Crypto Daily Nov 4: BTC Flat, BMT Jumps 39% as Funding Hits -1.55%

Bitcoin traded at $77,116.6 on Wednesday morning, November 4, 2026 at 09:05 WIB, up a slim 0.07% over 24 hours. Trading volume for BTC on Binance's USDT-M futures market reached $9,028 million, according to public Binance API data processed by OpenTrades.

Ethereum moved more decisively, up 0.60% to $2,268.7 with $6,059 million in volume. SOL slipped 0.05% to $92.22, BNB dropped 0.50% to $694.81, while XRP gained 0.43% to $1.2555. Among the top five assets by market cap, moves were muted, but the picture looked very different further down the list.

Bitcoin and Ethereum barely budge, but volume stays heavy

Despite BTC's price staying nearly flat, a $9 billion daily volume shows trading activity remains elevated. A similar pattern shows up in ETH, where a 0.60% gain came with $6 billion in volume. Heavy volume paired with small price changes usually points to a consolidation phase, where traders are actively transacting without a clear directional push.

BMT surges 39.66% while its funding rate sinks to -1.5534%

Outside the major assets, BMTUSDT stood out the most today. Its price jumped 39.66% in 24 hours on $112 million in volume, yet its funding rate was the most negative across the entire market, at -1.5534% per 8-hour period.

Funding rate is a periodic payment exchanged between long and short positions in perpetual futures contracts, designed to keep the futures price anchored close to spot. When funding is positive, long holders pay shorts, typically because demand for long positions is much higher. When it turns negative like BMT's right now, shorts pay longs instead.

The combination of a sharp price rally alongside deeply negative funding is unusual. It suggests that even as BMT rallied, short positions still dominated, likely because many traders viewed the move as overextended and bet on a pullback. Setups like this are often flagged as potential fuel for a further short squeeze, where continued price gains force short holders to buy back their positions to close out, pushing the price up even more.

The three coins with the most positive funding rates today were ARIAUSDT at 0.0397%, AINUSDT at 0.0304%, and AGTUSDT at 0.0284%. Positive funding at these levels is fairly normal and reflects slightly higher demand for longs over shorts, nowhere near as extreme as BMT's negative reading. Two other negative funding rates recorded today, QUSDT at -0.0840% and IRYSUSDT at -0.0771%, were also far more moderate than BMT's. That contrast confirms BMT's number is an outlier rather than a market-wide pattern.

Full list of top gainers and losers

Here are the top five cryptocurrencies with at least $50 million in volume that gained the most over 24 hours:

• BMTUSDT +39.66% ($112 million volume)
• ICNTUSDT +18.38% ($124 million volume)
• IDOLUSDT +16.70% ($145 million volume)
• AGTUSDT +15.30% ($291 million volume)
• HOTUSDT +14.46% ($346 million volume)

And the biggest decliners:

• AKEUSDT -31.92% ($148 million volume)
• UAIUSDT -22.48% ($63 million volume)
• ESPORTSUSDT -19.40% ($78 million volume)
• JCTUSDT -15.31% ($84 million volume)
• LYNUSDT -6.97% ($51 million volume)

AKEUSDT posted the steepest drop, down nearly 32% in a day. Its $148 million volume shows the decline came with meaningful trading activity rather than a thin, low-liquidity move.

What open interest and long/short ratios say about BTC and ETH

BTC's open interest stood at $7.64 billion, down 0.3% over the past 7 days. Open interest represents the total value of futures contracts still outstanding, so a decline means some positions were closed even as BTC's price stayed roughly flat.

A bigger drop showed up in ETH, whose open interest sat at $5.40 billion, down 2.0% over the week. The sharper OI decline in ETH compared to BTC could signal some traders are trimming leverage exposure in ETH first, even though ETH's price actually rose today.

On the account-level long/short ratio, 70% of accounts holding BTC positions are long, with a ratio of 2.39, meaning there are 2.39 long accounts for every one short account. ETH shows a similar pattern, 71% long accounts with a ratio of 2.43. This ratio is based on account count, not position value. Most retail accounts lean long, but that doesn't guarantee total long exposure outweighs short exposure, since a handful of large accounts can hold outsized contract value.

Taker buy/sell shows slightly more aggressive selling

BTC's taker buy/sell ratio came in at 0.99 yesterday, just under 1. This ratio compares aggressive buy volume, market orders hitting the ask, against aggressive sell volume, market orders hitting the bid. Above 1 means buyers are more dominant in chasing price, below 1 means the opposite.

At 0.99, BTC's taker flow is close to balanced but tilts slightly toward aggressive sellers. ETH sits a touch lower at 0.97, pointing to somewhat stronger taker selling pressure than BTC, even though ETH's price gained 0.60% over 24 hours, likely driven more by limit order buying than aggressive taker demand.

What it means for traders

For anyone tracking BTC and ETH, the mix of flat prices, declining open interest, and slightly dominant taker selling suggests the market is in a wait-and-see mode rather than trending strongly in either direction. ETH's sharper 7-day OI decline of 2.0%, compared to BTC's 0.3%, is worth watching over the coming days to see whether it continues as a sign of deleveraging or fades out.

For those holding or watching BMT, a funding rate of -1.5534% per 8-hour period is extreme. Traders opening shorts at this price are paying a hefty funding cost every eight hours, raising the cost of holding a short if the price holds this level or climbs further. Long holders, on the other hand, are collecting that funding payment.

The long/short account ratios of 2.39 for BTC and 2.43 for ETH are also worth monitoring. If these ratios keep climbing while prices stay stagnant, it typically signals more retail accounts building long positions, a setup that has historically sometimes preceded a correction if it isn't backed by actual price gains.

Key numbers at a glance