Bitcoin’s exchange outflows remain positive, but rising funding rates call for a neutral outlook.

On November 5, exchanges recorded a net outflow of approximately 11,003 BTC, following 4,235 BTC on November 4. However, outflows alone do not confirm buying or long-term holding.

Open interest fell 2.43% from the previous day, while funding rates rose. This suggests smaller overall positions alongside a higher cost for long positions, though it is not enough to confirm overheating.

Realized cap, a supplementary indicator, rose approximately 0.035% on November 4. The small increase does not by itself signal strong capital inflows.

I remain neutral for now. A shift to exchange inflows alongside rising funding and open interest would make me more cautious.

Next, I’m watching whether outflows continue and whether open interest rises with funding.

Written by CoinNiel