Bitcoin Futures Open Interest Drops $1.4 Billion Amid Spot Market Recovery

Bitcoin (BTC) futures open interest fell by 3.8%, dropping from $38 billion to $36.6 billion during the week ending October 4. Despite the decline, open interest remained near its historical upper range, indicating that futures exposure stayed relatively high.

The shift in futures activity coincided with a turnaround in spot trading. The cumulative volume delta for spot markets, which measures the balance between buyer- and seller-initiated trades, flipped from negative $102.8 million to positive $33.2 million. This change suggests a surge in spot buying, though it does not confirm whether this buying will continue.

Other metrics highlighted increased activity in Bitcoin supply. The Hot Capital Share rose from 18.9% to 19.5%, and the ratio of short-term-holder supply to long-term-holder supply increased from 13.7% to 14.2%. These figures describe shifts in supply patterns but do not indicate whether holders plan to sell.

Futures indicators presented a mixed picture. Payments for long positions in perpetual futures surged to $1.5 million from $926,400, signaling stronger demand for bullish futures exposure, even as total open interest shrank.