Source published November 7, 2026, at 13:43:34 UTC+8. This recap reflects that report’s market snapshot, not current conditions.
Bitcoin ETFs were seeing net outflows, crypto treasury companies were facing financing pressure, and some mining stocks were rallying on a different story entirely: AI infrastructure.
That divergence is the central crypto takeaway from Odaily’s November 7 market report. Its account describes a market in which attention was shifting between Bitcoin exposure and AI-related businesses—even as both faced macroeconomic and regulatory uncertainty.
ETF withdrawals put pressure on the Bitcoin story
According to the report, U.S. spot Bitcoin ETFs recorded $430.2 million in net outflows on November 5, while combined crypto ETF outflows exceeded $530 million. IBIT had recorded five consecutive days of outflows.
Those figures describe investor withdrawals, not investment losses.
Bitcoin briefly reached an 11-week low that Thursday, and crypto-market liquidations exceeded $1 billion. The report also cited Elliptic as saying that $3.1 billion from a reported $6.3 billion Binance theft had not yet been laundered.
Odaily interpreted ETF withdrawals as a sign that corporate treasury purchases were becoming a more important source of support. That is the report’s market assessment, rather than proof that corporate buyers could replace ETF demand.
Treasury holdings do not guarantee a stock premium
Strategy’s Bitcoin accumulation continued, but the report highlighted a gap between its equity market value and the gross value of its holdings.
The company disclosed 849,327 BTC, including 811 BTC acquired between October 26 and November 1 for a reported $65.5 million, at an average price of $80,846 per coin. During the same period, it repurchased $208 million of STRC preferred shares and sold $164 million of common stock through its at-the-market program.
Using a $75,820 Bitcoin price, Odaily valued the holdings at approximately $64.396 billion, against a Nasdaq-sourced equity market capitalization of $54.45 billion. That produced a ratio of 0.846 times.
Crucially, this comparison did not deduct debt or account for preferred shares. It should not be confused with a fully adjusted net-asset-value calculation. Odaily argued that the discount weakened the premium-backed equity issuance model used to finance further Bitcoin purchases.
Accounting profits also required context. Strategy reported third-quarter operating profit of $21 billion and diluted earnings of $44.75 per share, primarily driven by Bitcoin fair-value changes—not equivalent cash generation.
Other treasury businesses illustrated related risks:
- Strive: The report cited $509 million in third-quarter profit from Bitcoin appreciation, alongside continued leveraged purchases.
- Bitmine: Its reported holdings represented 4.9% of ETH supply, making concentration a central issue.
- Hyperliquid Strategies: Third-quarter revenue was $13.3 million, while its $620.6 million profit primarily reflected revaluation of HYPE holdings.
- DDC Enterprise: Its financing included perpetual preferred shares carrying a 13.5% coupon, highlighting the cost of raising capital.
Mining stocks were trading the AI narrative
The report described mining shares rising 8%–20% while Bitcoin slipped approximately 0.4%. It attributed that divergence to AI and high-performance-computing leasing prospects rather than improved mining economics.
A previously announced $28 billion AI leasing agreement at Riot’s Corsicana campus served as a major reference point. But the transition also showed up in declining mining revenue: TeraWulf’s Bitcoin mining revenue fell 69% year over year, while IREN’s fell 58%. IREN planned to exit Bitcoin mining completely by year-end, according to The Block reports cited by Odaily.
The distinction matters: enthusiasm for AI infrastructure is not evidence of stronger Bitcoin mining operations. Odaily’s interpretation was that these companies were becoming more sensitive to AI capital spending and less straightforward proxies for Bitcoin.
The uncertainty behind the rebound
The broader backdrop remained weak. The Nasdaq fell 5.52% on November 5, rebounded 1.09% on November 6, and finished the week down 3.37%, its fourth consecutive weekly decline. The Philadelphia Semiconductor Index rebounded 4.21% on Friday but still lost 12.15% over the week.
Odaily linked the selloff to prospective AI regulation following Democratic midterm gains and stronger-than-expected employment data. October payroll growth was 165,000, unemployment was 4.1%, and the report cited market summaries putting December rate-hike expectations at 80%—explicitly not an original CME FedWatch reading.
The policy details remained unsettled: proposed AI legislation, timing and potential chip-export restrictions were not finalized. Likewise, a reported reduction in Anthropic’s prospective IPO valuation to $1 trillion was unconfirmed by the company.
The snapshot’s clearest lesson was therefore about separating narratives from evidence: ETF flows measure fund demand, treasury profits may reflect asset revaluations, and an AI-driven mining-stock rally does not establish stronger mining fundamentals.