Nov 1 Crypto Wrap: BTC Near $77.8K, SOPH Sinks 31%, COW Funding at -0.29%

Bitcoin traded at $77,816.4 as of 09:05 WIB on November 1, up 0.62% over 24 hours, with $3.69 billion in futures volume on Binance. Ethereum outpaced it, rising 1.35% to $2,272.0 on $2.33 billion in volume. The two largest cryptocurrencies by market cap moved in the same direction while the rest of the market split sharply, with several altcoins posting double-digit swings in either direction.

Market Snapshot

Among the majors, Solana lagged with a 0.62% decline to $95.86 on $564 million in volume. BNB barely moved, up 0.04% to $704.65, and XRP was flat at $1.2535, up just 0.02%. The muted moves in BNB and XRP contrast with the bigger swings seen further down the market cap ladder, where several low-cap tokens posted 20%-plus moves in a single day.

Today's Biggest Movers

Five tokens with at least $50 million in 24-hour volume led the gainers list. ESPORTS jumped 26.41% on $96 million in volume, the largest move of the day among liquid pairs. AIOT followed with a 23.88% gain on $87 million in turnover. EVAA rose 18.77% on $69 million, MAGMA added 17.08% on $68 million, and LIT climbed 12.37% on $64 million.

The losers list was just as extreme. SOPH fell 31.36% on $65 million in volume, the steepest single-day drop among tokens with meaningful liquidity. IDOL dropped 23.08% on $180 million in volume, a notably high turnover for the size of the decline. JCT slid 16.57% on $53 million, Q lost 11.46% on $149 million, and BIRB was down 7.68% on $56 million.

Funding Rates Tell a Story

Funding is the fee perpetual futures traders pay each other every eight hours to keep contract prices tethered to spot. A positive rate means longs are paying shorts, a sign the market leans bullish on that token. A negative rate flips that, with shorts paying longs.

AIN carried the most positive funding rate at 0.0271% per eight hours, followed by EVAA at 0.0161% and XRP at 0.0100%. Those levels are modest by crypto standards and don't suggest extreme crowding.

The negative side looked more stretched. COW posted a funding rate of -0.2904%, the deepest in the data. Annualized across three funding periods a day, that works out to a steep rate in the triple digits, the kind of level usually tied to aggressive short positioning or a token coming off a sharp sell-off. TRX followed at -0.1728% and LSK at -0.1477%, both indicating shorts are paying up to stay in their positions.

BTC and ETH Positioning

Open interest measures the total value of outstanding futures contracts that haven't been closed. Bitcoin's open interest stood at $7.52 billion, down 2.3% over the past seven days even as price edged higher in the last 24 hours. That combination, a rising price alongside falling open interest, often points to traders closing out positions or taking profit rather than adding fresh leverage behind the move.

Ethereum's open interest sat at $5.31 billion, down a smaller 0.8% over the week, suggesting slightly steadier positioning than Bitcoin.

The long/short account ratio shows what share of traders holding futures positions are long versus short, counted by number of accounts rather than position size. For Bitcoin, 72% of accounts were long, a 2.56-to-1 ratio favoring longs. Ethereum showed an even heavier tilt, with 73% of accounts long and a 2.77 ratio. Both numbers point to a retail base that remains skewed toward betting on higher prices.

Taker buy/sell ratio compares the volume of market orders that bought aggressively against those that sold aggressively, with a reading above 1 meaning buyers were more forceful. Bitcoin's reading came in at 0.99 for yesterday, essentially balanced and just shy of favoring buyers. Ethereum's ratio was 0.93, meaning aggressive selling outweighed aggressive buying even though ETH's spot price still rose 1.35% on the day. That gap suggests the gain may have come more from thinner order books or short covering than from forceful buy pressure.

What it means for traders

• Bitcoin's falling open interest alongside a price gain suggests some deleveraging is underway even as spot holds near $77,800. A move back toward recent highs paired with rising open interest would tell a different, more conviction-driven story.
• The 72%-73% long skew on BTC and ETH accounts means a sharp move lower could trigger outsized liquidations on the long side, since most positioned accounts sit there.
• COW's -0.29% funding rate is worth watching for a possible short squeeze if price stabilizes, since shorts are paying a steep premium to stay positioned against the token.
• IDOL and SOPH both saw heavy volume relative to their price drop, with IDOL's $180 million in turnover on a 23% decline standing out, which can point to active repositioning rather than a one-way flush.
• With ETH's taker buy/sell ratio below 1 despite a positive 24-hour return, it's worth watching whether spot demand picks up or whether the move fades without stronger aggressive buying behind it.

All figures reflect Binance USDT-M Futures data as of 09:05 WIB on November 1, 2026, processed by OpenTrades.