BTC is trading just below a recent resistance area while Deribit derivatives positioning shows signs of reduced directional conviction. Funding has eased toward neutral to slightly negative levels and futures leverage has reset. This structure resembles the funding reset seen in early October, but currently reflects lower leverage and cleaner positioning. On Deribit, options data for the 28 Nov expiry shows call open interest concentrated above spot, particularly from 90K onward. The Put/Call ratio is at 0.63, indicating a higher share of call positioning relative to puts. This configuration reflects increased sensitivity to price movement around the 87K–88K region. Disclaimer: Deribit FZE is licensed by the Virtual Assets Regulatory Authority (VARA) for virtual asset exchange services, but does not offer derivatives to retail investors. DRB Panama Inc. is unregulated and serves retail and non-retail investors. Virtual assets are highly volatile, carry significant risk, and may lose full value. They are not insured or protected against potential losses.(Deribit)