Glassnode’s Week 45 report said Bitcoin slipped below $80,000 as perpetual sellers led the decline and options traders bought protection.

Bitcoin traded near $78,000 on Monday after a weekly decline of about 2%, according to Glassnode’s BTC Market Pulse: Week 45 published Nov. 2, 2026. The report said a Thursday slide pushed the market clearly below $80,000, with perpetual sellers driving the move while spot buyers held up better.

Glassnode said perpetual takers drove the sell-off and pushed perpetual CVD just below its low band. Futures open interest remained in the upper part of its range at $37.4 billion, down 0.5% from $37.6 billion seven days earlier, while long-side funding payment increased 40.5% to $3.1 million and stayed well above its high band. The report said that leverage had not cleared despite the pullback.

Options positioning also shifted toward defense. Options open interest fell 9.8% to $34.7 billion after Friday’s monthly expiry, while the 25-delta skew rose to 11.2% from 10.5% and moved above its high band. Volatility spread widened to 41.6% from 36.2%, remaining well above its high band, which Glassnode said showed traders paying for protection after the drop.

Spot activity was more resilient than derivatives positioning. 3 million and into the upper part of its range. 2%, before recovering just above its low band after briefly dipping below it on Friday.

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