Daily Perpetuals Market Report | 11/13: Yields Weigh on Prices, Longs Deleveraging
At midday (11:30), $BTC was marked at $69,294, down 6.12%. Earlier, when it fell below $71,000, about $50 million in long positions were liquidated within 15 minutes.
Open interest fell to $6.979 billion, down 2%, indicating that the decline has flushed out some leverage, but the market has not been fully cleared out.
The anomaly is that longs still account for 76%, while the funding rate remains positive at 0.0056%, meaning longs are still paying even after the decline.
The active buy/sell ratio is just 0.76, with aggressive selling clearly outweighing buying. Remaining longs still face the risk of further forced position reductions.
The Fear and Greed Index fell to 20, putting spot sentiment in the fear zone, but perpetuals positioning has not shifted to net short in tandem.
Immediate pressure comes from the U.S. 10-year yield holding above 5%. With $BTC near its lows, it is harder for capital to absorb highly leveraged positions.
The funding rate for $SOL reached positive 0.01%, while its price fell 4.86%—a more pronounced combination among large-cap coins of “prices retreating while the cost of longs remains high.”
Trump proposed nominees for positions on U.S. securities and futures regulatory agencies, bringing policy-sensitive trading back into focus. But for now, this is only an expectation about appointments, not enough to offset interest-rate and liquidation pressures.
The main driver of midday pricing remains “long deleveraging amid high yields”; regulatory appointments are only a secondary signal.
If the active buy/sell ratio rises back above 1, open interest stops falling, and funding rates cool, capital may shift from liquidation-driven trading back toward policy-sensitive themes. Conversely, if the long share stays elevated while selling continues to dominate, the key risk boundary remains the strength of support below $69,294.
Perpetuals data compiled with assistance from Claude Fable 5. For informational purposes only; please verify independently.
At midday (11:30), $BTC was marked at $69,294, down 6.12%. Earlier, when it fell below $71,000, about $50 million in long positions were liquidated within 15 minutes.
Open interest fell to $6.979 billion, down 2%, indicating that the decline has flushed out some leverage, but the market has not been fully cleared out.
The anomaly is that longs still account for 76%, while the funding rate remains positive at 0.0056%, meaning longs are still paying even after the decline.
The active buy/sell ratio is just 0.76, with aggressive selling clearly outweighing buying. Remaining longs still face the risk of further forced position reductions.
The Fear and Greed Index fell to 20, putting spot sentiment in the fear zone, but perpetuals positioning has not shifted to net short in tandem.
Immediate pressure comes from the U.S. 10-year yield holding above 5%. With $BTC near its lows, it is harder for capital to absorb highly leveraged positions.
The funding rate for $SOL reached positive 0.01%, while its price fell 4.86%—a more pronounced combination among large-cap coins of “prices retreating while the cost of longs remains high.”
Trump proposed nominees for positions on U.S. securities and futures regulatory agencies, bringing policy-sensitive trading back into focus. But for now, this is only an expectation about appointments, not enough to offset interest-rate and liquidation pressures.
The main driver of midday pricing remains “long deleveraging amid high yields”; regulatory appointments are only a secondary signal.
If the active buy/sell ratio rises back above 1, open interest stops falling, and funding rates cool, capital may shift from liquidation-driven trading back toward policy-sensitive themes. Conversely, if the long share stays elevated while selling continues to dominate, the key risk boundary remains the strength of support below $69,294.
Perpetuals data compiled with assistance from Claude Fable 5. For informational purposes only; please verify independently.
