# Crypto market brief · 2026-11-10

BTC -1.82% over 24h. Liquidity state: SUPERPOSITION (53). US traders have bid below the global price for 66 straight days. Fear & Greed 32 (fear).

Source: https://bykaranteli.com/brief/2026-11-10 · attribute to ByKaranteli and quote the timestamp.
Snapshot taken 2026-11-10.

This is the archived market brief for 2026-11-10. The numbers below reflect the market at the end of that day.

## Market pulse

Where the market stands right now: price, dominance, sentiment, and sideline capital.

- BTC $73805 · -1.82% in 24h
- BTC dominance 59.77% · total market cap $2.5T
- Fear & Greed: 32 (Fear)
- Retail Euphoria Index: 54 (BALANCED)
- Stablecoin supply: $292.4B · -$1.9B 24h

## Liquidity & stress

ByKaranteli's own liquidity-state model plus the gap between US-regulated and global pricing.

- PsiCharge state: SUPERPOSITION · score 53/100
- In this state over the last 12 months (4039 readings), BTC averaged -0.15% over the next 24h and closed higher 51% of the time
- Coinbase Premium -0.14%: US bids below global price, day 66 of the streak

## Flow & positioning

Order-flow toxicity and where leveraged open interest moved in the last 24 hours.

- BTC order-flow toxicity (VPIN) 0.14, 59th percentile of 90 days
- Biggest OI move: XRPUSDT open interest -6.1% with price -4.0% (long squeeze)
- Across 10 tracked majors: 3 adding leverage, 2 squeezing out
- Top-30 perp positioning: 18 symbols long crowded, 12 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): $1.5B long vs $2.5B short, 38% long
- BTC whale book: 31% long on $1.3B of open positions
- BTC on Binance: long/short accounts 2.99, top-trader positions 2.23, taker buy/sell 0.81 (1h)
- Stock and commodity perps: 234 contracts, $4.9B open interest; largest SPCXUSDT ($506.1M), most liquidated SNDKUSDT ($11.3M in 24h)
- Kimchi premium (Upbit BTC) +1.363%, Turkey premium (BtcTurk BTC) +0.022%

## Options desk

Implied volatility and what the tape actually paid for in the last 24 hours.

- BTC implied volatility (DVOL): 39.8
- 24h taker premium: $3.8M into calls vs $7.8M into puts
- Largest print: sell BTC-26MAR27-68000-P · $4.1M premium
- Put/call OI ratio 0.73 · call wall at $80000, put wall at $60000

## Liquidations

Forced liquidations recorded across our exchange feeds in the last 24 hours.

- 24h wipeouts: $491.5M longs vs $80.8M shorts across 109,978 events
- Largest single liquidation: ETHUSDT $31.5M
- 2 cascade events detected in 24h, largest $259.1M

## ETF flows

US spot ETF net flows, last finalized trading day.

- BTC ETFs $201.1M on 2026-11-09 · day 3 of the outflow streak
- ETH ETFs $184.5M on 2026-11-09 · day 3 of the outflow streak

## Calendar

What is scheduled, and what similar days have actually done to price.

- FOMC statement · December 8-9, 2026 in 29 days
- Fed days move BTC 2.5x a normal half hour (18 meetings measured)
- CFTC week of 2026-11-03: hedge funds net -2,591 BTC futures contracts (+1,388 WoW)

## Desk highlights

The notes the desk scored highest this day, in full.

### 12:40 UTC · Coinbase discount on Bitcoin reaches day 66

A buyer of $BTC on Coinbase has paid less than traders on the large offshore exchanges every single day for 66 days.
Today's gap is -0.145%, a little wider than its seven day average of -0.139%. The discount is holding close to its recent level and has not closed.
This premium compares spot prices across venues; it does not point to where price goes next. A long negative run means US spot demand has been priced below global demand day after day, nothing more.

