Bitcoin Futures Show Strong Optimism with Significant Buy Volume
Bitcoin futures indicate a bullish sentiment among traders as they buy aggressively, pushing volumes higher amidst discussions of ETF options.
Key Points
- Bitcoin futures are exhibiting a trend of heightened buying as traders adopt a bullish outlook for BTC this month.
- The $110,000 ‘gap’ in CME Group’s Bitcoin futures market remains unaddressed.
- Options related to Bitcoin ETFs are gaining traction as the open interest in IBIT approaches $40 billion.
Bitcoin (BTC) derivatives traders are noticeably shifting towards long positions as the price heads towards all-time highs. In a recent analysis posted on X, J. A. Maartunn of CryptoQuant illustrated a marked change in Bitcoin futures during October.
Surge in Bitcoin Futures Volume
The sentiment in Bitcoin futures markets has shifted significantly as October begins. Maartunn highlights that net buy volumes have surged, exceeding net sell volumes by $1.8 billion. “Futures buyers are stepping up,” he remarked alongside a chart depicting net taker volumes from the leading crypto exchange, Binance.
Bitcoin net taker volume (Binance). Source: Maartunn/X
The analysis was prompted by comments from CryptoQuant CEO Ki Young Ju, who noted that Bitcoin’s recent local highs were supported by persistent buying by whale traders in the derivatives market. “This indicates aggressive long positioning,” Maartunn added.
Just recently, headlines were dominated by a weekend ‘gap’ left in CME Group’s Bitcoin futures, which has become a temporary target for traders aiming for a BTC price correction, estimated to occur just above $110,000, as noted by Cointelegraph Markets Pro.
CME Group Bitcoin futures one-hour chart with gap highlighted. Source: Cointelegraph/TradingView
Despite previous trends of gaps being filled quickly, sellers have not initiated a sufficient retracement this week. According to Cointelegraph, CME is working on plans to enable round-the-clock trading for Bitcoin futures, which could help eliminate such ‘gaps’.
Bitcoin ETFs Gaining Popularity
In other news, US spot Bitcoin exchange-traded funds (ETFs) attracted more than 600 million dollars on Thursday during trading hours. With total net flows this week reaching an impressive 2.25 billion dollars, the data regarding ETFs continues to astonish.
In a Friday post on X, James Check, the mind behind Checkonchain, highlighted the significant growth of options related to the leading ETF, BlackRock’s iShares Bitcoin Trust (IBIT). “The surge in IBIT options is a rarely discussed yet crucial structural shift for Bitcoin since the ETFs themselves,” he stated.
“Not only did IBIT surpass Deribit, but options now exceed futures in terms of open interest.”
Bloomberg’s ETF analyst Eric Balchunas had previously reported on IBIT’s open interest now reaching 38 billion dollars, indicating that “ETFs are no joke… Large crypto margins are in jeopardy,” he concluded.
IBIT vs Deribit Bitcoin options open interest. Source: Eric Balchunas/X
This article is for informational purposes only and does not constitute investment advice. Every investment decision involves risk, and readers should conduct thorough research.
