Bitcoin
Bitcoin Derivatives Open Interest Falls Below Long-Term Average
Bitcoin's short-term open interest moving average has dropped below its annual baseline as spot ETF demand softens and speculative activity wanes.
The seven-day moving average of Bitcoin's open interest has slipped below its 365-day moving average for the second time since late August, according to CryptoQuant data. The shift points to diminished speculative participation after an early September derivative surge failed to sustain momentum through the end of the month.
Institutional demand through spot exchange-traded funds has also moderated. Bitcoin spot ETFs posted a second consecutive week of net redemptions, with outflows reaching $228.4 million following a $678.9 million withdrawal the previous week. However, 30-day cumulative flows remained positive at 15,400 BTC, according to market analyst Axel Adler Jr.
On-chain analysis from CryptoQuant contributor XWIN Japan showed that while exchange Bitcoin reserves rebounded slightly in October, they remain low relative to the beginning of the year. In addition, spot market demand has struggled to maintain an upward trajectory, leaving overall demand primarily supported by futures markets.
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