Crypto market brief · 2026-11-09

Bitcoin order flow turns one sided

Bitcoin order flow has turned unusually one sided. Our flow toxicity gauge (VPIN, a measure of how lopsided buying and selling volume is across each slice of trading) reads 0.1786 for $BTC, the 98th percentile of our records.

That puts it in the top decile, the zone where one group of traders is pushing through the book far more than the other.

The gauge says nothing about direction. It shows that the flow is heavy and imbalanced, not whether buyers or sellers are the ones doing the pushing.

Since 2026, days in this low band saw a median +0.9% BTC move over the next 7d (n=53, base -0.5%, 1y of records). History, not a forecast.

Source: ByKaranteli, https://bykaranteli.com/brief/2026-11-09#2026-11-09-0005-vpin-alert, data as of 2026-11-09 00:05 UTC

Coinbase discount runs to 65 days

For 65 days in a row, Bitcoin has cost less on Coinbase than on the large offshore exchanges. American buyers on the main US spot venue have paid a discount to the rest of the world, with no break in the run.

The latest daily gap is -0.130%, narrower than its seven day average of -0.145%. Both are small in percentage terms. What stands out is the length of the streak, not the size of the gap.

The Coinbase premium measures where US spot buyers price $BTC against global venues. It describes that price difference, not which way Bitcoin trades next.

Source: ByKaranteli, https://bykaranteli.com/brief/2026-11-09#2026-11-09-1730-data-spotlight, data as of 2026-11-09 17:30 UTC

Coinbase discount runs to a 65th day

Two Bitcoin markets disagree on price. On Coinbase, the exchange where US buyers trade, $BTC closed Nov 8 at -0.130% below the global price, the 65th day in a row on the discount side. The quarterly future, meanwhile, was priced +5.53% a year above spot.

The seven day average came in at -0.145%, so Nov 8 was close to the recent norm, not an outlier.

Over the last 90 days the deepest discount was -0.271% on Oct 29, and the highest reading was +0.032% on Aug 27.

Since 2017, days in this very low band saw a median -0.2% BTC move over the next 7d (n=668, base +0.5%, 9y of records). History, not a forecast.

Source: ByKaranteli, https://bykaranteli.com/brief/2026-11-09#2026-11-09-1420-premium-daily, data as of 2026-11-09 14:20 UTC

One side is leaning hard on trading

One side has been doing most of the pushing in trading. Our flow imbalance gauge reads 0.1697, higher than 93% of the last 90 days.

The gauge, known as VPIN, measures how much of the traded volume in each window comes from one side of the order flow. A higher reading means orders arrived more unevenly.

It tells you how lopsided the flow is, not its direction. This reading alone does not say whether buyers or sellers are the ones leaning.

Source: ByKaranteli, https://bykaranteli.com/brief/2026-11-09#2026-11-09-1240-data-spotlight, data as of 2026-11-09 12:40 UTC

Bitcoin slips as US discount hits day 65

Bitcoin slipped 1.80% to $74,531 in the 24 hours to Nov 9, and US traders bid it below the global price for the 65th day in a row. The crowd reads it as fear, with the Fear & Greed index at 29.

Order flow on $BTC ran lopsided. VPIN, a gauge of how one sided buying and selling are, came in at 0.16, the 89th percentile of the last 90 days.

The sharpest leverage move hit $XRP. Open bets in its futures fell 10.9% as price dropped 5.6%, a squeeze that forced out traders betting on a rise.

Source: ByKaranteli, https://bykaranteli.com/brief/2026-11-09#2026-11-09-0900-daily-brief, data as of 2026-11-09 09:00 UTC

Block trades carried 63% of option money

Most of the money in Bitcoin options over the 24 hours to Nov 9 never touched the order book. Block trades, deals negotiated privately and then reported to the venue, carried 63% of recorded premium across 17,821 trades.

The biggest tickets of the last 48 hours clustered at the $70,000 and $72,000 strikes on $BTC. One trader sold a $3.7M block of Mar 26 $70,000 puts. On the other side, buyers took $3.2M of Dec 25 $72,000 puts and $2.7M of Mar 26 $72,000 puts. A put pays if price settles below its strike.

