[CoinDesk] Bitcoin is resilient, but leverage is missing and demand still tepid

Bitcoin held above $100,000 on Nov. 5, 2026, but derivatives leverage and spot demand remained subdued, according to CoinDesk's day-ahead market outlook. Perpetual futures open interest and funding rates stayed below levels typical of prior rallies, indicating traders are not adding aggressive long exposure. Spot volumes and ETF inflows also looked tepid, suggesting the price floor is being maintained by holders rather than fresh capital. The lack of leverage matters because it limits both upside momentum and the risk of a liquidation cascade. Traders will watch whether funding rates and spot volumes pick up, or whether open interest stays flat as a sign of continued caution.