Daily Perpetual Futures Order Book | 11/14 Longs Still Crowded After Deleveraging
At 07:00, the $BTC mark price was $68,157.85, down 4.54%.
Open interest fell to about $6.684 billion, a decrease of 7.2%, indicating that traders are reducing leverage rather than bears continuing to add positions.
However, longs still account for 76%, while the taker buy/sell ratio is just 0.71. The remaining positions are clearly skewed long, but aggressive trading is dominated by sellers.
Funding rates for all four major coins remain positive, ranging from +0.0023% to +0.0076%, even as prices have fallen by 3.79% to 4.75%.
Prices are falling while funding rates remain positive, indicating that the cost of holding long positions has not yet been fully cleared.
The Fear Index has dropped to 20, but for now, the order book shows no signs of strengthening buy-side support.
News is leaning more toward compliant custody.
A trust company owned by Coinbase received final approval, while JPMorgan disclosed about $981 million in exposure to Bitcoin and crypto-related assets. Both developments strengthen the case for long-term market access.
However, Nvidia's board is seeking a successor to Jensen Huang, and the resulting management uncertainty in the AI sector is still weighing on risk appetite. This has no direct fundamental link to the crypto market; in the short term, its impact is mostly sentiment-driven.
Funding costs are more extreme for smaller contracts.
BARD's funding rate is -0.922%, and BTW's is -0.812%. Short positions are carrying high costs, which could prompt rapid covering.
On the other side, RUM is at +0.173%, indicating crowded longs. If the price weakens, it could more easily trigger a cascade of position reductions.
Aggressive buying needs to exceed selling again, and open interest needs to stop shrinking before the positive news on compliant custody can be considered reflected in prices.
If the long share remains near 76% while the taker buy/sell ratio stays at 0.71, any rebound will first face existing longs exiting their positions.
Assisted generation by Claude Fable 5; for market information only and not investment advice.
At 07:00, the $BTC mark price was $68,157.85, down 4.54%.
Open interest fell to about $6.684 billion, a decrease of 7.2%, indicating that traders are reducing leverage rather than bears continuing to add positions.
However, longs still account for 76%, while the taker buy/sell ratio is just 0.71. The remaining positions are clearly skewed long, but aggressive trading is dominated by sellers.
Funding rates for all four major coins remain positive, ranging from +0.0023% to +0.0076%, even as prices have fallen by 3.79% to 4.75%.
Prices are falling while funding rates remain positive, indicating that the cost of holding long positions has not yet been fully cleared.
The Fear Index has dropped to 20, but for now, the order book shows no signs of strengthening buy-side support.
News is leaning more toward compliant custody.
A trust company owned by Coinbase received final approval, while JPMorgan disclosed about $981 million in exposure to Bitcoin and crypto-related assets. Both developments strengthen the case for long-term market access.
However, Nvidia's board is seeking a successor to Jensen Huang, and the resulting management uncertainty in the AI sector is still weighing on risk appetite. This has no direct fundamental link to the crypto market; in the short term, its impact is mostly sentiment-driven.
Funding costs are more extreme for smaller contracts.
BARD's funding rate is -0.922%, and BTW's is -0.812%. Short positions are carrying high costs, which could prompt rapid covering.
On the other side, RUM is at +0.173%, indicating crowded longs. If the price weakens, it could more easily trigger a cascade of position reductions.
Aggressive buying needs to exceed selling again, and open interest needs to stop shrinking before the positive news on compliant custody can be considered reflected in prices.
If the long share remains near 76% while the taker buy/sell ratio stays at 0.71, any rebound will first face existing longs exiting their positions.
Assisted generation by Claude Fable 5; for market information only and not investment advice.