Across the whole day, buyers spent $4.3M on calls and $3.5M on puts.

Since 2021, days in this very low band saw a median -0.2% BTC move over the next 7d (n=406, base +0.1%, 5y of records). History, not a forecast.

Source: ByKaranteli, https://bykaranteli.com/brief/2026-11-09#2026-11-09-0810-options-flow-daily, data as of 2026-11-09 08:10 UTC

Bitcoin hashrate drops -19.3% in a week

The seven days to Nov 8 took -19.3% off the computing power securing Bitcoin, a far steeper cut than the -8.8% our node logged over 30 days. The hashrate, the total power miners point at the chain, read 827 EH/s.

Difficulty, the bar each new block has to clear, stood at 148.36T on the same reading.

Block space stayed cheap. Fees ran at 1.5 sat/vB, and miners earned 421.4 BTC across the day.

Since 2017, days in this very high band saw a median +0.0% BTC move over the next 7d (n=633, base +0.5%, 8y of records). History, not a forecast.

Source: ByKaranteli, https://bykaranteli.com/brief/2026-11-09#2026-11-09-0540-network-daily, data as of 2026-11-08 00:20 UTC

Leveraged shorts lose $4.0M on SanDisk

SanDisk short sellers using borrowed money just got squeezed. Across the major venues, $4.0M of leveraged $SNDK short positions were liquidated in the last 30 minutes. Exchanges closed them by force once the collateral behind them no longer covered the losses.

Traders on the other side came through with far less damage. Long liquidations over the same 30 minutes came to $295.9K, which left the hit almost entirely on those who had bet on a lower price.

Source: ByKaranteli, https://bykaranteli.com/brief/2026-11-09#2026-11-09-1507-event-liq-burst, data as of 2026-11-09 15:07 UTC

A $5.2M Bitcoin long was forced shut

Bitcoin ended the 24 hours to Nov 9 at -1.08%, last at $75,015. A small move, but leveraged traders still paid for it.

The biggest single hit was a long liquidation of $5.2M on Binance, a bet on a rise that the exchange closed for the trader. In all, our collectors logged 4,619 recorded prints of $1K or more, each one a forced closure.

The heatmap behind the candles is an estimate of where leveraged positions sit. The prints on the candles are recorded.

Ether longs took the brunt of Sunday's flush

Ether bulls took the heaviest losses on Sunday, Nov 8. Of $220.2M in ETH positions liquidated, $200.6M were bets on a higher price. The largest single liquidation of the day was $17.6M of ETH on Binance.

Across 11 venues our streams recorded $535.3M closed by force in 125,696 events. Longs made up 88.8% of it, $475.1M against $60.2M of shorts. Bitcoin added $116.1M of long liquidations.

That total is 900.5% above the $53.5M on Nov 7 and above the $340.9M seven day average, though still short of the $913.5M on Nov 5. Recorded totals are a floor from the venues' public streams.

Stock perp longs take 90% of the losses

Traders betting on higher stock and commodity prices took 90% of the damage on Binance's TradFi perpetuals on Nov 8. Of $18.41M forced shut across 218 contracts, $16.6M came from longs and only $1.8M from shorts.

SanDisk led the losses with $4.41M of $SNDK positions closed, ahead of $SOXL at $1.97M and gold at $1.58M. The biggest single forced closure was a $307K position in Micron, $MU.

The day's total came in at +664% against the $2.41M recorded on Nov 7, spread over 6,498 separate forced closures.

Gate closes USDC withdrawals on BSC

Gate has just switched off USDC withdrawals on the BSC network. The route now shows as closed on the exchange's own currency list, picked up in our daily read of its listings.

If you keep $USDC on Gate and planned to move it to a BSC wallet, bridge or app, that path is blocked until the venue reopens it. Deposits and withdrawals on other networks may still be running.

A paused route is the earliest public signal an exchange gives when something needs attention. Most of these turn out to be routine maintenance.