Board: /data · Permalink: /brief/2026-11-10#2026-11-10-1240-data-spotlight

### 07:40 UTC · US buyers pay less for a 66th day

Coinbase priced Bitcoin under the big offshore exchanges again. That makes 66 days in a row that American buyers on the main US spot venue have paid less for $BTC than the rest of the world.
The latest daily gap is -0.145%, a touch deeper than its seven day average of -0.139%. This gap, the Coinbase premium, compares the Coinbase price with the global price, so a negative reading means US demand is pricing Bitcoin at a discount.
The premium shows where US spot buyers are pricing Bitcoin against everyone else. On its own it does not point to a direction for price.

Board: /data · Permalink: /brief/2026-11-10#2026-11-10-0740-data-spotlight

### 14:20 UTC · US buyers stay below global price for 66 days

The US discount on Bitcoin has now run 66 days without a single day above zero. On Nov 9, $BTC on Coinbase, the exchange where US buyers trade, closed -0.145% below the global price.
The seven day average was -0.139%, so Nov 9 sat slightly under the week's typical gap. Across the past 90 days the readings ranged from -0.271% on Oct 29 to +0.032% on Aug 27.
Futures buyers are not discounting $BTC the same way. The quarterly contract was priced at +5.73% a year above spot, the premium they pay to hold exposure until expiry.

Board: /premium · Permalink: /brief/2026-11-10#2026-11-10-1420-premium-daily

### 13:31 UTC · Bitcoin ETFs log a third day of outflows

US spot Bitcoin ETFs logged a third straight session of net outflows on Nov 9, with -$201.1M leaving the group that day.
IBIT carried it, at -$213.2M, more than the group's net on its own. Across the last five sessions, -$1.08B has left the Bitcoin funds, the same direction as the day. The funds held $94.43B in net assets.
Ether ETFs saw -$184.5M leave on the same date, so both major coins recorded outflows on Nov 9.

Board: /etf · Permalink: /brief/2026-11-10#2026-11-10-1331-etf-flows

### 09:40 UTC · Stablecoin cash pile shrinks by $18.0B

Stablecoins, the dollar tokens traders hold between trades, totalled $293.00B on Nov 9. That float is down $18.0B over 30 days and $4.7B over the last 7 days, so there is less dollar cash inside crypto than a month earlier.
On the rates side, the Fed funds rate stood at 3.88% and the 10 year Treasury yield at 4.86%.
The Fed's balance sheet was $6.75T. The reverse repo facility, where money funds park overnight cash with the Fed, held $300.0M.

Board: /macro · Permalink: /brief/2026-11-10#2026-11-10-0940-macro-weekly

### 09:00 UTC · US bid stays below global for 66 days

US traders have now bid $BTC below the global price for 66 straight days. Bitcoin stood at $74,605 on Nov 10, up 0.10% over 24 hours, and the Fear & Greed index read 32, in fear territory. Bitcoin dominance was 59.60% of a $2.5T market.
Order flow was quiet. VPIN, which measures how one sided buying and selling are, came in at 0.12, the 16th percentile of the past 90 days. Our liquidity model put the market in its superposition state, score 63 out of 100.
The biggest move in leveraged positions came on $AVAX, where open interest, the money held in open futures bets, rose 20.7% as price gained 5.4%. Longs were building there.

Board: /brief · Permalink: /brief/2026-11-10#2026-11-10-0900-daily-brief

### 05:40 UTC · Bitcoin's computing power shrank over the week

Bitcoin closed out Nov 9 with 844 EH/s of computing power securing the chain, -14.3% against seven days earlier and -17.4% over 30 days. Hashrate is that total power miners point at the network, and our node shows it lower across both windows.
Difficulty, the bar each new block has to clear, stood at 148.36T on the same reading.
On the revenue side, blocks carried fees of 3.0 sat/vB, and miners took in 349.6 BTC for the day.

