On November 2, U.S. spot Bitcoin and Ethereum ETFs recorded combined net outflows of $538.3 million. On November 3, the circulating face value of dollar-pegged stablecoins continued to decline. Meanwhile, open interest in Binance Ethereum perpetual futures recovered and funding rates rose markedly. Spot investment flows remain cautious, while derivatives have begun to regain their appetite for risk—the main divergence in the current funding picture.

Bitcoin ETFs Lose $1.04 Billion over Two Sessions; Stablecoin Supply Falls $1.1 Billion in a Day

Spot ETF outflows and shrinking stablecoin supply
Original Chinese illustration · English guide“Spot funding is still contracting.” The left panel shows U.S. spot ETF net outflows on November 2: Bitcoin $398.6 million and Ethereum $139.7 million, totaling $538.3 million. The right panel shows the circulating face value of dollar-pegged stablecoins on November 3 at $297.135 billion, down $1.099 billion in one day. ETF flows and stablecoin stocks use different observation dates and measure different forms of funding; they are not additive.
Daily U.S. Bitcoin and Ethereum spot ETF net flows
Chart in EnglishU.S. spot ETF daily net flows from September 1 through November 2, 2026, in USD million, with Bitcoin in the upper panel and Ethereum below. Positive bars indicate net inflows; negative bars indicate net outflows. These are daily flows, not cumulative assets or an index. The final reported session, November 2, shows Bitcoin outflows of $398.6 million and Ethereum outflows of $139.7 million. Bitcoin lost $1.0418 billion over October 30 and November 2; Ethereum recorded six consecutive outflow sessions from October 26 through November 2, totaling $571.1 million. Source: Farside. The disclosed series ends on November 2; no zero observation has been inserted for November 3.
Dollar-pegged stablecoin, USDT and USDC supply
Chart in EnglishDollar-pegged stablecoin circulating face value from September 4 through November 3, 2026, in USD billion. The upper panel shows the aggregate supply, declining from about $303.792 billion at the start to $297.135 billion at the end. The lower panel compares USDT (green) and USDC (red), ending at $178.781 billion and $71.282 billion respectively. These are absolute supply levels, without rebasing or normalization. On November 3, aggregate supply fell $1.099 billion; USDT fell $680 million and USDC $365 million. Source: DefiLlama daily historical records; face-value supply avoids token-price distortions.

Farside data show that U.S. spot Bitcoin ETFs recorded net outflows of $398.6 million on November 2. BlackRock’s IBIT lost $405.3 million, partially offset by $6.7 million of inflows into Fidelity’s FBTC. This was the second outflow session following net redemptions of $643.2 million on October 30, bringing combined outflows over the two sessions to $1.0418 billion. Those redemptions more than erased the $440.8 million of combined inflows recorded from October 26 to 29.

Ethereum ETF outflows have been more persistent. Net outflows reached $139.7 million on November 2, following cumulative outflows of $431.4 million over the preceding five trading sessions, October 26–30. All six trading sessions from October 26 through November 2 therefore recorded outflows, totaling $571.1 million. ETHA accounted for most of the latest session’s redemptions, with $138.3 million in outflows.

Stablecoin supply contracted alongside those fund flows. According to DefiLlama’s daily historical records, the circulating face value of dollar-pegged stablecoins stood at approximately $297.135 billion on November 3, down $1.099 billion from November 2 and $4.936 billion, or roughly 1.63%, from October 27. Measuring circulating supply at face value avoids distortions to market capitalization caused by changes in token prices.

USDT fell from $179.461 billion to $178.781 billion, a decline of $680 million; USDC fell from $71.647 billion to $71.282 billion, a decline of $365 million. Their combined $1.045 billion reduction accounted for most of that day’s supply contraction. Over the latest seven days, however, USDC was broadly unchanged while USDT declined by approximately $3.307 billion, showing that the adjustment has been uneven across stablecoins.

Net ETF outflows mean fund shares are being redeemed, pointing to weaker demand for spot investment exposure; a decline in stablecoin supply reflects a net contraction in dollar-denominated tokens onchain. Together, these indicators suggest weak replenishment of spot-market funding. Stablecoins also serve payment, settlement and collateral functions, so their outstanding supply does not translate one for one into funds available to buy crypto. But with spot investment demand subdued, a continued decline in supply means a price recovery depends more heavily on the turnover of existing capital than on a steadily expanding pool of funds.

