinDesk.

Where it sits in a wider pattern:

• The third this year: Circle won final OCC approval in July and Ripple in October, per Crypto Times.

• The challenge: The Independent Community Bankers of America sued the OCC on October 2, arguing the regulator exceeded its authority in granting trust charters to crypto firms. Coinbase’s announcement does not mention the suit.

• A politically exposed applicant: CoinDesk notes the OCC has granted conditional trust status to World Liberty Financial. President Trump said in a “60 Minutes” interview aired November 8 that he co-owns the venture but knows nothing about its UAE-linked investors, as Justin Sun challenges its ownership disclosures in federal court.

• Listed companies are wary of the next layer: 56 of the 62 companies initially selected for the planned OKX and ICE tokenized stock venue objected to being listed, per a CoinDesk tally. Robinhood said it would not object.

Technicals: BTC Sits Between Its 200-Day Floor and 100-Day Ceiling

Source: DefiLlama completed daily closes through November 9, 2026, against spot at about 06:21 UTC November 10. RSI calculated on CryptoQuant all-exchange daily closes. EMA values vary slightly with the starting seed used in the calculation.

• The floor: CoinDesk places 200-day average support near $73,150. The weekend low held above it, and spot sits about 1.9% higher.

• The ceiling: CoinDesk places 100-day average resistance near $77,430, about 3.9% above spot.

• The inflation week: The BLS schedule puts October CPI on November 10 and PPI on November 13, both at 8:30 a.m. ET. Marex analysts, per CoinDesk, see lower yields as supportive only at the margin against persistent ETF outflows. Treat both releases as volatility events, not calls on direction.

Moving Averages Across Timeframes

Source: Simple averages on CryptoQuant completed closes (all exchanges, BTC/$spot) through November 9, 2026. For technical analysis from a wide range of analysts, see the CryptoQuant QuickTake community.

• One line away from the 50-week: The November 9 daily close finished 0.25% under the 50-week average of $75,502, the level the weekly candle lost on November 8.

• The squeeze between two daily lines: Price holds above the 200-day and below the 100-day, the same two levels CoinDesk flags as support and resistance.

Coinjuice Lens: Bitcoin Ownership

A trust charter changes who supervises the custodian, not who owns the coins. Institutions holding through Coinbase gain a federal supervisor and federal capital rules, but they still hold a claim on a custodian rather than the keys. The same weekend showed the other side of convenience. Wallet provider Keplr told some users of its Google- and Apple-login wallets, built on Web3Auth, that private keys may have been exposed, and advised moving assets to recovery-phrase or hardware wallets, per The Block and The Hacker News. Coinjuice’s guide to Bitcoin self-custody security layers sets out what holding keys directly involves. Leveraged longs were flushed while Coinbase won a full federal trust charter.

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News Behind Today’s Read

• Bitcoin drops as Nvidia cheating scandal and failed Iran talks trigger volatility (CoinDesk). Source for the $73,761 low, the liquidation figures, the tokenized Nvidia discount and the 200-day and 100-day levels.

• Bitcoin ETFs flip negative for 2026 after $1.28 billion outflow week, worst since June (The Block). Source for the weekly outflow, the late-June comparison and the $914.1 million year-to-date figure.

• Coinbase Secures Full OCC Approval for Its National Trust Company (Crypto Times). Source for the November 6 approval, the charter’s limits, the Circle and Ripple approvals and the ICBA lawsuit.

• Connecting the dots: Strategy’s Bitcoin purchase (The Block). Source for Strategy’s 1,036 BTC purchase for $81.9 million.

Continue the read: Nov. 9 · Nov. 7 · Nov. 6

Market Snapshot

Data as of November 10, 2026, about 06:21 UTC. Source: DefiLlama.

This article was developed with the support of artificial intelligence tools as part of Coinjuice’s editorial process and reviewed by our editorial team before publication.

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