Funding conditions after Election Day: majors are recovering, while XRP is the only coin adding leverage
Data snapshot: 2026-11-04 00:11 UTC (09:11 Seoul time); Binance serverTime 1793751070220, consistent with the local clock. At this point, just 11 minutes have passed since the UTC daily candle opened on 11/04. Below, “the day” refers to the UTC day that just ended, 11/03.
I. Prices: five of the six major coins closed higher
Binance rolling 24-hour figures (as of 00:11 UTC; quote volume): BTC 77,486.00 (+0.91%, range 76,388.88–78,063.30, 969 million), ETH 2,277.96 (+1.14%, 2,241.15–2,309.00, 336 million), XRP 1.2772 (+2.14%, 1.2453–1.2914, 88 million), DOGE 0.075240 (+1.50%, 0.07354–0.07573, 16 million), SOL 92.91 (+0.95%, 91.27–93.93, 110 million), BNB 698.87 (-0.05%, 691.66–703.30, 65 million). BNB was the only one to edge lower.
This rolling window almost exactly coincides with the 11/03 UTC day (BTC daily quote volume was 969.4 million versus 969.3 million in the rolling window), so it essentially represents 11/03. The 11/04 daily candle had only been open for 11 minutes (open 77,453.85, latest around 77,395), which tells us nothing.
II. Divergence in breadth; be cautious about attribution
Global figures from CoinGecko: total market cap of $2.62 trillion, down 1.73% over 24 hours; BTC dominance 59.29%, ETH dominance 10.60%; total market volume $62.2 billion (same interface, updated 00:11 UTC). This direction is opposite to the gains among the six major coins listed above. All we can confirm is that “the directions differ”; the figures use different methodologies and weighting scopes, which is not enough to conclude that “capital is flowing from altcoins to majors.”
III. Derivatives: XRP is the only one with a clear increase in open interest
Binance futures daily open-interest series (openInterestHist, 11/04 00:00 versus the previous day): XRP 343.1 million contracts versus 315.7 million, +8.6%; notional value $438 million versus $395 million, +11.0%; versus 11/02, contract count +26.2% and notional value +28.9%. BTC 98,654 contracts, -0.4% (notional value +0.4%); ETH 2.374 million contracts, +1.6% (+2.6%); SOL 9.298 million contracts, -1.6% (-0.7%); BNB 566,000 contracts, -1.6% (-1.8%); DOGE 2.67 billion contracts, -0.6% (+0.8%).
The live snapshot at 00:11 was almost identical to the 00:00 daily snapshot (XRP 343.2 million versus 343.1 million contracts), so this increase in open interest occurred during 11/03, not in the last 11 minutes. Open interest does not distinguish between long and short positions, and public data cannot tell us whether these were new longs, shorts, or hedges.
Funding rates (last settlement; next settlement 11/04 08:00 UTC): BTC, SOL, XRP, and DOGE were all 0.0100%; ETH was 0.0087%; BNB was 0.0072%. All were positive.
IV. Capital is flowing out through three channels
CoinDesk, November 3: U.S. spot Bitcoin ETFs saw net outflows of $399 million on Monday, the second consecutive day of outflows; IBIT’s $405 million in single-day outflows was its largest since June (Farside). Spot Ethereum ETFs saw net outflows of about $140 million on the same day, their sixth consecutive day of outflows (TokenPost, citing SoSoValue). Reuters, November 2: Binance suffered a record $6.3 billion hack, with customers withdrawing a cumulative $3.64 billion, about 2.1% of its assets; the FBI attributed the attack to North Korea. CoinDesk reported on November 3 that the figure had risen to $4.72 billion. The same article also reported: 24-hour futures trading volume rose 51% to $168.1 billion, total market open interest fell 1.63% to $134.9 billion, and liquidations rose 171% to $382.6 million.
V. What we can and cannot say
The Fear & Greed Index is at 34, still in “Fear” territory (26 the previous day and 37 two days earlier). What we can confirm is this combination: major-coin prices made a modest recovery, ETFs saw consecutive net redemptions, exchange customers continued to withdraw funds, trading volume increased while total market open interest fell; XRP was the standout exception, with the largest single-day increase in open interest, and its position growth did not move in step with its 2.11% price gain that day. What we cannot confirm is whether redemptions and withdrawals will continue, whether withdrawals will turn into net inflows, or how the election result and this week’s employment data will be priced in. All figures come from public interfaces and traceable reports; this is not investment advice.