Board: /network · Permalink: /brief/2026-11-10#2026-11-10-0540-network-daily

### 15:41 UTC · One Ether long lost $31.5M on Htx

A single Ether long on Htx was just liquidated for $31.5M at 15:40 UTC, with price near $2,020. A second $5.4M Ether long went on the same venue at the same minute.
Across the whole market, $157.1M of leveraged positions were closed in the last 60 minutes over 617 coins, and $133.5M of that was longs, 85% of the total. $133.9M came in the last 30 minutes.
$ETH longs lost $74.5M against $4.0M of shorts, with Ether down 5.3% on the day at $2,025. $BTC longs lost $32.1M, and Bitcoin trades at $73,238 after a session low of $73,150.

Board: /liquidations · Permalink: /brief/2026-11-10#2026-11-10-1541-event-liq-cascade

## Desk log

The rest of the day's notes, in order of publication.

### 00:35 UTC · A $3.0M long forced out on a green day

A green day still cost the long side. Over the 24 hours to Nov 10, Bitcoin gained +0.37% and was last at $75,103, yet the single biggest forced closure landed on a trader betting on a rise.
That was a long liquidation of $3.0M on Binance, a leveraged position the exchange closed for the trader. Our collectors logged 2,168 recorded prints of $1K or more across the window.
On the chart, the liquidation heatmap behind the candles is an estimate of where leveraged positions sit; the prints on the candles are recorded closures.

Board: /chart?s=BTCUSDT&p=1h&heat=1&pr=1&lv=1 · Permalink: /brief/2026-11-10#2026-11-10-0035-chart-daily

### 01:37 UTC · DOS longs take a $2.3M flush

A one sided half hour on DOS. Traders holding leveraged bets on a higher $DOS had $2.3M of positions closed by force across the major venues in the last 30 minutes, counted from the raw liquidation streams.
Short sellers came through untouched, with $0.00 liquidated on their side. Every dollar of the flush hit buyers who had borrowed to bet on a rise, once their collateral no longer covered the drop.

Board: /liquidations · Permalink: /brief/2026-11-10#2026-11-10-0137-event-liq-burst

### 03:10 UTC · Longs and shorts shared a $46.08M flush

Longs and shorts shared the pain almost exactly on Binance's stock, commodity and index perpetuals on Nov 9. Of $46.08M forced shut, $22.9M came from traders betting on higher prices and $23.2M from those betting on lower ones. That is a 50% longs / 50% shorts split across 186 contracts and 12,853 forced closures.
SanDisk led with $11.15M of $SNDK positions closed, including the day's largest single closure at $877K. $SOXL followed at $10.32M and $SOXS at $2.73M.
The day's total was +145% above Nov 8, when $18.81M was forced shut.

Board: /tradfi · Permalink: /brief/2026-11-10#2026-11-10-0310-tradfi-liquidations-daily

### 03:37 UTC · Bybit closes USDC withdrawals on Aptos

Bybit has closed the Aptos route for USDC withdrawals. The exchange now lists that path as shut on its own currency list, which our daily read of the venue picked up.
Traders with $USDC on Bybit who planned to move it to an Aptos wallet or app can't use that chain for now. Deposits and other networks may still be open.
A withdrawal pause is the earliest public signal an exchange gives when something is off, but most of them come down to routine maintenance on a single network.

Board: /withdrawals/usdc · Permalink: /brief/2026-11-10#2026-11-10-0337-event-venue-event

### 06:20 UTC · Dollar margin costs a median 4% a year

Borrowing dollars on margin cost a median 4% a year across the three venues we track in the Nov 10 read at 05:25 UTC. Bybit was the cheapest place to borrow USDT at 3.98%, and Binance the dearest at 5.84%.
Bitcoin looked very different. On Binance, leveraged $BTC longs paid 10.95% a year in funding, the regular payment that keeps futures close to spot, while borrowing $BTC itself on margin there cost 0.48% a year.
That recorded gap of 10.47% a year was the widest among the 15 assets we track that morning.

