Strategy, Michael Saylor's company, published its weekly purchase report on Monday. In the week to 8 November it sold 2.05 million of its own shares for $283.8 million. It spent $81.9 million of that on 1,036 bitcoin, at an average price of $79,012, and $188.3 million buying back 1.89 million of its STRC preferred shares.

STRC is the preferred stock Strategy sells to raise money for bitcoin, and it pays holders a monthly dividend. When it trades below the price Strategy sells it at, buying it back props the price up, and the company needs that price to keep selling new STRC.

Last week that defense cost more than twice what the bitcoin did. The company now holds 850,364 bitcoin bought for about $64.16 billion, an average of $75,456 a coin. At this morning's $74,534 the pile is worth about $63.4 billion, roughly $780 million less than it cost.

Bitcoin hasn't traded above Strategy's average since Sunday night on any of our hourly readings.

MARA, one of the largest listed bitcoin miners, reported on the same day that it had sold 13,597 bitcoin since the end of September at an average of $81,039. The $1.1 billion repaid $750 million of loans taken out against its coins and freed 17,477 bitcoin that had been pledged as collateral. It had already sold about 23,000 coins in the first half of the year.

So two of the biggest corporate holders of bitcoin spent last week shoring up their balance sheets rather than adding coins. Strategy still bought, and still has $4.9 billion in dollars set aside. But most of the new money went to its own shares.

If you hold bitcoin, the steadiest buyer of the cycle is below its own cost and spent more than two dollars on its shares last week for every one on the coin. Its next report comes Monday.

On Monday the Office of the Comptroller of the Currency, the US bank regulator, gave Coinbase National Trust Company its final approval. The charter took effect on Friday.

It holds crypto for clients, mainly institutions, under federal supervision. It cannot take deposits or make loans, and there's no deposit insurance. Coinbase plans to move its New York custody business, chartered by the state in 2018, into the federal bank over three years.

Circle got the same approval in July and Ripple in October. The Independent Community Bankers of America, the trade group for community banks, is suing the OCC over the rules behind these charters. In May it asked the regulator to hold Coinbase's approval back.

If you own bitcoin through an ETF, most of the US ones keep their coins with Coinbase, and that custody business is moving under the national bank regulator over the next three years.

On Monday the Dow rose more than 1,000 points and the Nasdaq nearly 3%. Nvidia fell 4.3% after its board opened a probe into Jensen Huang, its chief executive, and the rest of the stock market rallied anyway. CoinDesk's bitcoin index ended the New York trading day at $74,775, down 0.02%.

Last Thursday the Nasdaq fell 5.5% and bitcoin fell with it, from $80,209 to $76,102 on our daily readings. On Monday the stocks came back and bitcoin didn't.

On Monday Cathie Wood's Ark funds sold $6.1 million of Jack Dorsey's Block and $1.13 million of Bullish, the crypto exchange, and bought $16.2 million of Nvidia as the shares fell.

If you hold crypto as a bet on tech, it fell with the stocks last week and did not rise with them on Monday.