On November 10, 2026, U.S. spot Bitcoin and Ethereum ETFs continued to record net redemptions in the latest completed trading session, while the circulating market capitalization of dollar-pegged stablecoins declined. Yet open interest in Binance BTC and ETH perpetual futures increased in coin terms. Investment demand and the supply of on-chain dollar funding remained weak, even as derivatives exposure continued to build.

Bitcoin and Ethereum ETFs continued to see net outflows on November 9

ETF redemptions continue
Original Chinese illustration · English guideU.S. spot ETF flows on November 9, 2026: Bitcoin ETFs lost $201 million and Ethereum ETFs lost $184.6 million. Within Bitcoin ETFs, IBIT recorded net outflows of $213.2 million. Negative figures denote net redemptions.

Farside's U.S. spot ETF flow data show net outflows of $201 million from Bitcoin products and $184.6 million from Ethereum products on November 9. Summing the same table, Bitcoin ETFs had already recorded $1.2817 billion in net outflows over November 2–6; the first trading session of the new week still failed to bring a return to net subscriptions.

Bitcoin ETF daily net flows
Chart in EnglishFarside daily U.S. spot Bitcoin ETF net flows, in millions of U.S. dollars, across five observed trading sessions: November 3, 4, 5, 6 and 9, 2026. Values are -115.6, +74.6, -430.2, -411.9 and -201.0, respectively. Point markers identify the actual observations; the final reading remains a net outflow.
Ethereum ETF daily net flows
Chart in EnglishFarside daily U.S. spot Ethereum ETF net flows, in millions of U.S. dollars, across five observed trading sessions from November 3 through November 9, 2026. Positive values denote subscriptions and negative values redemptions. The latest observation is -184.6 million dollars.

Flows diverged within the Bitcoin category. BlackRock's IBIT recorded net outflows of $213.2 million, while Morgan Stanley's MSBT attracted net inflows of $22.1 million; changes in the other products were relatively small. Subscriptions to MSBT were insufficient to offset the large redemptions from IBIT. Outflows were more widespread among Ethereum products: ETHA, ETHB and FETH lost $119.3 million, $20.8 million and $19.1 million, respectively.

In its October positioning report released on November 2, Coinbase noted that Bitcoin order-book bid depth had improved, but ETF demand had turned negative, while the rebound in leverage late in the month lacked sufficient support from spot holders and the options market. Localized improvements in buying interest have yet to translate into sustained investment demand through ETFs.

Stablecoin market capitalization falls by about $14.072 billion in a month

The stablecoin dollar funding base contracts
Original Chinese illustration · English guideDollar-pegged stablecoins had circulating market capitalization of $292.026 billion at 00:00 UTC on November 10, 2026, down $941 million from the previous day and 4.60% from 30 days earlier. The image highlights the contraction in on-chain dollar funding.

DefiLlama data show that at 00:00 UTC on November 10, the circulating market capitalization of dollar-pegged stablecoins stood at $292.026 billion, down $941 million from the previous day. It was approximately 4.60% below its October 11 level, a decline of about $14.072 billion over one month.

Stablecoin supply over the past month
Chart in EnglishDefiLlama daily 00:00 UTC snapshots of dollar-pegged stablecoin circulating market capitalization, in billions of U.S. dollars, from October 11 through November 10, 2026. The series declines to approximately $292.03 billion, consistent with a one-month fall of about $14.072 billion, or 4.60%.

ETFs reflect investment demand through securities accounts, while stablecoins provide an important funding base for on-chain payments, lending, collateral and trading. Stablecoins are used for more than buying cryptoassets, so changes in their market capitalization cannot be equated directly with spot buying or selling. A continued contraction in the outstanding supply nevertheless reduces the buffer of dollar liquidity available on-chain.

At present, investment flows have yet to turn into sustained net subscriptions, and the stock of on-chain dollar tokens is also shrinking. A firmer funding foundation for a subsequent price recovery would require watching whether ETFs can attract sustained net subscriptions and whether the stablecoin supply can stabilize.

