K33: Factors such as ETF outflows and long-term holders selling exacerbated Bitcoin selling pressure.

According to a new report by Vetle Lunde, Head of Research at K33, perpetual futures traders' open interest increased by over 36,000 bitcoins, the largest weekly increase since April 2023. Simultaneously, funding rates are also climbing, suggesting that traders are engaging in "grabbing the knife" behavior rather than defensive positioning. The rising funding rates may stem from the execution of limit orders that were intended to trigger a rapid price rebound and break below the six-month low. However, this rebound did not materialize, and this leverage effect now means excess capital, increasing the risk of heightened market volatility due to liquidations.

In addition, Bitcoin ETFs also experienced a wave of selling, with 20,150 bitcoins flowing out of related products in the past week and nearly 40,000 bitcoins flowing out in the past 30 days. Six of the past seven ETF trading days ended with outflows, including a single-day outflow of 10,060 bitcoins on November 13th, factors that exacerbated the selling pressure on bitcoin. (The Block)