Crypto Daily Nov 12: AGT Jumps 199%, BTC-ETH Open Interest Falls

Bitcoin traded at $73,676.6 as of 09:05 WIB on Thursday, November 12, 2026, up a slight 0.10% in 24 hours on $9,343 million in Binance Futures volume. While BTC barely moved, the altcoin market was far noisier: AGTUSDT surged 199.24% in a day on $624 million in volume, topping the list of gainers among pairs with liquidity above $50 million.

This data comes from Binance's public USDT-M Futures API as of 09:05 WIB on November 12, 2026, compiled by the OpenTrades team. Beyond price and volume, we track funding rates, open interest, long/short account ratios, and taker buy/sell ratios for BTC and ETH, four metrics futures traders commonly use to read positioning behind a seemingly calm price.

Major assets mostly in the red except BTC

Among the five largest assets, only BTC posted a gain over the past 24 hours.

The declines are small, ranging from 0.12% to 0.58%, so this isn't a broad sell-off. But the uniform downward direction across ETH, SOL, BNB, and XRP points to mild, widespread selling pressure in large caps while BTC held above the $73,000 level. BTC's volume of $9,343 million, well above ETH's $6,319 million, also confirms it remains the most actively traded asset today.

AGTUSDT leads gainers, INITUSDT suffers the deepest drop

Outside the top five, the biggest moves came from mid-cap tokens. The top five gainers, limited to pairs with at least $50 million in volume to avoid skew from thin liquidity:

• AGTUSDT +199.24% ($624M volume)
• KGENUSDT +24.80% ($57M volume)
• ERAUSDT +13.75% ($101M volume)
• GRAMUSDT +5.24% ($78M volume)
• ARIAUSDT +2.23% ($328M volume)

On the flip side, the five steepest losers:

• INITUSDT -40.10% ($711M volume)
• ONEUSDT -22.53% ($110M volume)
• ONUSDT -19.48% ($52M volume)
• 1000PEPEUSDT -16.62% ($536M volume)
• AKEUSDT -10.19% ($57M volume)

INITUSDT's $711 million in volume during its 40% plunge is worth flagging: this wasn't a thin, illiquid move but a genuine large-scale selling event that actually cleared through the order book. Meanwhile, AGTUSDT's surge on $624 million in volume suggests sizable capital moved in over a short window, a pattern typically tied to a token-specific catalyst.

Extreme funding: AGT on one side, BTW and ERA on the other

Funding rate is a periodic payment, settled every 8 hours, that keeps a perpetual futures contract's price anchored near spot. Positive funding means longs pay shorts, signaling long demand dominates. Negative funding flips that, with shorts paying longs, typically when the market has piled heavily into short positions.

Today's highest funding rate belongs to AGTUSDT at 0.0962% per 8 hours, followed by ZECUSDT and XRPUSDC both at 0.0100%. If that 0.0962% rate held steady for a full year, it would annualize to roughly 105%, far above the low double-digit rates BTC or ETH typically see. A funding rate that high lines up with AGT's 199.24% price surge, pointing to an extremely crowded long position that carries high risk of a sharp reversal once positions start unwinding together.

On the other end, the most negative funding rates sit with BTWUSDT at -0.3095%, ERAUSDT at -0.2039%, and INITUSDT at -0.0746%. BTW's -0.3095% per 8 hours, annualized, works out to shorts paying longs roughly 339% a year, one of the most extreme readings in the market today. Notably, ERAUSDT actually rose 13.75% in 24 hours despite deeply negative funding. That combination typically shows up when shorts are forced to close out as price moves against them, known as a short squeeze, rather than fresh long demand driving the move.

BTC and ETH open interest both shrank over the week

Open interest is the total value of futures contracts still open, meaning not yet closed. It rises as traders open new positions and falls as existing ones are closed, whether from profit-taking, stop-losses, or forced liquidation.

BTCUSDT open interest stood at $7.15 billion, down 7.6% over 7 days. ETHUSDT's drop was much steeper: open interest at $4.69 billion, down 18.2% over the same period. Yet in the past 24 hours BTC rose only 0.10% and ETH fell only 0.18%, nowhere near the kind of swing that typically triggers a liquidation wave.

That combination, calm price action paired with sharply shrinking open interest, especially in ETH, usually points to a deleveraging process unfolding gradually rather than being forced by a price crash. Traders appear to be trimming leveraged exposure while prices stay stable, rather than getting flushed out through mass liquidations that tend to spike volatility.

Most accounts still long, but taker flow only slightly above neutral

Position data on Binance Futures shows 73% of accounts holding BTCUSDT positions are on the long side, with a long-to-short account ratio of 2.69 to 1. For ETHUSDT, the skew is even higher: 76% of accounts long, with a 3.20 to 1 ratio.

That ratio counts the number of accounts, not position size, so it needs careful reading. Plenty of small accounts could be long at once without moving price much, since their combined notional value is far smaller than a handful of large accounts or institutions that might hold short positions worth far more. That's why a heavily long-skewed account ratio doesn't automatically translate into upward price pressure, as seen today: BTC rose just 0.10% even with 73% of open accounts on the long side.

For comparison, the taker buy/sell ratio, which measures the volume of aggressive market buy orders versus market sell orders actually executed yesterday, came in at 1.01 for BTC and 1.04 for ETH. A reading above 1 means aggressive buying slightly outpaced aggressive selling, but the gap is thin, far from showing strong buyer dominance. The combination of a heavily long-skewed account ratio with a near-neutral taker ratio helps explain why BTC and ETH prices haven't moved much despite longs vastly outnumbering shorts.

What it means for traders

A few things are worth watching from today's data. ETH's open interest drop of 18.2% over the week is far steeper than BTC's 7.6%, so it's worth tracking whether this deleveraging trend continues or starts reversing in the coming days, since that kind of shift often signals an early change in futures market sentiment.

AGTUSDT's funding rate at 0.0962% per 8 hours, equivalent to roughly 105% annualized if it held steady, typically carries elevated correction risk once a large share of long positions start unwinding together, a common pattern for tokens that have just spiked hundreds of percent in a short window. BTWUSDT's -0.3095% funding, meanwhile, signals very heavy short pressure, worth watching for whether it triggers an ERAUSDT-style short squeeze in the days ahead.

BTC and ETH's taker buy/sell ratios at 1.01 and 1.04, only slightly above the neutral mark of 1, suggest no dominant buying or selling pressure yet in either spot or futures markets. That means price direction over the next 24 hours could still shift quickly depending on incoming volume, so the $73,000 level for BTC and the 73% long-account skew are two figures worth checking again tomorrow to see whether this crowded long positioning is starting to unwind or building further.