Key Takeaways
- • Bitcoin's daily spot trading volume averaged about $6.8 billion early in October 2026 but showed signs of weakening demand by late October, even as the price rose above $85,000, according to Pluang.
- • Options open interest ranged from $37 billion to $38 billion and futures open interest from $51 billion to $55 billion, indicating substantial outstanding derivatives positioning.
- • Call options accounted for roughly 59% to 60% of options open interest, reflecting a bullish bias among traders.
- • Inflows into U.S. spot Bitcoin ETFs remained subdued, pointing to cautious investor sentiment.
Summary
Bitcoin's spot trading activity weakened through October 2026, according to a Pluang analysis. Daily spot volume averaged about $6.8 billion early in the month, but demand softened by late October even as the price climbed above $85,000. The divergence between price and spot activity suggests that the rally was not being broadly supported by fresh cash buying.
Derivatives markets remained active. Options open interest was between $37 billion and $38 billion, and futures open interest between $51 billion and $55 billion, indicating many positions remained outstanding. Calls made up about 59% to 60% of options open interest, a figure Pluang cites as evidence of a bullish tilt among traders.
Institutional demand, as measured by flows into U.S. spot Bitcoin ETFs, stayed subdued, which Pluang characterizes as cautious investor sentiment. The combination of softer spot demand and strong derivatives activity points to a complex market structure, with leveraged positioning carrying more weight in the current price action than underlying spot buying.
Pluang's same-day market snapshot as of 13:21 WIB on November 4, 2026, showed 40 of 50 major cryptocurrencies on its platform rising and 9 falling, with BAL up 11.14%, EOS up 8.13%, and YFI up 5.26%.
Derivatives markets remained active. Options open interest was between $37 billion and $38 billion, and futures open interest between $51 billion and $55 billion, indicating many positions remained outstanding. Calls made up about 59% to 60% of options open interest, a figure Pluang cites as evidence of a bullish tilt among traders.
Institutional demand, as measured by flows into U.S. spot Bitcoin ETFs, stayed subdued, which Pluang characterizes as cautious investor sentiment. The combination of softer spot demand and strong derivatives activity points to a complex market structure, with leveraged positioning carrying more weight in the current price action than underlying spot buying.
Pluang's same-day market snapshot as of 13:21 WIB on November 4, 2026, showed 40 of 50 major cryptocurrencies on its platform rising and 9 falling, with BAL up 11.14%, EOS up 8.13%, and YFI up 5.26%.
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