Bitcoin Futures Open Interest Drops $1.4 Billion as Spot Buying Turns Positive

Bitcoin (BTC) futures open interest fell 3.8% to $36.6 billion in the week through Oct. 4, while spot trading shifted from net selling to net buying, pairing lighter futures positioning with firmer spot demand.

Open interest declined from $38 billion, a drop of $1.4 billion. It remained near the upper end of its historical range after the pullback, leaving futures exposure elevated.

Spot cumulative volume delta, which tracks the balance of buyer- and seller-initiated trades, rose from negative $102.8 million to positive $33.2 million. The reversal points to more aggressive buying in spot markets, but the measure does not track new investor deposits or show whether buying will persist.

Other indicators showed a higher share of recently active Bitcoin supply. Hot Capital Share increased to 19.5% from 18.9%, while the ratio of short-term-holder supply to long-term-holder supply rose to 14.2% from 13.7%. The measures describe supply patterns but do not establish whether holders will sell.

Futures indicators were mixed. Payments by traders holding long positions in perpetual futures climbed to $1.5 million from $926,400, indicating greater demand for bullish futures exposure even as total open interest contracted.

The figures cover the week through Oct. 4.