The night brought the market several significant signals at once: from institutional reshuffling in indices to alarming processes within individual ecosystems. We break down the key events that shaped the morning backdrop on November 12.
Major Assets: Correction at the Open
Bitcoin started the day with a decline: as of 07:35 (Moscow time), BTC is trading at $73,606 (about ₽6,084,397). The intraday range over the past 24 hours is from $73,329 to $74,703. Ethereum follows the market: $2,048 (≈₽169,291) at the time of preparing this review.
In the top 10 by market capitalization, TRON shows relative resilience: the best result both for the day (-0.06%) and for the week (-0.79%). Zcash became the underperformer — -4.54% over 24 hours and -25.85% over the week.
Laggards and Leaders of the Broad Market
In the top 100, Midnight showed the best dynamics over the day (+7.30%), and Pieverse over the week (+34.48%). Pepe experienced the most pressure over 24 hours (-15.45%), while Zcash led the weekly decline (-25.95%).
Liquidations: Longs Bear the Brunt
Over the past 24 hours, positions of 85,323 traders were forcibly closed for a total of $277.82 million. Long positions suffered more — $171.83 million versus $105.98 million for shorts. The market rose in the evening and then moved down after midnight, so both sides incurred losses. The largest single liquidation order was recorded on Hyperliquid for the BTC-USD pair — $4.99 million.
Crypto Stocks: A Positive Session
Among public companies linked to digital assets, the leaders were Hut 8 (HUT, +7.56%), BitMine Immersion (BMNR, +6.42%), and IREN (IREN, +5.63%). Gains were also posted by Robinhood (HOOD, +4.00%), Circle (CRCL, +3.29%), and Coinbase (COIN, +3.13%). The only exception was SoFi Technologies (SOFI), which lost 0.61%.
Sentiment: Fear Persists
The Fear and Greed Index dropped to 28 points — the fear zone. A day earlier the reading was 29, a week ago it was 50 (neutral zone), and a month ago it was 57 (greed zone).
Key Events: Institutional Shifts
MSCI has definitively confirmed the removal of Strategy from its global indices. Along with it, Japan's Metaplanet and Upexi will be removed from the indices, while Sharplink was placed on the "watch list." The changes will take effect after the close of trading on November 30. The decision was the outcome of a long dispute over whether crypto-treasury companies can be considered full-fledged businesses. Following the exclusion, funds tracking MSCI indices may begin selling these securities — JPMorgan analysts estimated the potential volume of Strategy share sales at approximately $2.8 billion. Strategy itself believes the risks are exaggerated: such funds hold only about 3% of its shares. After the news, the stock fell 1.65% in over-the-counter trading.
The Suiet non-custodial wallet for the Sui blockchain is shutting down: its API will be disabled after November 14. This is another departure from the ecosystem — following the closure of Suiball, the Full Sail DeFi protocol, and Phantom's refusal to support the network. Activity on Sui is declining: the volume of funds in DeFi has contracted by more than 22% over the month, to $413 million, and the number of active users has fallen by almost 80% over the year. The problems are largely economic in nature: supporting projects is expensive, and there are few users. The situation is compounded by outages — in 2026 the network halted four times for a total of almost 22 hours.
Japanese financial giant Nomura Holdings is considering selling its crypto unit Laser Digital. The company has already held talks with potential buyers, including Marex Group, but no final decision has been made. The trigger was losses in Nomura's European business — it has now been in the red for four consecutive quarters. Laser Digital was founded in 2022 and offers institutional clients cryptocurrency trading, asset management, and venture investments. A possible sale seems unexpected: just three months ago the unit obtained Japan's first new crypto exchange license in four years, and in May it received preliminary approval to establish a trust bank in the US.
Cryptalist Analysis: Strategy's exclusion from the MSCI indices is a landmark precedent that could change the structure of institutional demand for crypto-treasury companies and increase pressure on their valuations in the coming weeks. At the same time, the departure of projects from Sui and the possible sale of Laser Digital point to market consolidation: capital and infrastructure are flowing to the most resilient ecosystems, while weak networks and unprofitable units lose support.