BingX closes DOGE withdrawals on BEP20

Dogecoin sitting on BingX can no longer leave over the BEP20 network. The exchange has just marked $DOGE withdrawals on that route as closed on its own currency list, which our daily read of its listings picked up.

This hits anyone who planned to move DOGE from BingX to a BEP20 wallet, bridge or app. Deposits and the coin's other networks may still be open, so the block may cover this one route only.

A withdrawal pause is the earliest public signal a venue gives when something is off, though most turn out to be routine maintenance.

Bitcoin longs on Binance outpay borrowers

On Binance, traders holding leveraged Bitcoin longs paid 10.95% a year in funding in the Nov 9 read at 05:25 UTC. Borrowing $BTC itself on margin there cost just 0.49% a year.

That left a recorded gap of 10.46% a year between what longs pay and what borrowers pay, the widest across the 15 assets we track on three venues.

Borrowing USDT was cheapest on Bybit at 3.98% a year and dearest on Binance at 5.7%. The median across venues came in at 4%.

Ether longs forced out in 30 minutes

A wave of forced closures just ran through Ether, and it hit the buyers. Over the last 30 minutes the major venues liquidated $7.9M of leveraged $ETH long positions, meaning exchanges shut them once the collateral behind them could no longer cover the move.

The opposite side was close to untouched. Only $101.6K of $ETH short positions were closed the same way in that half hour.

That gap puts the pressure squarely on traders who borrowed to bet on a higher Ether price.

OKX closed USDT withdrawals on Avalanche

OKX listed USDT withdrawals over the Avalanche C Chain as closed when our daily read of its currency list came through. That reading tells us the route was shut at that point, not when the pause began.

Anyone holding $USDT on OKX and planning to send it to an Avalanche wallet, bridge or app had no exit on that chain at the time of our read. Deposits and other networks may still be open.

A closed withdrawal route is the earliest public signal a venue gives when something is wrong, and most of these pauses are routine maintenance.

Leveraged Bitcoin buyers lose $6.8M

Bitcoin's leveraged buyers just took a $6.8M hit. Across the major venues, $BTC long positions worth that much were liquidated in the last 30 minutes. That means exchanges closed them by force once the collateral behind them stopped covering the losses.

Traders positioned for a lower price lost just $124.4K over the same window. Nearly every dollar forced out came from the long side.

These figures come from the raw liquidation streams of the major venues.

Bitcoin and Ether are trading in lockstep

Over the past 30 days, $BTC and $ETH have moved almost as one, with a price correlation of 0.945 between them. A reading of 1 would mean the two rose and fell together in perfect proportion; 0 would mean no link at all.

The figure is built from 30 daily samples across that 30 day window. It measures how closely the two coins track each other, not which way either one is heading.

For anyone holding both, a reading this close to 1 means the two positions have behaved almost like a single bet over the past month.

Tron short sellers pay to stay in

Tron sits on the short side of the funding board. Traders betting on a $TRX fall are paying -0.02% to hold their positions, and open interest, the money in open futures bets, grew 4.12% over the 24 hours to Nov 9.

$ATOM shows the same lean at -0.02%, with open interest up 0.99%. Solana paid -0.01% and Ether rounded to 0%, but in both cases positions shrank, by 1.25% and 3.31%.

On the other side, buyers of $BTC, NEAR, ARB and INJ pay 0.01% to stay long.

Leveraged SOXL buyers forced out for $1.7M

Traders who bet on a higher $SOXL with borrowed money were hit by a wave of forced closures. In the last 30 minutes the major venues liquidated $1.7M of long positions, shutting them once the collateral behind them could no longer cover the losses.

The other side barely moved. Short positions liquidated over the same half hour came to $82.2K.

Both totals come from the raw liquidation streams of the major venues.

Futures expiries line up across 15 venues

Fifteen venues have dated futures expiring in the seven days after Nov 9, 133 contracts in all, and Tuesday Nov 10 opens the run.

Deribit carries most of that first day with 13 $BTC contracts and one $AVAX contract. Bullish lists a single $BTC contract dated Nov 10. Options add 7,682 contracts due within the same week.

