BTC traded close to $118,751 over the last hour with reported 24-hour turnover near $37 billion, as traders weighed lighter spot ETF inflows against lingering rate-policy uncertainty. Market structure watchers highlighted a pullback in perpetual funding and modest basis compression, pointing to reduced leverage after brisk October positioning. Options desks also flagged elevated gamma pockets around near-dated strikes, which may amplify intraday swings. While long-term holders remain net positive over multi-month windows, near-term direction likely hinges on flows around the next options expiry, realized volatility resets, and macro catalysts from U.S. data that could shift liquidity appetite.