Board: /borrow · Permalink: /brief/2026-11-10#2026-11-10-0620-borrow-daily

### 08:10 UTC · Put buyers outspent call buyers in Bitcoin

Bitcoin option buyers put more money into puts than calls over the last 24 hours, $5.2M against $4.4M. A put pays if $BTC settles below its strike price, a call if it settles above.
Block trades, deals negotiated privately and then reported to the venue, carried 53% of recorded premium across 13,909 trades.
The largest tickets of the last 48 hours all clustered at the $70,000 and $72,000 strikes. The biggest, $3.7M, was a block sale of the $70,000 put for Mar 26, 2027. On the buying side, blocks took $3.2M of the $72,000 put for Dec 25 and $2.7M of the same strike for Mar 26, 2027.

Board: /options-flow · Permalink: /brief/2026-11-10#2026-11-10-0810-options-flow-daily

### 09:20 UTC · Paradex adds +3.00% to its insurance fund

Paradex grew its insurance fund by +3.00% in the 24 hours to 09:00 UTC on Nov 10, the largest move among the 10 venues we track. That fund is the cash an exchange keeps to cover liquidations that close below a trader's bankruptcy price.
The 10 funds total $6.87B, +0.05% or +$3.5M on the day and -0.72% over seven days. OKX holds the largest at $2.87B, then Binance at $1.87B. Bybit, at $1.10B, slipped -0.02%.
Together they equal 15.38% of perpetual open interest, the money in open perpetual bets, on the coins we track.

Board: /insurance-funds · Permalink: /brief/2026-11-10#2026-11-10-0920-insurance-daily

### 09:20 UTC · Deribit lines up 12 Bitcoin futures expiries

Wednesday, Nov 11 opens the week's expiry run, and Deribit carries most of it with 12 Bitcoin futures contracts plus one $AVAX contract. Bullish adds a single $BTC contract dated the same day.
Across 15 venues, 106 dated futures expire in the seven days from Nov 9. Options add 7,445 contracts over the same stretch.
No dated futures settled in the 24 hours to Nov 9, 09:15 UTC.

Board: /settlements · Permalink: /brief/2026-11-10#2026-11-10-0920-settlements-daily

### 09:40 UTC · Sellers added depth faster than buyers

Sellers added more depth to the $BTC spot book than buyers did in the 24 hours to 09:36 UTC on Nov 10. Across 21 spot venues, asks within 2% of mid grew 29.3%, and bids in the same range grew 17.3%.
Buyers still hold the heavier side, with $171.7M of resting bids against $135.2M of asks, an 11.9% imbalance in favour of bids. Mid is $74.4K, against $74.2K a day earlier.
The largest ask wall rests right on top of price, $33.8M at $74.4K, 0.05% above mid. The largest bid wall, $32.9M at $72.7K, rests 2.25% below. Resting orders can be pulled at any time, so this is a snapshot of the book, not a forecast.

Board: /orderbook?symbol=BTC · Permalink: /brief/2026-11-10#2026-11-10-0940-orderbook-btc

### 10:00 UTC · Whale sellers edge buyers on a two sided day

A two sided day for the biggest traders in crypto. Across 6,833 large trades in the 24 hours to 10:00 UTC on Nov 10, sells added up to $6.32B and buys to $5.85B.
Buyers took 48.1% of that flow. That sits inside the 45% to 55% range, so neither side counts as leading.
Bitcoin drew the most whale money, with 3,969 of those trades, and it also carried the largest single order of the day at $24.9M.

Board: /whales · Permalink: /brief/2026-11-10#2026-11-10-1000-whales-daily

### 10:37 UTC · Solana longs take a $1.8M liquidation flush

Solana's leveraged buyers just took a hit. In the last 30 minutes the major venues liquidated $1.8M of $SOL long positions, closing them by force once the collateral behind them no longer covered the moves against them.
The short side barely registered, with $387.00 of positions liquidated over the same half hour.
The count comes straight from the raw liquidation streams of the major venues, so it shows what those exchanges closed, not the whole market.

Board: /liqmap/sol · Permalink: /brief/2026-11-10#2026-11-10-1037-event-liq-burst

### 11:00 UTC · Bitcoin longs carry the nearer liquidation risk

Bitcoin buyers using borrowed money carry the heavier side of the risk on our modeled liquidation map, measured within 3% of the $74,200 price at 11:00 UTC on Nov 10.
The first estimated long liquidations start at $73,933, and the largest modeled cluster below price sits close by at $73,759. A dip into that zone is where leveraged longs would be forced to sell.
Above price, the nearest modeled short liquidations sit at $75,405 and the largest at $77,397, further from where Bitcoin trades.

