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Why bitcoin struggles to rise: ETF outflows and derivatives exposure double hit

Bitcoin’s rebound is facing a double burden from expanding derivatives exposure and $643 million of exchange-traded fund outflows. The market is being tested on whether demand can sustain the recovery before employment data due on Nov. 6. While derivatives positioning has grown, ETF flows have weakened, raising questions about the rebound’s durability without spot demand. Data also show large liquidations and rising open interest, while funding rates remained positive.