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Bitcoin fell to its lowest level in around three months as a faster-than-estimated increase in US inflation and signals that interest rates could keep rising helped to diminish the appeal of risky assets such as cryptocurrencies. The original digital currency fell as much as 1.4% to $73,736, expanding the token’s loss for the year to around 16%.
Crypto Advocate Tom Emmer Elected House Republican Minority Whip
Tom Emmer was elected House Republican whip, continuing in the role as the Republican whip as Democrats win the midterm elections and take control of Congress starting next January. He defeated Texas Representative August Pfluger by 103 votes to 76, having previously served as the House Republican majority whip.
As the minority whip, Tom Emmer will be responsible for coordinating Republican lawmakers' votes, shaping legislative strategies, and ensuring party unity on key bills. He will work alongside Jim Jordan, who is set to become the House minority leader. Tom Emmer is a leading Republican voice in the digital assets space. In March 2025, he co-announced with Representative Ritchie Torres the establishment of a bipartisan Congressional Crypto Caucus to advance legislation on digital assets, including stablecoins and market structure; he is also an original co-sponsor of the CLARITY Act and introduced the Blockchain Regulatory Certainty Act.
Bitcoin Spot ETF Saw a Total Net Outflow of $95M Yesterday, Marking a 4 Days of Consistent Outflow
According to SoSoValue data, Bitcoin spot ETF saw a total net outflow of 95.00M USD yesterday (Eastern Time, November 10th).
The Bitcoin Spot ETF with the highest net inflow yesterday was Morgan Stanley's ETF MSBT, with a daily net inflow of 20.03M USD, and the total historical net inflow of MSBT currently stands at 825.16M USD.
The Bitcoin Spot ETF with the highest net outflow yesterday was BlackRock's ETF IBIT, with a daily net outflow of 78.24M USD, and the total historical net inflow of IBIT currently stands at 64.81B USD.
Goldman, Citi Among Banks in $270 Million Stablecoin Backing
A group of financial firms including Goldman Sachs Group Inc., Citigroup Inc., Banco Santander SA and Deutsche Bank AG have committed around $270 million in funding toward a joint stablecoin venture, according to people familiar with the matter.
The funding is intended to cover five years of operations at the new company, plans for which were detailed by a group of 21 institutions earlier this year. That company will act as the issuer of a dollar-denominated stablecoin and is expected to be incorporated in the US, the people said, asking not to be named discussing private information.
South Korean Opposition Lawmakers Urge Abolition of Cryptocurrency Income Tax Plan
South Korean opposition lawmaker Song Eon-seok advocates for scrapping the cryptocurrency capital gains tax plan altogether, rather than postponing it by two years. Song stated that taxing profits from crypto assets while exempting domestic stock gains, coupled with the difficulty in identifying offshore transaction data and the original purchase prices of crypto holdings, would create confusion and impose burdens on investors.
South Korea originally planned to start taxing profits from crypto assets at a rate of 22% from January 1, 2027. However, earlier this month, the government and ruling party announced plans to delay the tax until 2029. This would mark the fourth postponement of South Korea's crypto taxation plan.
Bitcoin Spot ETF Flow
The overall net outflow of the US Bitcoin spot ETF on Tuesday was $95 million. The total net asset value of Bitcoin spot ETFs is $92.82 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.26%.
The Bitcoin spot ETF with the highest net outflow on November 10 was iShares Bitcoin Trust, with a net outflow of $78.24 million, according to SoSoValue.