Bitcoin fell below $70,000 on Friday, November 13, 2026, for the first time since mid-August. Investing.com reported it down 5.7% at $69,240.3 by 5:27 a.m. ET and on course to lose nearly 9% this week, its sixth straight weekly decline. Yahoo Finance data showed it near $69,189 at 9:17 a.m. ET after an overnight low around $67,625.

The crypto stocks and ETFs that carry listed options followed it down before the opening bell.

Three Headwinds Hitting at Once

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Investing.com pointed to a stack of pressures rather than one trigger:

  • Rate-hike bets. After October's hotter-than-expected CPI, CME FedWatch showed markets pricing 25 to 50 basis points of hikes in December, per Investing.com. Dow Jones' morning briefing, via Morningstar, said the dollar was near a 19-month high on the same expectation.
  • Strategy's index exit. MSCI will drop Strategy and similar bitcoin treasury companies from its benchmarks effective November 30, as Reuters reported. Investing.com noted that this doesn't force bitcoin sales right away, but it could limit Strategy's ability to raise new capital. We covered the MSCI decision here.
  • Washington. Investing.com also cited caution over tighter crypto rules after Democrats won both chambers of Congress.

    • The Economic Times cited analysts saying crypto liquidations topped $1.6 billion, and that U.S. spot bitcoin ETFs had five straight sessions of net outflows, about $1.44 billion in total. Ether fell below $2,000.

    Where the Optionable Proxies Stood Before the Open

    Prices are from Yahoo Finance around 9:15 a.m. ET, compared with Thursday's close. Thursday was already a down day for all three.

    | Ticker | Wed close | Thu close | Premarket ~9:15 ET | vs Thu close | IBIT$42.24$40.36$39.16about -3.0% MSTR$122.35$114.41$112.75about -1.5% | COIN | $136.27 | $130.67 | $127.65 | about -2.3% |

    Coinbase's premarket price was below the $129.41 52-week low that Yahoo listed for the stock.

    IBIT Already Spent Its Same-Day Premium

    Using Thursday's last trades on Yahoo Finance's IBIT chain, the November 13 $40.50 call was $0.32 and the $40.50 put was $0.45. That is a straddle of about $0.77, roughly 1.9% of the close, with breakevens near $39.73 and $41.27. At $39.16, IBIT was trading below the lower breakeven before the bell.

    That strike was also busy on Thursday: about 8,756 calls and 5,746 puts traded at $40.50 for Friday expiry. Calls outnumbering puts on a down day can point to traders betting on a bounce, or to call sellers closing out. Volume alone doesn't tell you which.

    The November 20 $40.50 straddle last traded at about $1.91, or 4.7%, giving breakevens near $38.59 and $42.41. IBIT's premarket price sat inside that range.

    MSTR and COIN Have Wider Ranges to Fill

    Strategy usually moves more than bitcoin, and its options are priced for that:

  • MSTR, from Yahoo's chain: the November 13 $114 straddle last traded around $4.49 (about 3.9%, breakevens ~$109.51 / ~$118.49), and the November 20 $115 straddle around $10.93 (about 9.6%). Premarket at $112.75, the stock was inside both. The November 20 $115 put traded about 5,654 contracts Thursday against open interest of 3,715, so it looks like new positions were opened.
  • COIN, from Yahoo's chain: the November 13 $131 straddle was about $4.30 (about 3.3%, lower breakeven ~$126.70). At $127.65 premarket, COIN was close to that level. The November 20 $130 straddle was around $10.97 (about 8.4%).

    • These are last-trade prices from Thursday, not live midpoints, so treat them as approximate. The spread between bid and ask at the open can move them a lot.

    Weekend Risk and the Rest of the Picture

    Bitcoin trades 24/7, but IBIT, MSTR and COIN options don't. Here's what that means:

  • Weekend gaps. Anything bitcoin does from Friday's 4 p.m. ET close to Monday's open shows up all at once in the share price. Next-week options price that risk, which is part of why the November 20 straddles cost much more than the same-day ones.
  • Different volatility. MSTR's implied move is about twice IBIT's, partly because Strategy uses leverage and has its own funding questions on top of its bitcoin exposure.
  • Puts get pricier in selloffs. When crypto drops, downside puts often gain implied volatility faster than calls. That makes protection more expensive just when people want it most.
  • Expiration-day gamma. Same-day contracts near the money can swing hard on small moves, in either direction.
  • Settlement. IBIT, MSTR and COIN options are American-style and settle into shares, so short in-the-money options can be assigned.

    • Our implied volatility guide explains how event premium and skew work, and the OCC options disclosure document covers the risks of standardized options.

    Sources

  • Investing.com: Bitcoin sinks below 70k, set for deep weekly loss as crypto appetite sours
  • The Economic Times: Bitcoin crashes below $70,000, hits lowest since August
  • Morningstar / Dow Jones: North American Morning Briefing, Nov 13, 2026
  • Reuters via Investing.com: MSCI to drop Strategy from global indexes
  • Yahoo Finance: BTC-USD
  • Yahoo Finance: IBIT options
  • Yahoo Finance: MSTR options
  • Yahoo Finance: COIN options

    • *By the OptionsPilot Editorial Team. Published November 13, 2026, 6:18 AM PT. This article is for education only and is not investment advice. Options involve risk and are not suitable for all investors.*