Cryptoccino — Saturday 14 November 2026

Bitcoin ETFs turn net negative for the year. Cumulative net outflows from US spot Bitcoin ETFs have crossed $1.5 billion for 2026, erasing what had been a positive flow story. The figure compounds the price pressure from the broader macro sell-off covered in the lead. coindesk

Hyperliquid overtakes Bybit, Kraken, and OKX in open interest. Hyperliquid’s share of aggregate open interest across itself and eight major centralised rivals reached 11.7% by end of Q3, up roughly 80% on the quarter. The decentralised perp venue has now leapfrogged three of the largest CEXs by this metric, a structural shift worth tracking for derivatives flow. theblock cryptobriefing

Nakamoto Bitcoin firm owes Kraken more than its entire market cap. Bitcoin treasury company Nakamoto carries a $165 million debt to Kraken that now exceeds its own market capitalisation, an uncomfortable overhang during a sustained price drawdown. It joins BTCS, which disclosed selling ether at a loss this week to service a $64 million Aave position, as a live example of leveraged treasury strategies under stress. coindesk coindesk

Kraken parent Payward posts a 67% earnings drop but signals diversification. Payward’s Q3 adjusted EBITDA fell roughly two-thirds year-over-year to $60 million, tracking the broader revenue decline from lower trading volumes. The company says expansion into prediction markets and an AI personal-finance agent helped cushion the fall, and funded accounts grew 37% in the same period. theblock bloomberg_crypto coindesk

MEGA cuts a fifth of its workforce days after rebranding from MegaETH Foundation. The layoffs follow a $30 million push into AI inference products and a full rebrand, suggesting the pivot is more radical than the initial announcement implied. Twenty percent headcount reduction this early in a strategic shift is a signal of financial pressure, not just restructuring. theblock

JPMorgan’s crypto-linked holdings approach $1 billion. The bank’s Q3 13F shows roughly $981 million spread across Bitcoin ETFs, Strategy shares, and Coinbase equity, with the figure likely crossing $1 billion when Robinhood and miner positions are included. JPMorgan also raised its Strategy shareholding by 36% in the quarter. decrypt theblock

Coinbase outlines three tokenised equity models and asserts ownership leadership. The exchange published a framework for bringing equity onto chain via three distinct structures, ranging from fully on-chain issuance to wrapped representations of traditional shares. The move positions Coinbase as an infrastructure layer for tokenised capital markets rather than just a trading venue. cryptobriefing

Three central banks complete a live cross-border FX settlement trial using tokenised rails. The Bank of England, Monetary Authority of Singapore, and Bank of Thailand published results from a trial using Partior’s synchronisation prototype to settle foreign exchange transactions across traditional and tokenised systems simultaneously. The findings advance the case for interoperability between legacy settlement infrastructure and on-chain equivalents. theblock

FinCEN blocks US institutions from processing MEXC Global funds. Under Operation Economic Outcast, the Financial Crimes Enforcement Network issued an order barring US financial institutions from moving funds on behalf of MEXC Global, citing the exchange’s alleged role in facilitating illicit finance. The action is a significant escalation short of a formal shutdown, effectively cutting MEXC off from the US banking rails. chainalysis

Satoshi-era wallet moves 75 BTC after being named in a $260 billion lawsuit. A wallet holding 75 BTC since 2011 shifted its coins shortly after being identified in litigation seeking $260 billion in damages. Whether the move signals a living owner responding to legal pressure or is coincidental remains unclear, but on-chain watchers flagged it immediately. coindesk

Blockstream and Thales ship an offline-signing Bitcoin custody system. The joint product routes all signing through air-gapped hardware, targeting institutions that want to hold Bitcoin without exposing keys to networked systems. It is positioned partly as a defence against AI-assisted intrusion attempts. cryptobriefing

DOJ and CFTC jointly sue Arkansas to protect Kalshi from state gambling enforcement. Arkansas had sued Kalshi on 4 November, calling its event contracts illegal gambling. The federal government’s counter-suit argues that CFTC-regulated prediction markets fall under federal jurisdiction, not state gambling law. CFTC Chairman Selig separately warned that state-level prosecution of prediction market founders risks criminalising a legitimately regulated activity. theblock theblock

House Oversight recommends possible ban on government officials betting on prediction markets. A staff memo cited suspicious trades by officials, military personnel, and security-clearance holders on platforms including Kalshi and Polymarket, and asked Congress to consider new restrictions. The recommendation lands as the federal government is simultaneously defending those same platforms from state enforcement. theblock decrypt

Trump nominates first Democratic picks for SEC and CFTC as Senate Banking races toward hearings. The bipartisan slate of two Republicans and two Democrats would refill commissions that have driven crypto policy since the collapse of the Clarity Act. The Senate Banking Committee is accelerating the confirmation schedule, and Coinbase’s trust company separately received final regulatory clearance amid the same wave of oversight activity. decrypt coindesk cointelegraph_regulation

Strategic Bitcoin Reserve still cannot buy BTC without an act of Congress. A senior official confirmed that the reserve’s current mandate prevents outright Bitcoin purchases absent explicit congressional authorisation, keeping the facility as a holding vehicle for seized assets rather than an active accumulator. The clarification dampens one narrative that had supported price optimism earlier in the year. cryptobriefing

What else is grinding?

• Paraguay plans to end preferential power contracts for Bitcoin miners by 2027, redirecting capacity to AI data centres, as miners already pay the state $350 million annually. cryptobriefing coindesk
• Two Bitcoin addresses dormant since September 2010 moved 100 BTC worth roughly $6.9 million minutes apart on Friday, the coins having appreciated nearly 1.15 million times in dollar terms. theblock decrypt
• Cardano founder Charles Hoskinson declared the project’s roadmap complete while ADA sits roughly 95% below its all-time high. decrypt
• Thailand is drafting rules that would cap certain stablecoin transfers at the equivalent of $148,000 per day and restrict transfers to same-owner wallets only. theblock
• Meta employees are internally testing Takes, a prediction market app that rewards correct calls with credibility points rather than cash. theblock
• Twenty One Capital, backed by Tether, reported $1.09 billion in Q3 net income driven by Bitcoin mark-to-market gains, against a $4.8 million operating loss. theblock

Last sip. Bitcoin’s momentum gauges are pointing toward sub-$60,000 and nobody has named a credible floor yet.