Bitcoin was little changed at around $74,000 since midnight UTC on Wednesday, November 11, after dipping to $72,700 on Tuesday. Ether held near $2,050. The CoinDesk Memecoin Index fell 1.2% and the CoinDesk 80 slipped 0.3%. Crypto lagged a rebound in stock index futures. Nasdaq 100 futures rose 1.7% after AI cloud provider CoreWeave’s earnings beat estimates. Over 24 hours, bitcoin is down 0.7% and ether 1.7%. ETF Outflows Extend to a Fourth Day US spot bitcoin ETFs lost $95 million on Tuesday, according to SoSoValue, their fourth straight day of outflows. BlackRock’s IBIT accounted for $78 million, its eighth straight session of withdrawals. Hot CPI Keeps a December Hike Fully Priced Tuesday’s report showed US consumer prices rose 0.4% in October, more than forecast. Markets now fully price a Fed rate hike at the December 8–9 meeting, with about a 14% chance of a half-point move, according to CME FedWatch data. The US bond market is closed on Wednesday for Veterans Day. Liquidations Jump 288% to $725 Million Crypto futures liquidations surged 288% to $725 million over 24 hours after the inflation data, according to CoinGlass. Trading volume rose 24% to $204.8 billion, while open interest slipped 1% to $127.2 billion, a sign that traders closed positions. Bitcoin: liquidations were $200.5 million, 85% of them longs. Funding is positive but below baseline at 0.0078%, about 8.6% a year, so longs are still paying shorts but less than usual. Sellers lead, with a taker buy/sell ratio of 0.97.Ether: liquidations were larger, at $253 million, even though ether’s $25.2 billion in open interest is about half bitcoin’s. Open interest fell 3.6% on a 1.7% price drop, so money left.ZEC, XRP and HYPE: zcash led altcoin liquidations at $40.3 million, with open interest down 10.5%. XRP and HYPE open interest also fell more than their prices, which points to money leaving. TradFi Perps Take Four of the Top 10 Spots Four of the 10 most traded perpetual futures over 24 hours were linked to traditional assets, according to Coinalyze: Direxion 3x semiconductor ETF (SOXL): $8.4 billion, more than solana or XRPSanDisk: $4.4 billionGold: $2.4 billionNvidia: $2.0 billion Open interest in Nvidia perps rose 50% to $411 million after the stock fell 5.5% on Tuesday. Options Traders Buy Protection On Deribit, put volume was 1.5 times call volume for bitcoin options expiring between November 12 and 27. Eight of the 10 most active contracts are puts with strikes from $69,000 to $74,000, led by the November 27 $69,000 put. Puts are priced about 4 to 5 volatility points above calls, and at-the-money implied volatility is around 36% to 38%. Friday’s expiry is dominated by far out-of-the-money calls, with the largest open interest at $81,000 (8,306 BTC) and $84,000 (5,231 BTC). GRAM Leads; ZEC Slides 14% GRAM, the renamed toncoin, led the CoinDesk 100 with a gain of about 5% since midnight UTC, after Telegram founder Pavel Durov said more than 700,000 wallets were created in the app within 48 hours.ZEC fell about 14% over 24 hours as leveraged longs were wiped out and money left Grayscale’s Zcash ETF.XMR rose 2% since midnight UTC.NIGHT, the Cardano-linked privacy chain, rose about 5% after its Ledger 9 upgrade went live on mainnet. Bitcoin’s share of the total crypto market rose to 60.5% from 59.9% on Friday. CoinMarketCap’s altcoin season index fell to 40 out of 100, from 49 last Thursday, and the Fear and Greed Index is at 26, in fear territory.

According to Odaily, F2Pool co-founder Wang Chun (@satofishi) staked 3,996 ETH with Lido four hours earlier and then deposited wstETH into the Spark protocol.

Anthropic’s pre-IPO perpetual contract rose more than 10% in six hours and was quoted at about $106.70. According to Odaily, the contract was up more than 8.6% over 24 hours and traded about 37% above the $78 upper end of Anthropic’s announced $70-$78 IPO price range, implying a listing valuation of about $1.4 trillion and a fully diluted valuation of about $1.92 trillion. Anthropic said yesterday it plans to target a valuation of about $1 trillion in its IPO and is seeking a fully diluted valuation of $1.4 trillion. The company is expected to set the offering price next Wednesday, with trading scheduled to begin next Thursday.

Baird issued a rare downgrade of Nvidia Corp. as Wall Street sentiment weakened, Bloomberg reported. An investigation into CEO Jensen Huang's alleged affair with an alleged Chinese spy is raising doubts about the AI chipmaker's prospects.

Six real-world incidents demonstrate that attackers can recover the private key even without reading it, by exploiting implementation flaws.

The underwriting investment banks valued Anthropic at $1 trillion, with a price-to-sales ratio of only 12, growth rate far exceeding that of Apple and Microsoft, and retail investor share as high as 20%.

When intelligence and labor are no longer scarce, what truly slows down the implementation of technology is the verification process: whoever can make the simulation, testing, and data loop run faster will hold the accelerator key for the physical world.

What crypto anarchism really wants to protect is not the price of tokens, but whether ordinary people can cooperate, make money, and exit without exposing their lives.

The SEC has granted a five-year regulatory exemption for on-chain stock trading for the first time, and Uniswap positions AMMs and Hooks as trading infrastructure capable of supporting compliant securities.

Anthropic will list on Nasdaq on November 19, raising up to $90 billion, but its growth rate has dropped from 144% to 47%, with the $900.9 billion computing power commitment being the real gamble.

Vitalik argues that ETH should be considered a store of value, but there are three hurdles for ETH to become a true SoV: annual net issuance, the ability to modify supply policies, and the need for continuous network upgrades.

With inflation stuck at 3.7%, households relying on less savings to maintain consumption, and AI capital expenditures shifting towards debt and equity financing, the market has not yet priced in the "comfort" of all this.

US October CPI exceeded expectations, raising the probability of a December rate hike to 90%, and Bitcoin fell below $74,000. Rising interest rate expectations are currently the most direct downward pressure on cryptocurrency prices.

BlackRock reveals that whales are converting self-custodied BTC into IBIT shares through physical redemptions. With wrench attacks and hardware wallet supply chain risks on the rise, the security narrative of self-custody is being shattered.