Bitcoin fell below $68,000 this week, its weakest level since August, as more than $1.6 billion in leveraged positions were liquidated. The slide headlined a turbulent seven days for digital assets that also saw index provider MSCI move to drop Strategy from its major equity indexes, the Depository Trust & Clearing Corporation (DTCC) unveil a plan to bring tokenised securities to Solana, US prosecutors move against more than $1.2 billion in crypto stolen from Binance, and decentralised exchange Hyperliquid overtake Bybit, Kraken and OKX in open interest.

Bitcoin Falls Below $68,000 as Liquidations Mount

Bitcoin dropped below $68,000 for the first time in more than three months, with the decline accelerating on November 13, when over $1.6 billion in leveraged positions were wiped out within 24 hours, according to CoinGlass data. Long positions accounted for nearly 89% of that total. Liquidations occur when exchanges forcibly close leveraged trades once price moves erode the collateral behind them, turning heavily borrowed bets into forced selling.

The sell-off gathered pace as the US dollar strengthened and traders began pricing in a possible Federal Reserve interest rate increase in December. Higher bond yields and weaker technology stocks added to the downward pressure.

Demand for US spot Bitcoin exchange-traded funds also cooled, with the funds recording roughly $1.88 billion in net outflows since the start of November. Flows into the funds are widely watched because spot ETFs hold Bitcoin directly and give investors exposure through ordinary brokerage accounts, making them a prominent gauge of demand for the asset.

MSCI to Remove Strategy From Its Major Indexes

Index provider MSCI announced that Strategy, one of the world's largest corporate holders of Bitcoin, will be removed from its major equity indexes effective December 1. MSCI said companies whose main business is holding investment assets resemble funds more than conventional operating companies. Strategy is led by Michael Saylor.

Index removals carry financial weight because passive funds that track these benchmarks mirror their constituents, meaning a deletion can compel selling across tracking portfolios. Strategy has warned that the removal could trigger about $2.8 billion in share sales, while JPMorgan estimates that outflows could reach $8.8 billion if other index providers follow suit.

DTCC Outlines Tokenisation Plan Built on Solana

The Depository Trust & Clearing Corporation, known as DTCC, announced plans to connect Solana to its tokenisation infrastructure. Under the arrangement, eligible securities held through its custody system could be represented as digital tokens on the blockchain. The firm operates post-trade clearing, settlement and custody services that sit at the heart of US securities markets, giving the plan weight as an attempt to bridge traditional market infrastructure with a public blockchain.

Tokenisation refers to creating a digital version of an asset that can be recorded on a blockchain. The work is expected in the second half of 2027, meaning the rollout remains more than a year away.

US Moves to Seize $1.2 Billion in Crypto Stolen From Binance

On November 12, the Department of Justice said it had secured court approval to seize or restrain more than $1.2 billion in cryptocurrency stolen from Binance. The funds are linked to North Korean hackers. Seizure and restraint orders allow authorities to freeze or take custody of assets while courts determine their ultimate disposition.

The action forms part of a wider investigation in which authorities and private companies have now frozen more than $2.7 billion in stolen digital assets. Officials also disrupted a North Korean operation known as FaceStealer, a social engineering campaign that stole more than $400 million in crypto over 18 months.

Hyperliquid Overtakes Larger Exchanges in Open Interest

Hyperliquid, a decentralised derivatives platform, has passed Bybit, Kraken and OKX in reported open interest, according to a November 13 report from The Block. Open interest measures the total value of outstanding derivative positions and is one of the most closely watched gauges of activity on trading venues. The platform ended the third quarter with about $16.8 billion in open positions, up nearly 80% from June. Quarterly revenue rose 22% to $191 million, while trading in stock-linked perpetual contracts surged.

What Comes Next

The next key date is December 1, when MSCI's removal of Strategy is scheduled to take effect. Traders are also keeping an eye on the possibility of a Federal Reserve interest rate increase in December.