Highlights:
Bitcoin futures buy volume suggests that traders are increasingly optimistic about BTC in the long run this month.
The $110,000 “gap” in CME Group’s Bitcoin futures remains unaddressed.
There is a notable rise in Bitcoin ETF options as IBIT open interest approaches $40 billion.
Bitcoin (BTC) derivatives traders are becoming “significantly long” as the price nears all-time highs.
In a recent analysis shared on X Friday, J. A. Maartunn, an analyst at CryptoQuant, indicated a notable change in Bitcoin futures this October.
Surge in Bitcoin Futures Buy Volume
The sentiment in Bitcoin futures markets is shifting dramatically as October progresses.
According to Maartunn, net buy volume has seen a surge, now exceeding net sell volume by $1.8 billion.
“Futures buyers are becoming more active,” he remarked alongside a CryptoQuant chart depicting net taker volumes on Binance, the largest crypto exchange.
This update was in response to comments made by CryptoQuant CEO Ki Young Ju, who highlighted that recent local highs in Bitcoin followed sustained buying momentum from whales in derivative markets.
“A clear indication of aggressive long positioning,” Maartunn added.
Just days prior, futures markets garnered attention for opposing reasons.
A weekend “gap” in CME Group’s Bitcoin futures became a new short-term BTC price correction target for traders, lying slightly above $110,000, as reported by Cointelegraph Markets Pro and TradingView.
While gaps have typically been resolved within weeks or days recently, sellers could not trigger a significant enough retracement this week.
As reported by Cointelegraph, CME is planning to allow around-the-clock trading for Bitcoin futures to eliminate the “gap” phenomenon.
Bloomberg Analyst: Bitcoin ETFs are Serious Business
Meanwhile, US spot Bitcoin exchange-traded funds (ETFs) attracted over $600 million during Thursday’s trading session on Wall Street.
Related: Bitcoin’s next target could be $125K: Here’s the rationale
The total for the week reached $2.25 billion at the time of this writing, with ETF data continuing to impress.
In a post on X on Friday, James Check, the creator of Checkonchain, noted substantial growth in options for the largest spot ETF, BlackRock’s iShares Bitcoin Trust (IBIT).
“The increase in IBIT options is the most significant market structure shift for Bitcoin since the ETFs themselves,” he stated.
“IBIT has not only surpassed Deribit, but also options are now larger than futures in open interest.”
Eric Balchunas, a Bloomberg ETF analyst, initially reported that IBIT had overtaken Coinbase’s Deribit, with its open interest reaching $38 billion.
“I’ve said it before, ETFs are a serious matter… Big crypto margins are at risk,” he concluded.
This article does not provide investment advice or recommendations. Every investment and trading action carries risk, and readers should perform their own research prior to making any decisions.