Board: /liqmap/btc · Permalink: /brief/2026-11-10#2026-11-10-1100-liqmap-btc

### 12:01 UTC · Avalanche traders pile into new long bets

Avalanche drew the biggest wave of new futures positions in the 24 hours to Nov 10, 11:35 UTC. Open interest on $AVAX, the value of futures bets still open, grew 16.7% as the price rose 3.48%, a pattern that reads as traders opening new long bets.
Solana went the other way. $SOL open interest added 3.51% as price moved -1.67%, so the new money there leaned toward bets on a fall. LINK showed the same short side build on a smaller scale, at 2.31% against a -0.54% price move.
$BTC open interest grew 2.92% on a price change of just 0.04%, new positions stacking up with the price barely moving.

Board: /oi-leaderboard · Permalink: /brief/2026-11-10#2026-11-10-1201-oi-movers

### 13:00 UTC · Ether longs carry the heavier nearby risk

Below the $2,098 Ether price, leveraged buyers carry more of the estimated liquidation risk as of 13:00 UTC on Nov 10. Within 3% of price, the modeled exposure leans to the downside, where long positions sit.
The nearest modeled long cluster is at $2,072, with the largest at $2,053. Above price, the first estimated short liquidations sit at $2,106 and the biggest cluster at $2,201.
Under $2,072, the modeled levels start forcing leveraged longs out of their positions.

Board: /liqmap/eth · Permalink: /brief/2026-11-10#2026-11-10-1300-liqmap-eth

### 13:10 UTC · Coinbase adds 6 stock wrappers on Base

Coinbase Tokenized Stocks issued 6 of the 8 new tokenized stock wrappers recorded on Nov 10. All six live on Base. Ondo Stocks added the other 2, both on Solana.
The Coinbase batch covers $IT as ITc, $LYFT as LYFTc, $NEM as NEMc, QXO as QXOc, SLS as SLSc and VOYG as VOYGc. A wrapper here is a token on a blockchain that tracks a listed share.
The list comes from the issuers' own listings, not from a search by token name.

Board: /tokenized-stocks · Permalink: /brief/2026-11-10#2026-11-10-1310-tokenized-listings

### 13:31 UTC · Longs take 97% of an hourly flush

A one sided flush just hit crypto derivatives. Over the last 60 minutes, $138.0M of leveraged positions were forced closed across 630 coins on the major venues, and $134.1M of it was longs, 97% of the total. $136.7M of that landed in the last 30 minutes.
Ether took the heaviest share, $75.1M of $ETH longs against $1.9M of shorts. The two largest single liquidations were both Ether longs on Binance at 13:30 UTC, at $11.5M and $8.9M. Ether trades at $2,055, down 3.13% over 24 hours.
$BTC longs lost $26.9M against $524.0K of shorts. Bitcoin sits at $73,892 after a session low of $73,368. Across the market, shorts lost only $3.9M.

Board: /liquidations · Permalink: /brief/2026-11-10#2026-11-10-1331-event-liq-cascade

### 13:50 UTC · Both majors trade under yesterday's value area

$BTC finished Nov 9 at $75,327.00, above the session's most traded price of $74,804.69. It now trades at $73,863.50, under the whole range where yesterday's trading spent its time.
That range, the value area holding 70% of the session's trading time, ran from $74,337.05 to $75,272.34, a width of 1.25%.
Ether also trades below its own band ahead of the US open. $ETH is at $2,068.26, against a value area of $2,115.63 to $2,146.46 and a most traded price of $2,124.67.