On Nov 9 Deribit settled three contracts at 08:00 UTC. Its coin margined Bitcoin future closed at $73,906.34 and the USDC margined version at $73,906.35, with $AVAX settling at $7.842.

Insurance funds give back $47.2M in a day

Exchange insurance funds gave back -$47.2M in the 24 hours to 09:00 UTC on Nov 9, a -0.68% day that leaves $6.87B across the 10 venues we track. The seven day change stands at -1.42%.

OKX, the largest fund at $2.87B, posted -1.24%, and Bybit moved -1.48% to $1.10B. Binance went the other way at +0.38%, leaving $1.87B, and Paradex was the biggest mover at +1.84%.

An insurance fund is the cash a venue keeps to pay for liquidations that close below the bankruptcy price. Together these funds equal 15.56% of perpetual open interest on the coins we track. They are balances the venues report, not audits.

Longs took $2.01B of the week's liquidations

Leveraged longs took the bigger hit in the week of Nov 2 to Nov 9. Our collectors recorded $2.84B forced shut across 666,891 events, $2.01B of it from bets on a rise against $824.2M from shorts. $BTC led at $746.5M.

Open bets on perpetual futures across 27 venues ended at $65.88B, -7.57% over the week. US spot Bitcoin ETFs logged -$1.28B over the last five settled days, $ETH ETFs -$365.3M.

The weekly recap also counts 66,009 trades of $1M or more and 2,015 order book snapshots. All of it is in the free datasets.

Resting asks thin 13.7% in a day

Offers resting above $BTC thinned out in the 24 hours to 09:35 UTC on Nov 9, and the bid side didn't budge. Asks within 2% of mid fell 13.7% across 21 spot venues. Bids in the same range show a 0% change.

That leaves $150.1M of resting bids against $104.4M of asks, an 18% lean toward buyers. The mid is $74.2K, down 2.2% from $75.9K a day earlier.

The largest walls hug price on both sides. There are $24.0M of bids at $74.2K, 0.05% below mid, and $26.8M of asks at $74.3K, 0.05% above it. Resting orders can be pulled at any moment, so this book is a snapshot, not a forecast.

Whales sold more, but neither side won

Sellers outspent buyers among the big traders in the 24 hours to 10:00 UTC on Nov 9, but not by enough to call it a one sided day. Whale sized sells came to $8.42B against $7.73B of buys, spread over 9,244 large trades.

Buyers held 47.9% of that flow, inside the 45% to 55% range we treat as two sided.

$BTC carried more whale money than any other coin and also took the biggest single trade of the window at $33.5M.

Dai slips below its dollar peg

Dai just traded below its dollar peg. Across the 3 venues in our 10 minute snapshot, $DAI changed hands as low as $0.9860 and no higher than $0.9979, with a median of $0.9889.

Anyone counting DAI as a full dollar, whether as trading collateral or as cash parked on an exchange, holds less than that at these venue prices.

These are venue level prices from public endpoints. They show where DAI is trading, not that redeeming it for dollars has broken.

Leveraged longs carry the heavier modeled side

Leveraged buyers carry more of Bitcoin's estimated liquidation risk than sellers on our modeled map, counting levels within 3% of the $74,125 last price at 11:00 UTC on Nov 9.

Below the price, the first modeled long liquidations sit at $73,748 and the largest cluster at $73,230. Those are the levels where traders betting on a rise with borrowed money would be forced to sell.

Above, the nearest estimated short level is $75,044 and the largest is $76,944, where bets on a fall would be forced to buy back.

LiqMap adds crude oil, gas and metals

LiqMap now covers WTI crude, Brent, natural gas, copper, platinum and palladium. That's the headline item among 7 changes this week, spread across data, API, site and infrastructure.

For anyone pulling our numbers into their own tools, the API now serves Markdown pages, one with a daily liquidation table and one with the list of cascades.

On the site, the sign in forms got a bot check, and checkout now shows the plan first and names the ways to pay before the invoice. Three more changes also went out.

XRP traders cut 12.07% of open bets

XRP led a broad unwind in futures in the 24 hours to Nov 9, 11:35 UTC. Open interest on $XRP, the value of futures bets still open, fell 12.07% as the price dropped 7.34%. Traders closed positions into the decline instead of adding new ones.

