Bitcoin is resilient, but leverage is missing and demand still tepid
Source: CoinDesk ·
From the source
Your day-ahead look for Nov. 5, 2026 This is an excerpt from CoinDesk newsletter 'Daybook.' Sign up here , if you haven't already. “Bitcoin is resilient,” CZ, founder of Binance, declared on X. The view is consistent with how bitcoin BTC $80,010.17 and the wider crypto market have surged and held on to gains after the initial knee-jerk reaction lower in early Asian trading on Wednesday following reports of a Democratic sweep in the midterm elections . However, as of writing, two things are missing, and both call for caution on the part of bulls. First, there is little sign of fresh leverage entering the market, as evident from bitcoin’s futures open interest (OI), which has held largely unchanged at $53.40 billion, according to data source Coinglass. The same is true for many other coins, including SOL, HYPE, DOGE, NEAR and others, where OI has either held flat or declined amid the price rise. This is a sign of a lack of fresh capital inflows, contrary to new inflows chasing upside…