Board: /symbols/BTCUSDT · Permalink: /brief/2026-11-10#2026-11-10-1350-market-profile-daily

### 14:00 UTC · Chainlink's book cost big orders the most

A $1.0M market order in $LINK gave up an estimated 24.3 bps at 14:00 UTC on Nov 10, the steepest cost of the eight books we read. In $BTC the same order cost 0.8 bps.
That cost is slippage, the gap between the quoted price and the average fill. A basis point is a hundredth of a percent. Cardano was next on the thin side at 20.2 bps, then Dogecoin at 10.7 bps. Ether cost 1.5 bps and Solana 3.3 bps.
On a thin book, a burst of forced closes runs through fewer resting orders before the price gives way, whichever side gets hit. These costs are modeled from the resting bids and offers.

Board: /slippage · Permalink: /brief/2026-11-10#2026-11-10-1400-slippage-daily

### 15:01 UTC · New money crowds into long bets

New money is crowding into long bets across our futures board in the 24 hours to 15:00 UTC on Nov 10. On $AKE, open positions grew 45.95% and longs pay 0.01% in funding, the fee one side pays the other to keep a bet open. The Anthropic contract added 30.99% at the same rate.
Fresh contracts with longs footing the fee is crowding on one side. $BTC joined in, with open positions up 4.04%.
The sharpest outlier points the other way. $INIT added 85.67% in open positions, the biggest build on the board, with funding at -2%, so shorts pay longs to stay in. ONE carries the top pressure score at 44, its positions down 2.32% at -0.2% funding.

Board: /pressure · Permalink: /brief/2026-11-10#2026-11-10-1501-pressure-snapshot

### 15:07 UTC · Bitcoin shorts squeezed for $5.3M

A squeeze on the Bitcoin bears. Over the last 30 minutes the major venues liquidated $5.3M of leveraged $BTC short positions, closing bets on a lower price once their collateral no longer covered the move against them.
The long side saw $569.8K liquidated in the same window, so the pain landed almost entirely on traders positioned for a drop.
These totals come from the raw liquidation streams of the major venues.

Board: /liqmap/btc · Permalink: /brief/2026-11-10#2026-11-10-1507-event-liq-burst

### 15:20 UTC · Turkey prices Bitcoin under the world

On Nov 10, Bitcoin cost lira buyers less than it cost the rest of the world. The Turkey Premium Index read -0.26% (-26.0 bps), a score of 40 / 100 in the discount regime, against a 24 hour average of -7.9 bps.
The currency does the work. Tether against the lira traded -24.3 bps under the official USD/TRY rate, while the crypto leg added only -1.6 bps.
All six Turkish exchanges quoted below the world. CoinTR was the dearest at -15.3 bps and OKX TR the cheapest at -41.4 bps. This is a price gap, not a trade anyone can lock in.

Board: /turkey-premium · Permalink: /brief/2026-11-10#2026-11-10-1520-turkey-daily

### 15:37 UTC · Ether longs lose $11.7M in half an hour

Borrowed money on the long side of $ETH just ran out of room. In the last 30 minutes the major venues liquidated $11.7M of long positions. These were bets on a higher price, closed by force once the collateral behind them stopped covering the losses.
Short positions saw only $96.5K liquidated over the same half hour, counted from the raw liquidation streams. The flush landed almost entirely on leveraged buyers.

Board: /liqmap/eth · Permalink: /brief/2026-11-10#2026-11-10-1537-event-liq-burst

### 15:40 UTC · Ether's bid side thinned 32.9% in a day

Bids under Ether thinned far faster than offers in the 24 hours to 15:36 UTC on Nov 10. Resting buy orders within 2% of the price shrank 32.9% and sell orders 18.8%, as $ETH fell 4.3% from $2,141.76 to $2,050.05.
Across 21 spot venues that leaves $60.18M of bids against $64.52M of offers, a 3.5% tilt toward sellers.
The largest sell wall, $9.91M, rests at $2,051.07, only 0.05% above the price. The biggest bid wall, $8.09M, sits further out at $1,995.72, 2.65% below. Resting orders can be pulled at any moment, so this is a snapshot of the book, not a promise of support.

