Bitcoin spent the night below 75 thousand dollars: 74,749 at European dawn, with a plus 0.4% that changes nothing of substance. Holding the rebound back are ETF outflows, 201 million dollars on Monday and more than 1.2 billion the previous week according to SoSoValue, and a regulatory picture that after the midterm elections has become more uncertain, not less.

The price and the Palace

The change of majority in Congress has changed the roles that matter. Elizabeth Warren is in the running for the chair of the Senate Banking Committee, and her record as a critic of the crypto industry is enough to explain why the market has stopped pricing in deregulation. On the derivatives side the game is already in court: Coinbase, Kalshi, Payward, DRW, Jump Trading and Paradigm have asked to file an amicus brief defending the CFTC’s authority over single-stock perpetuals, approved on November 2; against them stands the Capital Markets Alliance, which counts Cboe and Citadel Securities among its members and argues that products without an expiry are security-based swaps, not futures. Meanwhile an analysis by the Bank Policy Institute shows that, as of June 30, only USDC and PYUSD among the ten largest dollar stablecoins met the GENIUS Act reserve requirements, 26% of tokens in circulation. The framework takes effect on January 18, 2027.

Who buys while it falls

Strategy bought another 1,036 bitcoin at an average of 79,012 dollars, 81.9 million, taking holdings to 850,364 BTC for a total cost of 64.16 billion, that is above the market price. The detail in the SEC filing is more interesting than the headline: the company spent 188.3 million repurchasing STRC preferred shares against the 81.9 million allocated to bitcoin, funding the whole thing with the sale of 2.05 million shares for 283.8 million. Schwab, for its part, made SOL, AVAX and LINK available, bringing the offering to five cryptos with a 75 basis point fee.

The rails

The NYSE has chosen Avalanche for the clearing and settlement of its 24-hour tokenised securities platform, pending regulatory approval and with launch expected in the fourth quarter: shares will be issuable on multiple blockchains, the settlement ledger will be one. PNC, with Coinbase, has started a pilot programme to receive USDC from corporate and institutional clients, converting them one to one into dollars before deposit.

The contrast is the news. The price is still, the infrastructure is not: it moves on the ground of regulation, custody and payments, where the price of bitcoin does not reach. But as long as Congress writes the rules and the regulator defines what a reserve is, the dominant factor in the short term is not adoption: it is politics.

Verified sources: Investing.com via Yahoo Finance, “Bitcoin pinned below $75k as regulatory uncertainty, ETF outflows persist” (November 10, 2026); The Block on the amicus briefs for single-stock perpetuals, with the November 9 filing (November 10, 2026); Bank Policy Institute, BPInsights of November 7, 2026 and analysis of GENIUS Act reserves (November 6, 2026); The Block and The Globe and Mail on Strategy’s SEC filing (November 9, 2026); Charles Schwab press release on the addition of SOL, AVAX and LINK (November 9, 2026); The Block on NYSE and Avalanche, with the Ava Labs release (November 9, 2026); The Block and Coinbase release on PNC and USDC (November 9, 2026).