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In today’s crypto buzz: Bitcoin enthusiasts are buzzing over the growing chances of a US Federal Reserve rate cut in December. A former Coinbase attorney has kicked off his campaign for New York State Attorney General, and BlackRock’s iShares Bitcoin Trust (IBIT) had a rocky November, leading to a huge $2.47 billion in outflows, which makes up 63% of the total $3.79 billion pulled from US spot Bitcoin ETFs.
Bitcoiners Excited as December Fed Rate Cut Odds Soar!
Today, Bitcoin fans were full of optimism on social media as the odds of a US Federal Reserve rate cut in December shot up, nearly doubling from the previous day.
Many in the crypto scene think this could be just the spark Bitcoin needs to reverse its recent downward trend.
“Let’s see if that’s enough to find a bottom here for now,” crypto analyst Moritz tweeted on Friday, as Bitcoin traded at $85,071, down 10.11% over the last week, according to CoinMarketCap.
On Friday, the chances of an interest rate cut at the December Federal Open Market Committee (FOMC) meeting jumped to 69.40%, per the CME FedWatch Tool. Just a day earlier, it was almost 30.30% lower at 39.10%!
Many folks in the broader market attributed this surge at least partly to some encouraging comments from New York Fed president John Williams, who mentioned that the Fed can cut rates “soon” without risking its inflation goals. Bloomberg analyst Joe Weisenthal noted these comments were key to the spike in odds.
Ex-Coinbase Lawyer Running for New York Attorney General
Former Coinbase policy lawyer Khurram Dara has officially launched his campaign for New York State Attorney General, gearing up for a 2026 showdown with sitting AG Letitia James.
In his announcement on Friday, Dara highlighted his experience in regulation and policy, especially in the crypto and fintech world, as major strengths for his candidacy.
As previously covered by Cointelegraph, Dara indicated a potential run since August, arguing that James has unfairly targeted the crypto industry in New York.
After leaving Coinbase, Dara worked at Bain Capital Crypto—a digital-asset–focused section of the investment company—until at least July.
James, in office since 2019, has faced pushback from the crypto community for taking enforcement actions against companies like Genesis and KuCoin.
BlackRock Bitcoin ETF Faces Major Outflows—$2.47 Billion in November!
US spot Bitcoin exchange-traded funds experienced another major reversal on Thursday, wiping out a brief spark of hope from earlier in the week.
After breaking a five-day outflow streak with $75.4 million in inflows on Wednesday, the funds faced a wave of redemptions, totaling $903 million on Thursday—the largest outflow day in November and one of the biggest single-day outflows since the funds launched in January 2024, according to Farside Investors.
With $3.79 billion withdrawn this month, November is shaping up to be the worst month ever for US spot Bitcoin (BTC) ETF outflows if the remaining days can’t balance out this significant drop.
This amount has already eclipsed February’s record of $3.56 billion, the largest monthly outflow since these ETFs began.
The BlackRock iShares Bitcoin Trust (IBIT) ETF has been the main contributor to this record outflow in November, with $2.47 billion in net redemptions—making up about 63% of the total $3.79 billion pulled from all US spot BTC ETFs.
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