Update
BTC ETFs Show Outflows, Spot Buyers Slow
BTC ETFs experienced $1.16 billion in outflows over three sessions, the largest since late June. Bitfinex Alpha Intelligence analyzed IBIT's $405.3 million outflow on November 2, which is its biggest since the year began. This could indicate a return of demand, as three consecutive inflow days of similar size would be the first sign of this. The aggregate bitcoin futures open interest rose to 701,548 BTC on November 3, its highest since September 22. Perpetual funding rates have remained at 11% annualized over the past two weeks, while spot buyers have been relatively inactive. The short-term holder Spent Output Profit ratio has been below 1 for six consecutive sessions, indicating continued distribution at a loss. The realised price distribution shows a shift, with supply acquired between $77,000 and $80,000 rising to 1.28 million BTC on November 4, while supply acquired between $81,000 and $84,000 fell to 1.05 million BTC on the same day.