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Bitcoin futures open interest slips as spot demand picks up

Glassnode data show futures open interest falling from $38.0 billion to $36.6 billion by Oct. 4, while Hot Capital Share and holder supply ratios rose.

Reported · Written up by our desk · Market Structure

Bitcoin’s aggregate futures exposure eased, according to Glassnode’s Oct. 5 Market Pulse, with futures open interest declining from $38.0 billion to $36.6 billion through Oct. 4.

The same snapshot showed rising holder activity and shifting behavior, including Hot Capital Share increasing from 18.9% to 19.5%, and the short-term-to-long-term holder supply ratio moving up from 13.7% to 14.2%.

CryptoSlate notes that long-side funding payments rose from $926,400 to $1.5 million, indicating that even as open interest contracted, demand for bullish perpetual exposure strengthened.

The data also highlighted that the remaining futures exposure stayed near the upper end of Glassnode’s statistical range, with vulnerability depending on account leverage and collateral, not just open interest.

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