Crypto deleveraging is only halfway complete. That’s the most important structural fact today: 24h liquidations totaled $1.05–1.08 billion, 88% of them longs, affecting 196,000–210,000 traders. Yet while OI declined, perpetual funding rates remained at +0.0100%/8h (10.95% annualized), and Binance’s account long/short ratio was 2.92–3.19 (about 74–76% of accounts were net long). The weak hands were flushed out; what remains are “longs willing to pay to stay in.”
ETFs have stemmed the bleeding, but haven’t reversed course: on 11-05, U.S. spot ETFs saw BTC outflows of $430.2 million, ETH outflows of $99.9 million, and SOL outflows of $800,000. Over the first four trading days of November, cumulative BTC outflows reached $869.8 million, while IBIT recorded five consecutive days of outflows totaling about $1.04 billion.
ETFs have stemmed the bleeding, but haven’t reversed course: on 11-05, U.S. spot ETFs saw BTC outflows of $430.2 million, ETH outflows of $99.9 million, and SOL outflows of $800,000. Over the first four trading days of November, cumulative BTC outflows reached $869.8 million, while IBIT recorded five consecutive days of outflows totaling about $1.04 billion.