Data snapshot: 2026-11-04 00:11 UTC (09:11 Seoul time); Binance serverTime 1793751070220, consistent with the local clock. At this point, just 11 minutes have passed since the UTC daily candle opened on 11/04. Below, “the day” refers to the UTC day that just ended, 11/03.
I. Prices: five of the six major coins closed higher
Binance rolling 24-hour figures (as of 00:11 UTC; quote volume): BTC 77,486.00 (+0.91%, range 76,388.88–78,063.30, 969 million), ETH 2,277.96 (+1.14%, 2,241.15–2,309.00, 336 million), XRP 1.2772 (+2.14%, 1.2453–1.2914, 88 million), DOGE 0.075240 (+1.50%, 0.07354–0.07573, 16 million), SOL 92.91 (+0.95%, 91.27–93.93, 110 million), BNB 698.87 (-0.05%, 691.66–703.30, 65 million). BNB was the only one to edge lower.
This rolling window almost exactly coincides with the 11/03 UTC day (BTC daily quote volume was 969.4 million versus 969.3 million in the rolling window), so it essentially represents 11/03. The 11/04 daily candle had only been open for 11 minutes (open 77,453.85, latest around 77,395), which tells us nothing.
II. Divergence in breadth; be cautious about attribution
Global figures from CoinGecko: total market cap of $2.62 trillion, down 1.73% over 24 hours; BTC dominance 59.29%, ETH dominance 10.60%; total market volume $62.2 billion (same interface, updated 00:11 UTC). This direction is opposite to the gains among the six major coins listed above. All we can confirm is that “the directions differ”; the figures use different methodologies and weighting scopes, which is not enough to conclude that “capital is flowing from altcoins to majors.”
III. Derivatives: XRP is the only one with a clear increase in open interest
Binance futures daily open-interest series (openInterestHist, 11/04 00:00 versus the previous day): XRP 343.1 million contracts versus 315.7 million, +8.6%; notional value $438 million versus $395 million, +11.0%; versus 11/02, contract count +26.2% and notional value +28.9%. BTC 98,654 contracts, -0.4% (notional value +0.4%); ETH 2.374 million contracts, +1.6% (+2.6%); SOL 9.298 million contracts, -1.6% (-0.7%); BNB 566,000 contracts, -1.6% (-1.8%); DOGE 2.67 billion contracts, -0.6% (+0.8%).
The live snapshot at 00:11 was almost identical to the 00:00 daily snapshot (XRP 343.2 million versus 343.1 million contracts), so this increase in open interest occurred during 11/03, not in the last 11 minutes. Open interest does not distinguish between long and short positions, and public data cannot tell us whether these were new longs, shorts, or hedges.
Funding rates (last settlement; next settlement 11/04 08:00 UTC): BTC, SOL, XRP, and DOGE were all 0.0100%; ETH was 0.0087%; BNB was 0.0072%. All were positive.
IV. Capital is flowing out through three channels
CoinDesk, November 3: U.S. spot Bitcoin ETFs saw net outflows of $399 million on Monday, the second consecutive day of outflows; IBIT’s $405 million in single-day outflows was its largest since June (Farside). Spot Ethereum ETFs saw net outflows of about $140 million on the same day, their sixth consecutive day of outflows (TokenPost, citing SoSoValue). Reuters, November 2: Binance suffered a record $6.3 billion hack, with customers withdrawing a cumulative $3.64 billion, about 2.1% of its assets; the FBI attributed the attack to North Korea. CoinDesk reported on November 3 that the figure had risen to $4.72 billion. The same article also reported: 24-hour futures trading volume rose 51% to $168.1 billion, total market open interest fell 1.63% to $134.9 billion, and liquidations rose 171% to $382.6 million.
V. What we can and cannot say
The Fear & Greed Index is at 34, still in “Fear” territory (26 the previous day and 37 two days earlier). What we can confirm is this combination: major-coin prices made a modest recovery, ETFs saw consecutive net redemptions, exchange customers continued to withdraw funds, trading volume increased while total market open interest fell; XRP was the standout exception, with the largest single-day increase in open interest, and its position growth did not move in step with its 2.11% price gain that day. What we cannot confirm is whether redemptions and withdrawals will continue, whether withdrawals will turn into net inflows, or how the election result and this week’s employment data will be priced in. All figures come from public interfaces and traceable reports; this is not investment advice.