Key points:
There is a notable increase in Bitcoin futures buying activity, suggesting traders are growing more optimistic about BTC’s long-term prospects this month.
The $110,000 “gap” in Bitcoin futures at CME Group remains unfilled.
Interest in Bitcoin ETF options is rising as IBIT open interest approaches $40 billion.
Traders in Bitcoin (BTC) derivatives are taking a strong long position as the price approaches all-time highs.
In a recent analysis shared on X on Friday, J. A. Maartunn, a contributor to CryptoQuant, highlighted a significant change in Bitcoin futures during October.
Bitcoin futures buying activity spikes in October
The sentiment in Bitcoin futures markets is shifting as October begins.
According to Maartunn, net buy volume has surged and now exceeds net sell volume by $1.8 billion.
“Futures buyers are increasing,” he noted, alongside a CryptoQuant chart displaying net taker volumes on Binance.
This was in response to comments from CryptoQuant CEO Ki Young Ju, who remarked that Bitcoin’s recent local highs are supported by consistent buying activity from derivative-market traders.
“A clear indication of aggressive long positioning,” Maartunn stated.
Just a few days prior, the futures markets were in the news for contrasting reasons.
A weekend “gap” left in CME Group’s Bitcoin futures emerged as a potential target for short-term corrections, sitting just above $110,000, according to data from Cointelegraph Markets Pro and TradingView.
Although gaps have typically filled within weeks or days, sellers were unable to trigger a substantial retracement this week.
As reported by Cointelegraph, CME is planning to enable Bitcoin futures for around-the-clock trading to eliminate the “gap” phenomenon.
Bloomberg analyst: Bitcoin ETFs are “no joke”
Meanwhile, US spot Bitcoin exchange-traded funds (ETFs) attracted over $600 million during Thursday’s Wall Street trading session.
Related: Bitcoin’s next stop could be $125K: Here’s why
With the week’s total reaching $2.25 billion as of this writing, ETF data continues to impress.
In a post on X on Friday, James Check, creator of the data resource Checkonchain, noted the significant rise in options for the largest spot ETF, BlackRock’s iShares Bitcoin Trust (IBIT).
“The increase in IBIT options is perhaps the most significant market structure change for Bitcoin since the ETFs were introduced,” he claimed.
“Not only has IBIT surpassed Deribit, but options are now larger than futures by open interest.”
Bloomberg’s ETF analyst Eric Balchunas initially reported on IBIT surpassing Coinbase’s Deribit, with the former’s open interest now at $38 billion.
“I told you, ETFs are no joke.. Big crypto margins in trouble,” he concluded.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