Open interest rises in coin terms as funding rates and implied volatility ease

More open interest, cooler pricing
Original Chinese illustration · English guideBinance perpetual-futures open interest rose in coin terms between 00:00 and 20:00 UTC on November 10, 2026: BTC increased 1.78% and ETH 2.25%. Ethereum’s final eight-hour funding rate was -0.002117%. End-of-day Deribit DVOL readings were 39.45 for BTC and 55.81 for ETH, showing subdued volatility pricing alongside the increase in positions.

Between 00:00 and 20:00 UTC on November 10, open interest in Binance's BTCUSDT USD-margined perpetual futures rose from 98,579.43 BTC to 100,331.11 BTC, an increase of about 1.78%. ETHUSDT open interest rose from 2.2441 million ETH to 2.2946 million ETH, up approximately 2.25%. Over the same period, their notional open interest, measured in USDT, fell from 7.426 billion to 7.369 billion USDT and from 4.789 billion to 4.689 billion USDT, respectively. Falling coin prices reduced notional values, but coin-denominated open interest increased, showing that futures exposure on the exchange did not contract in tandem with its notional value.

Bitcoin open interest in coins and USDT
Chart in EnglishBinance BTCUSDT perpetual-futures open interest at four-hour intervals from October 13 through November 10, 2026. The upper panel measures thousands of BTC and ends at 100.33 thousand BTC; the lower panel measures billions of USDT and ends at 7.37 billion USDT. The final observation is 20:00 UTC. Coin quantities and notional values can diverge when the underlying price changes.
Ethereum open interest in coins and USDT
Chart in EnglishBinance ETHUSDT perpetual-futures open interest at four-hour intervals from October 13 through November 10, 2026. The upper panel measures millions of ETH and ends at 2.29 million ETH; the lower panel measures billions of USDT and ends at 4.69 billion USDT. The final observation is 20:00 UTC. The recent recovery in coin quantities contrasts with lower notional exposure.

Funding rates also indicate a cooling willingness among longs to pay for exposure. Bitcoin's three eight-hour settlement rates that day were 0.01%, 0.01% and 0.005925%. Longs continued to pay shorts, but the rate fell in the final period. Ethereum's corresponding rates declined from 0.006634% to 0.003035% and then to -0.002117%, with shorts paying longs in the final period. Rising open interest alongside declining funding rates indicates that the expansion in positions was not accompanied by a stronger long-side premium.

Perpetual-futures funding rates cool
Chart in EnglishBinance BTC and ETH perpetual-futures eight-hour funding rates from October 13 through November 10, 2026, in basis points; one basis point equals 0.01%. The final BTC reading is approximately +0.59 basis points, equivalent to +0.005925%; ETH ends at approximately -0.21 basis points, equivalent to -0.002117%. Positive funding means longs pay shorts; negative funding means shorts pay longs.

The adjustment in leverage has already caused realized losses. On November 10, Bitkub cited CoinGlass data showing $356.16 million in liquidations over the rolling 24-hour period at the time of its report, including approximately $280.4 million in long liquidations. That rolling window shows that longs bore most of the pressure during the recent correction. The rebound in coin-denominated Binance open interest that day, however, indicates that forced liquidations did not produce a sustained contraction in futures exposure; positions were still being rebuilt or added.

The expected magnitude of price swings priced into options eased slightly. Deribit's DVOL, a 30-day constant-maturity implied volatility index, ended the November 10 UTC session at 39.45 for Bitcoin and 55.81 for Ethereum, below the previous day's 39.87 and 56.36. DVOL measures expected volatility. This decline occurred alongside weak spot-market funding and rising futures open interest.

Deribit implied volatility eases
Chart in EnglishDeribit BTC and ETH DVOL at UTC day-end from October 13 through November 10, 2026. The unit is 30-day annualized implied volatility in percent. Bitcoin ends at 39.45 and Ethereum at 55.81, below the previous day’s 39.87 and 56.36. The chart measures expected volatility, rather than a directional price forecast.

Taken together, ETF redemptions and a shrinking stablecoin supply weakened the funding foundation for spot markets. Rising coin-denominated futures open interest and falling funding rates show that trading appetite persisted, but the premium paid by longs did not strengthen. Sustained net subscriptions and stabilization in the stablecoin supply offer a more useful gauge of recovering buying capacity than a brief rebuilding of futures positions.

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