Ether was close behind. $ETH open interest fell 9.55% on a 5.64% price drop. Dogecoin (-7.71%), Chainlink (-5.4%) and Litecoin (-4.69%) followed the same pattern of shrinking bets and falling prices.

Bitcoin stood apart. $BTC lost 2.09%, yet its open bets fell only 0.64%, so most of its futures positions stayed in place through the drop.

BingX and HTX add four new futures

Four new perpetual futures contracts went live in the 24 hours to Nov 9, all of them on two exchanges. The other venues we track added nothing.

BingX listed $NIUBI and $PUSSY, both first seen at 09:52 UTC. HTX added $XP and XLV earlier in the day, first seen at 04:52 UTC.

Each contract trades on a single exchange so far, so all of its leveraged trading runs through that one venue.

Ether shorts carry more of the nearby risk

Traders betting against Ether hold the heavier load of estimated liquidation levels close to the $2,121 price, as of 13:00 UTC on Nov 9. Within 3% of price, the modeled exposure leans to the upside, where short positions sit.

The first modeled short cluster is at $2,134, and the larger one at $2,208. If $ETH reached those levels, those traders would be forced to buy back.

On the other side, estimated long liquidations begin at $2,089, with the larger long cluster at $2,059. All of these levels are modeled from open interest and leverage, not recorded liquidations.

Bitcoin and Ether trade below Nov 8's range

Bitcoin and Ether both trade below the range where they spent most of yesterday's session, ahead of the US open. $BTC is at $74,600.10, under the bottom of its value area, the band that held 70% of the day's trading time.

On Nov 8 that band ran from $74,850.13 to $76,101.43, a width of 1.65%, and the most traded price was $75,854.96. Bitcoin closed at $74,823.50, 1.36% under it.

$ETH spread over a wider 4.96% band, from $2,134.89 to $2,245.72, with most trade at $2,236.20. It closed at $2,126.27 and trades at $2,115.92.

Chainlink offers the thinnest book of eight

Chainlink had the thinnest book of the eight we read at 14:00 UTC on Nov 9. Pushing a $1.0M market order through $LINK gave up an estimated 20.7 bps between the quoted price and the average fill. A basis point is a hundredth of a percent. The same order in $BTC cost 0.3 bps.

Cardano followed at 16.6 bps, then Dogecoin at 9 bps and BNB at 7.6 bps. At the deep end, $ETH cost 1 bps, Solana 3.2 bps and XRP 5.6 bps.

On books this thin, each forced closure moves the price further per dollar, in either direction, so a run of liquidations can travel faster in Chainlink and Cardano than in Bitcoin or Ether.

Bitcoin bids outweigh asks by 8.0%

Bids outweighed asks in the $BTC spot books at 13:56 UTC on Nov 9. Across 21 venues, $133.1M of bids rested within 2% of the $74,695 price, against $113.5M of asks, an imbalance of +8.0%.

The heaviest price levels hugged the market on both sides. A $28.8M bid cluster sat at $74,658 and a $28.7M ask cluster at $74,733, each the combined size in one 0.1% bin across venues.

$ETH was close to even, with $73.9M of bids against $73.6M of asks (+0.3%). Its largest levels were $15.5M at $2,121 and $16.2M at $2,125.

This is resting size, and it can be pulled before it trades.

Longs pay as ON open positions jump 26.34%

Longs are paying for their seats across most of our futures board in the 24 hours to 15:00 UTC on Nov 9, and $ON stands out. Its open positions grew 26.34%, and holders of long bets pay 0.06% in funding, the fee one side pays the other to keep a bet open.

More open contracts with longs paying that fee is how crowding on the long side shows up in the numbers. $AVAX came next, with open positions up 12.57% and funding at 0.01%.

$JCT runs the other way. Its open positions fell 4.33%, meaning contracts were closed, yet its 0.11% funding is still the highest on the list.

