Brief for 2026-11-05: BTC +2.88% over 24h. Liquidity state: SUPERPOSITION (65). US traders have bid below the global price for 61 straight days. Fear & Greed 50 (neutral).
This is the archived market brief for 2026-11-05. The numbers below reflect the market at the end of that day. View today's brief →
Market pulse
Where the market stands right now: price, dominance, sentiment, and sideline capital.
BTC $80402 · +2.88% in 24h
BTC dominance 59.57% · total market cap $2.7T
Fear & Greed: 50 (Neutral)
Retail Euphoria Index: 66 (EUPHORIA)
Stablecoin supply: $295.2B · -$439.0M 24h
Liquidity & stress
ByKaranteli's own liquidity-state model plus the gap between US-regulated and global pricing.
PsiCharge state: SUPERPOSITION · score 65/100
In this state over the last 12 months (3936 readings), BTC averaged -0.11% over the next 24h and closed higher 52% of the time
Coinbase Premium -0.09%: US bids below global price, day 61 of the streak
Flow & positioning
Order-flow toxicity and where leveraged open interest moved in the last 24 hours.
BTC order-flow toxicity (VPIN) 0.15, 71th percentile of 90 days
Biggest OI move: ADAUSDT open interest +5.8% with price +3.2% (longs building)
Across 10 tracked majors: 1 adding leverage, 5 squeezing out
Top-30 perp positioning: 20 symbols long crowded, 10 in short ramp
Whales, positioning and stock perps
What the largest Hyperliquid accounts hold, how Binance accounts are positioned, the stock and commodity perps, and the Korea and Turkey premium.
Hyperliquid whales (top 1000 accounts by equity): $2.6B long vs $3.1B short, 45% long
BTC whale book: 42% long on $1.4B of open positions
Implied volatility and what the tape actually paid for in the last 24 hours.
BTC implied volatility (DVOL): 37.9
24h taker premium: $14.8M into calls vs $11.4M into puts
Largest print: sell BTC-7NOV26-78000-C · $2.8M premium
Put/call OI ratio 0.65 · call wall at $90000, put wall at $60000
Liquidations
Forced liquidations recorded across our exchange feeds in the last 24 hours.
24h wipeouts: $138.3M longs vs $417.0M shorts across 86,075 events
Largest single liquidation: ETHUSDT $38.0M
1 cascade event detected in 24h, largest $358.5M
ETF flows
US spot ETF net flows, last finalized trading day.
BTC ETFs $115.6M on 2026-11-03 · day 3 of the outflow streak
ETH ETFs $85.3M on 2026-11-03 · day 7 of the outflow streak
Calendar
What is scheduled, and what similar days have actually done to price.
FOMC statement · December 8-9, 2026 in 34 days
Fed days move BTC 2.5x a normal half hour (18 meetings measured)
CFTC week of 2026-10-27: hedge funds net -3,979 BTC futures contracts (+963 WoW)
Desk highlights
The notes the desk scored highest this day, in full.
Free Datasets
US buyers stay below global price for 61 days
US buyers have paid less for $BTC than the rest of the world for 61 days in a row. The Coinbase premium, the gap between Bitcoin's price on Coinbase and on other venues, is at -0.094% on the latest reading.
That discount is thinner than its 7 day average of -0.187%. Coinbase buyers are still below the global price, by a smaller margin than their average over the past week.
The premium shows where buyers pay up relative to each other, not which way the price moves next.
Source: ByKaranteli, https://bykaranteli.com/brief/2026-11-05#2026-11-05-0740-data-spotlight, data as of 2026-11-05 07:40 UTC
Coinbase Premium
Coinbase discount reaches its 61st day
Nov 4 made it 61 days in a row that American buyers paid less for Bitcoin on Coinbase than traders on global venues. The discount that day was -0.094%.
That gap was shallower than its seven day average of -0.187%, but the sign is what counts here. Across the whole stretch, US demand on Coinbase has not once priced $BTC above the rest of the world.
In the futures market, quarterly contracts traded above spot at an annualized +5.43%. That is the extra cost traders paid to hold Bitcoin exposure through a dated contract instead of owning the coin.
Since 2017, days in this very low band saw a median -0.2% BTC move over the next 7d (n=667, base +0.5%, 9y of records). History, not a forecast.
