Bitcoin recovery tested by rising derivatives exposure and $643 million ETF outflows
AI summary
Bitcoin's recovery is under pressure as derivatives exposure climbs and spot ETFs shed $643 million in outflows. The combination of rising leverage and steady redemptions sets up a demand test for BTC ahead of the November 6 payrolls report. Traders will watch whether ETF flows stabilize and leverage unwinds before the macro data, since either could decide whether the rebound holds.