Lira buyers get Bitcoin under world price

Lira buyers got Bitcoin a little under the global price on Nov 9. The Turkey Premium Index read -0.11% (-11.5 bps), a score of 45 / 100 in the neutral regime, near its 24 hour average of -8.8 bps.

Most of the gap comes from the currency. Tether against the lira traded -9.6 bps below the official USD/TRY rate, which was last set on Nov 6, and Bitcoin's own pricing on Turkish books added only -1.9 bps.

Among the five Turkish exchanges in the index, CoinTR was the dearest at -7.0 bps and Bybit TR the cheapest at -28.0 bps. That's a price gap, not a trade anyone can lock in.

Ether's spot bids thin out by 21.2%

Ether's spot book got thinner on the way down. In the 24 hours to 15:35 UTC on Nov 9, resting bids within 2% of the price shrank 21.2% and offers shrank 16%, as $ETH fell 4.6% from $2,240.22 to $2,137.45.

Buyers still hold a slight edge. Across 21 spot venues, $75.40M of bids sat within 2% of the price against $71.49M of offers, a 2.7% tilt toward the bid side.

The two largest walls hug the price. Bids worth $11.43M rest at $2,136.38, 0.05% below mid, and offers worth $13.28M wait at $2,138.51, 0.05% above. Resting orders can be pulled at any time, so this is a snapshot of the book, not a floor or a ceiling.

Cardano funding splits widest across venues

Cardano shows the widest funding gap between venues on Nov 9. Funding is the regular payment between longs and shorts on perpetual futures, and holding a $ADA long costs 0.08% per 8 hours more on XT than on HTX.

Annualized, that gap comes to a modeled 79.82% after fees. It's an estimate that assumes today's spread holds all year, not a return anyone has booked.

$AVAX and Dogecoin follow at 0.06% per 8 hours, then $SOL at 0.05%, cheapest to hold long on Hyperliquid and dearest on DigiFinex. XT turns up on three of the four coins, the dearest venue for longs on ADA and Dogecoin but the cheapest on AVAX.

Oversold coins outnumber overbought ones

Oversold names outnumber overbought ones across the 400 largest Binance futures. On the daily RSI, a 14 day momentum gauge where 30 or under counts as oversold and 70 or over as overbought, 45 contracts sit at the low end and 11 at the high end. The average reading is 42.7.

$FOGO is the most stretched at 19.9, though it moved only -0.5% over 24 hours. $HUMA follows at 21.2 after a -9.3% day, and $PLAY at 22.7 after -12.9%.

An oversold reading describes how far recent selling has gone. It does not mark where it stops.

Long bets outnumber shorts despite falling price

Bitcoin has dropped -6.57% over the past 14 days to $74,934, and the crowd is still heavily long. Across all accounts, 2.78 hold long bets for every one holding short, close to the top of the 1.37 to 3.19 range of the window.

The largest traders split two ways. Counted by account they run 3.05 longs per short. Weighted by position size the figure is 2.08, so the heaviest books carry a smaller long lean than the head count.

Ether has the most one sided crowd of the 30 coins we track, at 3.93 long accounts per short. In the 24 hours to Nov 9, aggressive selling on $BTC outpaced buying by -13 BTC.

Altseason index drops 13 points in a week

Altcoins gave back ground on Bitcoin this past week. The Altcoin Season Index lost 13 points over seven days and read 55 on Nov 9, still in no clear season, between the 25 line for Bitcoin season and the 75 mark where altseason begins.

Of the 49 altcoins we sample, 27 beat $BTC across the past 90 days. Bitcoin itself returned 17.9% over the same stretch, so the bar the alts had to clear was not low.

The gap between the best and worst names is wide. $ARIA leads with +431.3% over 90 days, and $UAI trails at -82.3%.

Fear lifts a point but still holds

Traders were a touch less nervous on Nov 9, but still nervous. The Fear and Greed index, one score for how bold or anxious the market feels, read 29 at 19:00 UTC. That is 1 point higher than 24 hours earlier, and the reading still carries the fear label.

Dollars parked in stablecoins barely moved. Total stablecoin supply was $294.30B, up 0.01% over the same 24 hours.

Bitcoin's share of the total crypto market value was 59.55% at the same reading.

