CoinNiel2026-11-11

Exchange Outflows Return as Funding Cools

Exchanges are back to net outflows, while funding rates and open interest are moving in opposite directions. Exchanges recorded a net inflow of roughly 9,956 BTC on November 10, followed by a net outflow of about 981 BTC in the preliminary November 11 data. The seven days through November 10 ended with a net outflow of just 458 BTC, as one day of inflows offset most of the outflows from the previous six days. The all-exchange funding rate fell from 0.0113% to 0.0051% in the preliminary November 11 data. Longs are still paying shorts, and the cost of holding long positions has eased. Open interest across exchanges rose 1.18% from the previous day to about $25.67 billion. That’s close to the seven-day average of $25.56 billion through November 10, so the increase is within the recent range. The Puell Multiple, a secondary indicator for mining revenue, rose from 0.76 to 0.92 on November 10, its latest available reading. The daily dollar value of newly issued bitcoin remained below its one-year average. I’d lean toward buying if exchange outflows continue for several days and funding and open interest stay within their recent ranges. If net inflows recur and funding and open interest both rise quickly, I’d watch for downside volatility from long liquidations. Net exchange outflows were modest over the seven days through November 10. In the latest snapshot, funding fell as open interest edged higher. The Puell Multiple recovered and remains below 1. Tomorrow, I’ll check whether the net outflow holds in the final daily figures and whether funding starts to climb if open interest rises further.