Source: ByKaranteli, https://bykaranteli.com/brief/2026-11-05#2026-11-05-0720-premium-daily, data as of 2026-11-05 07:20 UTC
Network Health
Miners added 7.7% more power in a week
Miners put more machines back on Bitcoin over the week to Nov 4, but the network's computing power was still below its level a month earlier. Our node read the hashrate, the total power securing the chain, at 1100 EH/s. That is +7.7% over 7 days against -6.8% over 30 days.
Difficulty, the bar a miner has to clear to find a block, was 148.36T. Block space cost next to nothing, with fees at 0.0 sat/vB, the price paid per unit of transaction data.
Miners took 440.0 BTC in total revenue for the day.
Since 2017, days in this very high band saw a median +0.0% BTC move over the next 7d (n=643, base +0.5%, 8y of records). History, not a forecast.
Source: ByKaranteli, https://bykaranteli.com/brief/2026-11-05#2026-11-05-0540-network-daily, data as of 2026-11-04 00:20 UTC
TradFi Perps
TradFi perp liquidations jumped 307%
Forced closures on Binance's stock, commodity and index perpetuals reached $116.79M on Nov 4, up 307% from $28.67M on Nov 3. Leveraged buyers carried most of it, with the split at 80% longs / 20% shorts.
Long positions worth $93.0M were closed by force, against $23.8M for traders betting on a fall. Our recorded stream logged 24,120 liquidation events across 234 contracts.
Two names sat almost level at the top. $SNDK saw $20.56M liquidated and $SOXL $20.52M, and $SOXL also produced the largest single closure of the day at $1.90M. Gold ranked third at $7.58M.
Source: ByKaranteli, https://bykaranteli.com/brief/2026-11-05#2026-11-05-0310-tradfi-liquidations-daily, data as of 2026-11-04 23:59 UTC
Withdrawals and NetworksAlert
Bitrue shuts USDT withdrawals on NEAR
A NEAR route out of Bitrue has closed. The exchange just marked USDT withdrawals on the NEAR network as closed in its own currency list, picked up in our daily read.
Anyone holding $USDT on Bitrue who planned to send it to a NEAR wallet or app can't use that path until it reopens. Deposits and other networks may still be open.
A withdrawal pause is the earliest public sign a venue gives when something is wrong, though most turn out to be routine maintenance.
Source: ByKaranteli, https://bykaranteli.com/brief/2026-11-05#2026-11-05-0507-event-venue-event, data as of 2026-11-05 05:07 UTC
LiquidationsAlert
SOXL longs lose $2.3M in half an hour
Nearly every dollar liquidated in $SOXL over the last 30 minutes came from one side. Across the major venues, $2.3M of long positions were closed by force. These were bets on a higher price made with borrowed money.
Traders positioned for a fall lost only $41.9K in the same window.
The totals are measured from the raw liquidation streams of the major venues.
Source: ByKaranteli, https://bykaranteli.com/brief/2026-11-05#2026-11-05-0137-event-liq-burst, data as of 2026-11-05 01:37 UTC
SuperChart
An $11.4M bet against Bitcoin is wiped out
$80,672 is where Bitcoin closed out the 24 hours to Nov 5, a move of +4.17%, and the rise came at a cost for traders positioned for a fall.
The heaviest hit of the window was a short liquidation of $11.4M on Binance, a bet on a lower $BTC that the exchange closed by force. Across the day our collectors logged 5,977 recorded prints of $1K or more.
The liquidation heatmap behind the candles is an estimate of where leveraged positions sit. The prints on the candles are recorded closures.
Source: ByKaranteli, https://bykaranteli.com/brief/2026-11-05#2026-11-05-0035-chart-daily, data as of 2026-11-05 00:35 UTC
Borrow Rates
OKX charges the most to borrow USDT
OKX was the most expensive place to borrow USDT on margin in the Nov 5 read at 05:25 UTC, charging 6.7% a year. Bybit was the cheapest at 3.97%, and the median across the three venues we track was 5.84%.
Bitcoin itself cost far less to borrow on OKX, just 0.5% a year. Leveraged $BTC longs there were paying 10.95% a year in funding, the fee longs pay shorts to keep perpetual futures bets open.
That left a recorded gap of 10.45% between the funding longs paid and the cost of borrowing the coin, the largest such gap across the 15 assets in this read.
Source: ByKaranteli, https://bykaranteli.com/brief/2026-11-05#2026-11-05-0620-borrow-daily, data as of 2026-11-05 05:25 UTC
Written by the ByKaranteli desk writer, an AI model, from the platform's recorded data and checked against that data before publishing, without human edits. Translations are machine made from the English note; the English text is the record.