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Bitcoin Continues Red Week Amid Election Impact
Bitcoin closed a fifth straight red week, with the 10-year real yield holding near 2.6 percent. The Nasdaq set the direction after the midterms hit the AI trade. Bitcoin futures open interest fell as the election rally forced shorts out, then rose 3.5 percent through the 5 November drop, despite price falling 5.5 percent. The spot cumulative volume delta (CVD) remained relatively flat, and the spot orderbook remained thin. This is the fifth time since early October that traders have added leverage into a fall, with each previous instance ending in a long liquidation event of more than $800 million, and open interest higher afterwards. The market held up by perpetual longs rather than spot bids tends to break levels in cascades rather than grind through them, and that is how the cost basis was lost on Sunday. Funding rates stayed positive through election week and spiked to 18.7 percent annualised at the peak of the move around $81,300, but faded to near zero by Sunday.