Bitcoin holds 59.56% of crypto's value

More than half of all the money held in crypto sits in a single coin. $BTC accounts for 59.56% of a market valued at $2.51T, measured at 19:42 UTC on Nov 9.

$ETH holds 10.29% of that total. Together the two leave every other token, from the large caps down to the smallest listings, splitting a minority of the market's value.

A single reading shows a level, not a direction. Money moving toward smaller coins would show up as Bitcoin's share giving ground across several days, not in one snapshot.

Layer 2 led a down day across themes

Quantum's -2.34% was the best result among our eight theme baskets in the 24 hours to Nov 9. Every basket closed lower. Layer 2 fell hardest at -5.76%, with DePIN at -5.02% and DeFi at -5% close behind.

The 30 day picture is wider. $BTC returned -9.4% over that stretch, and all eight baskets trailed it. Quantum came closest at -14.9%, 5.5 percentage points behind. AI lagged most at -28.2%, a gap of 18.7 points.

Each basket holds equal weights of Binance spot pairs, rebased to Jan 1, 2025.

Tokenized stock trading jumps on DEXs

Trading in tokenized stocks on decentralized exchanges came to $372.8M in the 24 hours to Nov 9, +152.45% on the day. These are tokens that each track one listed share held by a custodian.

Supply valued at share prices reached $4.13B, +3.84% since the last recorded day. Binance bStocks is the largest issuer at $1.48B.

The median token traded at -0.19% to its underlying share. The widest premium was USOon Solana +5.54%, and the widest discount was TSLAon Ethereum -2.05%.

Ether led $712.3M of forced closures

$ETH took $283.1M of the $712.3M in leveraged positions our collectors saw forced shut in the 24 hours to Nov 9, including the largest single one at $17.6M. Across all coins, longs made up $593.5M and shorts $118.8M, over 136,958 events.

Open perpetual futures bets across 27 venues came to $67.21B, -1.54% against a day earlier, with 13.84% on decentralized venues.

On Nov 6, US spot Bitcoin ETFs saw -$411.9M net and Ether ETFs -$93.2M. The 264 large Hyperliquid accounts with open positions held 39.1% of their dollars long.

HTX's biggest traders lean against the crowd

Bitcoin's crowd and some of its biggest players sat on opposite sides at 21:03 UTC on Nov 9.

Counted by accounts, every large exchange leaned long, from 68% on Gate to 78% on Bitget, with Binance and OKX both at 74%. Weighted by position size, HTX's elite accounts were only 29% long, and the largest tracked Hyperliquid wallets held 67% of their notional, the total value of their positions, on the short side. Binance's top traders broke from that group at 69% long.

On chain, Jupiter's open positions were 89% long and GMX sat near even at 51%. Across the 11 venues, the most long and most short readings were 60 points apart.

Buyers hold 80.9% of Jupiter perps bets

Buyers hold 80.9% of all open bets on Jupiter Perps, the Solana based perps venue. Longs total $71.3M across $SOL, $ETH and $BTC, against $16.8M in shorts.

Solana carries most of it, with $45.0M of longs to $9.7M of shorts. Bitcoin leans hard too, at $20.9M long against $2.8M short. Only Ether comes close to balance, $5.4M against $4.3M.

JLP, the pool that takes the other side of these trades, holds $767.3M and yields 10.78% a year. The capacity set aside for shorts is 69.37% used on all three markets, while long usage tops out at 19.18% on Bitcoin.

Six Solana venues hold $212.7M in bets

Six Solana perpetual venues held $212.7M in open leveraged bets on Nov 9, spread over 290 markets, and $1.40B traded on them in the 24 hours to that reading.

GM Trade carries the largest share at $87.6M (41.2%). Pacifica holds $55.4M (26.1%) and Jupiter Perps $44.2M (20.8%). Phoenix has $20.9M (9.8%), Bullet $4.3M (2.0%) and Velocity $184K (0.1%).

The biggest single book is $SOL on Jupiter Perps with $27.4M open. Traders there pay an hourly borrow fee of +0.0016%, the charge for keeping leverage open on that venue.