Bitcoin exchange order books now show reduced selling activity, with Coinbase premium recovering after a prolonged decline. Futures funding rates have turned negative, signaling decreased imbalance between short positions and spot market demand. The shift follows weeks of sustained outflows that pressured exchange order books.

Bitcoin open interest in perpetual futures peaked in October at nearly five times the level seen at the asset's November 2021 all-time high, according to Joao Wedson, Founder and CEO of Alphractal. Traders, funds, and high-frequency desks have increasingly favored leveraged positions over spot exposure. Current positioning shows long positions at 72.4%, valued at approximately $25.72 billion, with shorts at 27.6%, worth around $9.79 billion.

Bitcoin derivatives traders are positioning for opposing outcomes ahead of a major options expiry. One group is establishing downside hedges below $85,000, while another is accumulating longer-dated call options targeting $102,000–$105,000. Approximately $13.74 billion in BTC options contracts are scheduled to expire on November 28, representing one of the largest settlement events of the year. Open interest on Deribit has reached a record $43 billion.

Strategy disclosed that its Bitcoin holdings provide 5.9 times coverage of convertible debt if BTC reaches $74,000, matching its average cost basis. The company's stock price dropped below a Bitcoin-based valuation floor identified by CryptoQuant, trading around $170. Total convertible obligations amount to approximately $8.21 million, with maturities spanning 2.3 to 3.5 years.

Bitcoin has maintained its position above $90,000 as consistent buying activity absorbs selling pressure. Order flow analysis reveals deliberate bidding that pushes price back whenever declines occur. The key resistance level remains at $92,000, where passive sellers have stacked liquidity.

JPMorgan has filed with the SEC for a structured note offering 1.5x leveraged exposure to BlackRock's iShares Bitcoin Trust, targeting December 2028 maturity with potential minimum 16% returns by December 2026. Strike CEO Jack Mallers disclosed that JPMorgan Chase terminated his personal accounts, citing "concerning activity" under Bank Secrecy Act monitoring. The developments highlight the bank's dual approach of expanding Bitcoin-linked products for wealth clients while restricting access for crypto industry executives.

Deribit reported record open interest in options contracts ahead of the November 28 expiry, with $13.75 billion in BTC options and $1.73 billion in ETH options set to expire. Open interest surpassed $43 billion in nominal value, marking an all-time high in contract count as traders positioned for volatility around the $100,000 level.

Texas has allocated $10 million toward a state Bitcoin reserve through a dual-phase strategy. The state purchased $5 million of BlackRock's IBIT ETF on November 20, 2025, at approximately $87,000 per Bitcoin, according to Texas Blockchain Council president Lee Bratcher. A second $5 million tranche is designated for direct Bitcoin custody pending completion of regulatory infrastructure under Senate Bill 21.