November 03, 2026 – Bitcoin closed at its lowest level since mid-September as sentiment sank to 26. Options traders are positioned for a wide range of outcomes.
In Summary
Bitcoin closed at $76,675.80 on Kraken on November 2, its lowest daily close since September 17.
The coin is down 12.1% this year and 20.9% below its 2026 high close of $96,933.30 on January 14.
A widely watched fear and greed index fell to 26 on November 3, down from 51 on October 29.
Strategy bought 811 BTC last week, lifting its holdings to 849,327 BTC at an average cost of $75,451.
The bitcoin price tests support
The bitcoin price is drifting lower as US voters head to the polls. Bitcoin closed at $76,675.80 on November 2, Kraken data show. That was its lowest daily close since September 17. Early on November 3, it traded near $76,900.
The slide has been steady rather than sharp. Bitcoin hit an October high close of $86,510.40 on October 4. Since then, it has lost about 11%. It is also down 12.1% this year, based on its $87,500.10 close on December 31.
Fear grips the market
Sentiment has turned sour. The Crypto Fear and Greed Index fell to 26 on November 3, deep in fear territory. It read 51, or neutral, on October 29. The drop came after the record Binance hack and a run of weak tech earnings.
Other large coins look heavy too. Ether traded near $2,260 early on November 3, while Solana hovered around $92. Meanwhile, XRP held close to $1.25. In short, buyers have stepped back across the board.
What derivatives traders expect
Options markets show a wide range of bets. On Deribit, call open interest totals about 184,000 BTC, against about 126,300 BTC in puts. That puts the put to call ratio near 0.69. Notably, the December 25 expiry holds the most open interest, at about 137,300 BTC.
The November 27 expiry shows where traders see risk. The largest call stack sits at $90,000, with about 4,500 BTC. On the other side, puts cluster at $75,000 and $58,000, with about 2,700 and 2,600 BTC. In other words, traders are hedging a drop while keeping some upside bets.
Leverage stays in the system
Futures traders have not fled. Open interest in bitcoin contracts on OKX stood at about $3.63 billion on November 2. That was close to its recent high of $3.75 billion a day earlier. Funding on the main perpetual contract stayed positive at about 0.01% every eight hours.
Positive funding means long traders still pay to hold their bets. However, high leverage can amplify moves if prices break lower. As a result, the $75,000 area could matter if selling picks up after the vote.
Strategy keeps buying
One big buyer has not stopped. Strategy bought 811 BTC between October 26 and November 1 for $65.5 million, at an average of $80,846. It now holds 849,327 BTC, bought at an average cost of $75,451. Therefore, bitcoin trades only about 2% above the firm’s average cost.
Strategy funded the purchase by selling about 1.18 million common shares. It also set aside $98.5 million of those proceeds as cash. By contrast, it sold none of its four preferred stock series that week, its filing shows. Next, the market faces the midterm results and Friday’s US jobs report. Both could set the bitcoin price on its next leg.
Why the vote matters for crypto
Crypto has a direct stake in Tuesday’s result. In September, the Senate fell short on a motion to advance the Clarity Act, a bill on crypto market rules. The vote was 49 to 50, while 60 votes were needed. As a result, any new Congress will still need support from both parties.
Industry money has poured into the races as well. Even so, traders seem more focused on near-term risks. These include Binance withdrawals, weak AI stocks and Friday’s payrolls data. For now, the bitcoin price looks set to follow risk appetite rather than politics alone.
