Bitcoin (BTC) Price: Holds Near $86,000 as Spot Buyers Return

TLDR

• Bitcoin futures open interest fell from $38.0 billion to $36.6 billion in the week through Oct. 4.
• Spot traders became net buyers, with cumulative volume delta moving from -$102.8 million to +$33.2 million.
• Hot Capital Share rose to 19.5%, and the short-term to long-term holder supply ratio climbed to 14.2%.
• ETF inflows stayed positive but shrank from the prior week’s surge.
• Bitcoin trades near $86,000 after a Sunday rally lifted the weekly close by about 2%.

Bitcoin’s futures market shrank last week while spot buyers stepped back in, according to Glassnode’s latest Market Pulse report. The Oct. 5 report covers the week through Oct. 4.

Futures open interest fell from $38.0 billion to $36.6 billion, a drop of $1.4 billion. Open interest measures the total value of outstanding futures contracts.

Bitcoin was trading near $86,000 on Monday. That is in the upper part of the range it has held for two weeks.

A Sunday rally lifted the weekly close about 2% above the previous week’s close, according to the report by Glassnode and analyst Frederik Theissen.

Bitcoin Price on CoinGecko

Derivatives Positioning Cools

The positioning built around the breakout two weeks ago has eased. Open interest is back inside Glassnode’s statistical range, though still near its upper edge.

Options open interest also dropped after the quarterly expiry. The heavy selling in perpetual futures that marked last Monday’s dip has faded.

Not all bullish bets pulled back. Long-side funding payments rose from $926,400 to $1.5 million, showing stronger demand for bullish perpetual exposure.

In spot markets, cumulative volume delta moved from negative $102.8 million to positive $33.2 million. This metric tracks the balance between buyer-initiated and seller-initiated trades.

The shift points to more buying pressure. However, it does not measure how much new investor money entered the market.

ETF demand cooled after the prior week’s surge. Weekly netflow stayed positive but was much smaller, and trading volume sat near its low band.

On-Chain Activity Runs Hot

Glassnode’s Hot Capital Share rose from 18.9% to 19.5%. This metric tracks the share of capital that has moved recently.

The ratio of short-term holder supply to long-term holder supply climbed from 13.7% to 14.2%. That means about 14.2 units of short-term supply for every 100 units of long-term supply.

Glassnode classifies holders using a 155-day midpoint. Younger coin groups tend to sell more readily during periods of volatility.

Active addresses, fees and transfer volume all moved above their high bands. The monthly change in realized cap stayed far above its band, a sign that new money keeps arriving.

Profit levels also remain high. Close to three quarters of Bitcoin’s supply is in profit, and both short-term holder unrealized gains and realized profit-taking sit well above their high bands.

The ETF MVRV ratio moved above its high band. This means the average ETF holder carries an unusually large profit.

At last check, Bitcoin traded at $85,987, up 0.17% over 24 hours. It has gained 2.64% over seven days and 7.54% over the past 30 days.

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