Board: /orderbook?symbol=ETH · Permalink: /brief/2026-11-10#2026-11-10-1540-orderbook-eth

### 17:00 UTC · Sellers lead, yet the crowd stays long

Selling led Bitcoin trading in the 24 hours to Nov 10. Market orders sold 6,640 BTC more than they bought, and the crowd stayed long anyway. Across all accounts, 3.13 hold long bets for every one holding short. That sits close to the 3.19 high of the 14 day window, with price at $72,874 after a -9.61% fall over that span.
The largest traders lean long too, though less. By position size they hold 2.24 longs per short, near their own 14 day high of 2.36. Counted by account, the same group shows 3.55.
Solana carries the most lopsided crowd of the 30 coins we track, at 3.73 long accounts per short.

Board: /positioning · Permalink: /brief/2026-11-10#2026-11-10-1700-positioning-daily

### 18:00 UTC · Altseason index drops 8 points in a week

Just over half the altcoins we track have beaten Bitcoin over the past 90 days, 27 of 50, but that edge is narrower than a week ago. The Altcoin Season Index stands at 54 today, 8 points lower than seven days earlier, which keeps the market in no clear season.
The bar each altcoin has to clear is the 17.4% that $BTC returned over those 90 days. Altseason starts at 75 on the index; 25 and below counts as Bitcoin season.
The spread inside the sample is extreme. $ARIA leads with +533.7%, and $UAI sits at the bottom with -84.7%.

Board: /altseason · Permalink: /brief/2026-11-10#2026-11-10-1800-altseason-daily

### 19:00 UTC · Fear eases 3 points as stablecoins shrink

Traders grew a little bolder in the 24 hours to Nov 10, but the dollars parked on crypto rails did not grow with them. The Fear and Greed index, one score for how anxious or confident the market feels, read 32 at 19:00 UTC. That is 3 points higher than a day earlier, and still carries the fear label.
Total stablecoin supply, the dollar tokens traders hold between trades, stood at $293.40B, a -0.19% change over the same 24 hours.
Bitcoin's share of the whole crypto market's value was 59.73%, which leaves $BTC holding most of the money in the market.

Board: /indices · Permalink: /brief/2026-11-10#2026-11-10-1900-indices-snapshot

### 19:10 UTC · Cash buys Bitcoin, leverage sells it

Leverage and cash pulled Bitcoin in opposite directions over the seven days to Nov 10, 19:00 UTC.
On the US spot venue, buyers paying the asking price outweighed sellers by +$255M. On the global perp market, where positions run on borrowed money, sellers came out ahead by -$486M. Both are cumulative volume delta, aggressive buying minus aggressive selling added up over the week.
The perp side leaned hardest at the end. The last 24 hours carried -$358M of that net selling, against +$18M of spot buying in the same stretch.

Board: /flow · Permalink: /brief/2026-11-10#2026-11-10-1910-flow-cvd-daily

### 20:00 UTC · Bitcoin's share inches up to 59.74%

Bitcoin's grip on the crypto market tightened by a hair in the 24 hours to Nov 10. Its share of total value rose 0.04% to 59.74%, measured at 19:42 UTC, in a market worth $2.46T.
$ETH holds 10.09% of that total. Every other token, from the large caps to the smallest listings, splits what is left outside the two largest coins.
A one day move this small is close to flat. It shows $BTC kept slightly more of the market's value than the rest over that window, nothing more, and one day doesn't say where money is heading next.

Board: /glossary/btc-dominance · Permalink: /brief/2026-11-10#2026-11-10-2000-dominance-watch

### 20:40 UTC · Layer 2 led every theme basket higher

Layer 2 topped our eight theme baskets in the 24 hours to Nov 10 with +4.21%, and every basket closed in the green. Quantum brought up the rear at +0.35%, behind RWA at 3.63%, DeFi at 3.35% and DePIN at 3.3%.
Over 30 days the order flips. $BTC returned -9.2% over that stretch and none of the eight kept up with it. Layer 2, the day's leader, is furthest back at -30.7%, 21.5 percentage points behind Bitcoin.
Quantum, last on the day, held up best over the month at -13.9%, trailing Bitcoin by 4.7 points.