Ethereum Perpetual Open Interest Rises; Options Implied Volatility Climbs

Ethereum leverage, funding and options volatility overview
Original Chinese illustration · English guide“Ethereum leverage recovers first.” Binance perpetual futures open interest measured in coins changed by −0.37% for BTC and +1.69% for ETH over November 3. Each of that day’s three funding settlements for both BTC and ETH was +0.01%, meaning longs paid shorts. CoinDesk’s November 3 intraday observation put near-term options implied volatility at approximately 51% for Bitcoin and 59% for Ethereum. The open-interest figures cover Binance’s corresponding perpetual contracts; the options figures are separate intraday observations, not daily closing values.
Indexed Binance Bitcoin and Ethereum perpetual open interest
Chart in EnglishBinance BTCUSDT and ETHUSDT perpetual futures open interest from October 6 to November 4, 2026, with each coin-count and notional-value series independently indexed to October 6 = 100. The upper panel compares BTC coin count (green) and notional value (red); the lower panel makes the same comparison for ETH. The last point is the November 4 00:00 UTC snapshot, marking the end of the full November 3 UTC day, rather than a full November 4 observation. At that endpoint the BTC coin-count and notional indices are approximately 104.62 and 94.52, and the ETH indices approximately 104.14 and 87.41. Over the final full day, BTC coin count fell 0.37% while notional value rose 0.48%; ETH coin count rose 1.69% and notional value 2.63%. Indexed notional values reflect both position quantities and price changes. Open interest includes long, short and hedging positions, so it does not establish a one-way market view. Source: Binance.
Binance eight-hour Bitcoin and Ethereum funding rates
Chart in EnglishBinance BTCUSDT (green) and ETHUSDT (red) perpetual futures funding rates at eight-hour settlements, measured in percent per eight hours, from October 3 at 00:00 UTC through November 3 at 16:00 UTC, 2026. The frozen timestamps carry a 0.001-second offset; their local-time equivalents are October 3 at 08:00 and November 4 at 00:00 in UTC+08:00. The chart therefore includes all three November 3 UTC settlements and no additional November 4 UTC settlement. Positive rates mean longs pay shorts; negative rates mean shorts pay longs. Values are individual settlement rates, not annualized rates or an index. Both contracts recorded +0.01% at each of the three November 3 settlements (00:00, 08:00 and 16:00 UTC), totaling 0.0300% for that day. Ethereum’s sharper recovery follows negative readings in late October. Source: Binance.

On a consistent snapshot basis using Binance’s UTC daily boundary, BTCUSDT perpetual futures open interest fell from 99,017.52 BTC to 98,654.13 BTC on November 3, a decline of 0.37%. Notional value rose from 7.604 billion USDT to 7.640 billion USDT, an increase of 0.48%. Higher contract prices lifted notional value even as open interest measured in coins contracted slightly.

ETHUSDT perpetual futures followed a different pattern: open interest rose from 2.3344 million ETH to 2.3739 million ETH, an increase of 1.69%, while notional value rose from 5.259 billion USDT to 5.397 billion USDT, up 2.63%. The expansion in Ethereum positions exceeded the contribution from price revaluation alone. These figures cover the corresponding Binance perpetual contracts. Open interest encompasses both long and short positions, including hedging demand, and reflects increased exposure in the contract market rather than a single directional view.

The cost of holding long positions also increased. On November 3, Bitcoin and Ethereum funding rates were each positive 0.01% at all three settlement times—00:00, 08:00 and 16:00 UTC—meaning longs paid shorts. Bitcoin’s combined rate across the three settlements rose from approximately 0.0279% the previous day to 0.0300%; Ethereum’s rose more sharply, from approximately 0.0033% to 0.0300%. Expanding Ethereum open interest alongside higher payments by longs indicates a greater willingness to take part through leverage.

Options markets continued to price in near-term volatility. CoinDesk’s intraday report on November 3 put near-term Bitcoin options implied volatility at approximately 51%, up from approximately 43.5% in its observation the previous day; near-term Ethereum implied volatility was approximately 59%. All six Ethereum options contracts with the highest trading volumes over the preceding 24 hours in the report were puts, as were four of the six Bitcoin contracts. Higher near-term implied volatility and trading concentrated in puts indicate that demand for short-term protection remains strong, with correspondingly higher hedging costs.

These signals point to an uneven recovery: Ethereum perpetual positions and the cost of holding them are rising first, while fund investment flows and the onchain dollar supply continue to contract, and options participants continue to pay for protection. If ETFs return to net inflows and stablecoin supply stops declining, new positions will have firmer support from spot demand. If leverage alone continues to increase, prices will remain more sensitive to unexpected news and position adjustments.

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