CoinNiel
Bitcoin Sees 11,000 BTC Outflow, but Leverage Risks Remain
Bitcoin’s exchange outflows remain positive, but rising funding rates call for a neutral outlook. On November 5, exchanges recorded a net outflow of approximately 11,003 BTC, following 4,235 BTC on November 4. However, outflows alone do not confirm buying or long-term holding. Open interest fell 2.43% from the previous day, while funding rates rose. This suggests smaller overall positions alongside a higher cost for long positions, though it is not enough to confirm overheating. Realized cap, a supplementary indicator, rose approximately 0.035% on November 4. The small increase does not by itself signal strong capital inflows. I remain neutral for now. A shift to exchange inflows alongside rising funding and open interest would make me more cautious. Next, I’m watching whether outflows continue and whether open interest rises with funding.