Key Takeaways
- • Bitcoin spot trading volume averaged about $6.8 billion per day in early October, a level below that recorded on roughly 90% of trading days since January 2024, according to TokenPost.
- • Bitcoin options open interest ranged from $37 billion to $38 billion from mid-to-late October, while futures open interest stood at roughly $51 billion to $55 billion over the same period.
- • Call contracts made up about 59% to 60% of options open interest, a mix tilted toward bullish positioning.
- • Spot-demand indicators turned negative by late October even though Bitcoin rose above $85,000 early in the month, and flows into U.S. spot Bitcoin ETFs remained subdued through October.
- • One week of options trading on Coincall totaled $409 million, with about $190 million targeting the October 30 expiration.
Summary
Bitcoin spot volume averaged approximately $6.8 billion a day early in October, a reading below the level recorded on roughly 90% of trading days since January 2024, according to TokenPost. The softness in spot activity came even as Bitcoin traded above $85,000 early in the month, with demand indicators turning negative by late October.
Derivatives positioning remained substantial despite the weak spot signals. Bitcoin options open interest ranged from $37 billion to $38 billion from mid-to-late October, while futures open interest was roughly $51 billion to $55 billion over the same period. Open interest measures outstanding positions rather than trading turnover, so these figures reflect the size of existing exposure rather than activity during the period. Call contracts accounted for about 59% to 60% of options open interest, a mix tilted toward bullish positioning.
Options activity was concentrated around month-end. One week of options trading on Coincall totaled $409 million, with roughly $190 million targeting the October 30 expiration. TokenPost had previously covered month-end call-spread activity.
Flows into U.S. spot Bitcoin exchange-traded funds remained subdued throughout October, reinforcing the picture of softer spot demand alongside large open derivatives positions. Options allow traders to take directional positions or manage existing Bitcoin exposure without buying or selling the underlying asset.
Derivatives positioning remained substantial despite the weak spot signals. Bitcoin options open interest ranged from $37 billion to $38 billion from mid-to-late October, while futures open interest was roughly $51 billion to $55 billion over the same period. Open interest measures outstanding positions rather than trading turnover, so these figures reflect the size of existing exposure rather than activity during the period. Call contracts accounted for about 59% to 60% of options open interest, a mix tilted toward bullish positioning.
Options activity was concentrated around month-end. One week of options trading on Coincall totaled $409 million, with roughly $190 million targeting the October 30 expiration. TokenPost had previously covered month-end call-spread activity.
Flows into U.S. spot Bitcoin exchange-traded funds remained subdued throughout October, reinforcing the picture of softer spot demand alongside large open derivatives positions. Options allow traders to take directional positions or manage existing Bitcoin exposure without buying or selling the underlying asset.
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