Bitcoin trades near $78K as perpetual selling pressures leverage

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Glassnode’s Week 45 report said Bitcoin slipped below $80,000 as perpetual sellers led the decline and options traders bought protection.

Bitcoin traded near $78,000 on Monday after a weekly decline of about 2%, according to Glassnode’s BTC Market Pulse: Week 45 published Nov. 2, 2026. The report said a Thursday slide pushed the market clearly below $80,000, with perpetual sellers driving the move while spot buyers held up better.

Derivatives pressure remained elevated

Glassnode said perpetual takers drove the sell-off and pushed perpetual CVD just below its low band. Futures open interest remained in the upper part of its range at $37.4 billion, down 0.5% from $37.6 billion seven days earlier, while long-side funding payment increased 40.5% to $3.1 million and stayed well above its high band. The report said that leverage had not cleared despite the pullback.

Options positioning also shifted toward defense. Options open interest fell 9.8% to $34.7 billion after Friday’s monthly expiry, while the 25-delta skew rose to 11.2% from 10.5% and moved above its high band. Volatility spread widened to 41.6% from 36.2%, remaining well above its high band, which Glassnode said showed traders paying for protection after the drop.

Spot buyers and ETF demand held firmer

Spot activity was more resilient than derivatives positioning. Glassnode said spot takers bought early in the week and again over the weekend, lifting spot CVD from -$78.6 million to $25.3 million and into the upper part of its range. Spot volume rose 2.7% to $5.6 billion, while the price momentum indicator fell from 39.1 to 34.7, a decline of 11.2%, before recovering just above its low band after briefly dipping below it on Friday.

US spot Bitcoin ETF net flow turned positive over the week, shifting from an outflow of $247.3 million to an inflow of $46.7 million, according to Glassnode. ETF trade volume increased 21.6% to $13.1 billion and moved above its high band as Friday’s sell-off lifted activity. ETF MVRV rose to 1.43 from 1.39 and sat just above its low band.

On-chain activity and holder mix

On-chain indicators showed rising activity and continued rotation toward newer holders. Entity-adjusted transfer volume increased 12.2% to $6.1 billion and moved above its high band, while daily active addresses rose 5.1% to 646,100 and sat near the high band. Total fee volume increased 3.8% to $196,300 and moved back above its low band.

Glassnode said the hot capital share rose 2.0% to 21.8% and stayed well above its high band. The ratio of short-term holder supply to long-term holder supply increased 1.9% to 15.0%, and the monthly change in realized cap fell 18.9% to 0.9%, though both remained above their high bands. At the same time, realized profit-to-loss ratio slipped to -0.1 from 0.6, indicating realized losses slightly outweighed profits, while the net unrealized profit-to-loss ratio narrowed to 4.0% from 7.3%.

For Monday, Bitcoin’s spot price was last quoted at $76,988.25, down 1.34% on the day, according to market data supplied for Nov. 2, 2026. The report’s broader message was that sellers drove the recent slide without a full leverage flush, while hedging demand increased and spot buyers remained present.