Board: /themes · Permalink: /brief/2026-11-10#2026-11-10-2040-themes-daily

### 20:45 UTC · Hims token trades above the real share

Holders of the Hims token on Ethereum paid +6.48% over the listed $HIMS share on Nov 10. The typical tokenized stock traded slightly under its share instead, at a median of -0.23%. Both readings were taken against a live price while the US session was open.
The deepest discount was the $TQQQ token on Solana, at -2.36% under the fund it tracks.
Supply valued at share prices came to $4.08B, -1.56% since the last recorded day. Trading on decentralized exchanges reached $289.8M over 24 hours, -11.51% on the day. Binance bStocks is the largest issuer, with $1.47B.

Board: /tokenized-stocks · Permalink: /brief/2026-11-10#2026-11-10-2045-tokenized-daily

### 21:00 UTC · Longs had $492.0M forced shut in a day

Leveraged longs had $492.0M of positions forced shut in the 24 hours to Nov 10, out of $571.0M our collectors recorded across 112,524 events. Shorts accounted for $79.0M. $ETH carried the most at $227.9M, and the largest single liquidation, $31.5M, was also on Ether.
The largest Hyperliquid accounts by equity leaned the other way. Across 259 of them holding open positions, only 37.8% of their dollars were in bets on a rise.
Open perpetual futures bets across 27 venues came to $65.45B, 2.62% lower than a day earlier, with 13.65% held on decentralized venues. US spot funds closed Nov 9 with net outflows of -$201.1M for $BTC and -$184.5M for Ether.

Board: /liquidations · Permalink: /brief/2026-11-10#2026-11-10-2100-data-wrap

### 21:10 UTC · Jupiter and Hyperliquid whales split on Bitcoin

Bitcoin positioning split hard across venues at 21:03 UTC on Nov 10. On Jupiter, 92% of open interest, the money held in open positions, sat on the long side. On Hyperliquid, the largest tracked accounts held only 30% of their notional long.
Counted by accounts, every large exchange leaned long: Bitget 80%, OKX 76%, Binance 75%, Kraken 72%, Bybit 71%, Gate 70%. Weighted by position size, Binance's top traders were 69% long and HTX's elite accounts 31%.
GMX sat close to even at 52% long. Across 11 venues, the gap from the most long to the most short reading was 61 points.

Board: /positioning · Permalink: /brief/2026-11-10#2026-11-10-2110-positioning-venues

### 22:20 UTC · Longs hold 85.1% of Jupiter Perps bets

Longs hold 85.1% of open bets on Jupiter Perps, the Solana based perps venue. That's $80.4M betting on a rise against $14.1M betting on a fall across $SOL, $ETH and $BTC, on a day when Solana lost 3.49% to $83.29 and Bitcoin slipped 1.54% to $73.8K.
The tight spot is on the short side. Short utilisation, the share of pool liquidity already lent out to those positions, reads 70.02% in all three markets. Solana longs use just 12.15%.
The JLP pool, which takes the other side of every trade, holds $751.8M and pays 10.78% a year.

Board: /jupiter-perps · Permalink: /brief/2026-11-10#2026-11-10-2220-jupiter-daily

### 22:35 UTC · One Jupiter SOL market outweighs Phoenix

A single market on Jupiter Perps, $SOL itself, held $28.1M in open leveraged bets on Nov 10. That is more than the whole Phoenix venue, at $16.4M. Traders in it paid an hourly borrow fee of +0.0016% to keep their positions open.
Across six Solana perpetual venues and 295 markets, open bets totalled $207.8M, and $1.08B traded in the 24 hours to that reading.
GM Trade leads with $86.3M (41.5%), ahead of Pacifica at $53.5M (25.8%) and Jupiter Perps at $47.1M (22.7%). Bullet holds $4.3M and Velocity $199K.

Board: /solana-perps · Permalink: /brief/2026-11-10#2026-11-10-2235-solana-perps-daily

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.


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