Today in crypto: Bitcoiners have expressed excitement over the surging odds of a US Federal Reserve rate cut in December, a former Coinbase lawyer launched his campaign for New York State Attorney General, BlackRock’s iShares Bitcoin Trust (IBIT) led November’s record ETF exodus, with $2.47 billion in outflows, accounting for 63% of the $3.79 billion pulled from US spot Bitcoin ETFs.
Bitcoiners perk up as odds of a December Fed rate cut almost double
Bitcoiners were noticeably more upbeat on social media today as the odds of a US Federal Reserve rate cut in December nearly doubled compared to just a day earlier.
Some crypto market participants are speculating that this could be the catalyst Bitcoin needs to halt the asset’s downward trend.
“Let’s see if that’s enough to find a bottom here for now,” crypto analyst Moritz said in an X post on Friday, as Bitcoin’s price trades at $85,071, down 10.11% over the past seven days, according to CoinMarketCap.
On Friday, the odds of an interest rate cut at the December Federal Open Market Committee (FOMC) meeting almost doubled to 69.40%, according to the CME FedWatch Tool. Just the day before, on Thursday, it was nearly 30.30% lower, at 39.10%.
Many in the wider market attributed the spike at least partly to dovish remarks from New York Fed president John Williams, who said the Fed can cut rates “in the near term” without endangering its inflation goal. Bloomberg analyst Joe Weisenthal said it was the reason the odds have “massively increased.”
Ex-Coinbase attorney to run for New York Attorney General
Former Coinbase policy lawyer Khurram Dara has launched his campaign for New York State Attorney General, setting up a 2026 challenge to incumbent Letitia James.
In his announcement Friday, Dara pointed to his “regulatory and policy experience, particularly in the crypto and fintech space,” as key qualifications for the role.
As previously reported by Cointelegraph, Dara had been signaling a potential run since August, arguing that James has unlawfully targeted the crypto industry in New York.
After leaving Coinbase, Dara worked at Bain Capital Crypto — a digital-asset–focused arm of the investment firm — until at least July.
Since taking office in 2019, James has faced criticism from the cryptocurrency community for initiating enforcement actions against companies, including Genesis and KuCoin.
BlackRock Bitcoin ETF sheds $2.47 billion in November as outflows hit record $3.79 billion
US spot Bitcoin exchange-traded funds saw another sharp reversal on Thursday, erasing a brief moment of relief earlier in the week.
After breaking a five-day outflow streak with $75.4 million in inflows on Wednesday, the funds were hit with fresh redemptions of $903 million Thursday — the biggest outflow day in November and one of the largest single-day outflows since the products were launched in January 2024, according to Farside Investors.
The $3.79 billion withdrawal puts November on track to be the worst month on record for US spot Bitcoin (BTC) ETF outflows if the remaining days fail to offset this month’s redemptions.
The figure has already surpassed February’s $3.56 billion, which held the record for the largest monthly outflow since the ETFs debuted.
Investment giant BlackRock’s iShares Bitcoin Trust (IBIT) ETF is the largest driver of the historic November outflows. The product has seen $2.47 billion in net redemptions so far this month, accounting for roughly 63% of the total $3.79 billion withdrawn from all US spot BTC ETFs.