Bitcoin futures drop $1.4B, but spot buyers step in to help
Glassnode’s weekly snapshot pairs a smaller derivatives footprint with rising holder activity, while spot buying supplies a counterweight. The post Bitcoin futures drop $1.4B, but spot buyers step in to help appeared first on CryptoSlate.
Bitcoin’s aggregate futures exposure fell as recently active capital gained share through Oct. 4. Younger coin cohorts tend to spend more readily during volatility, so sustained buying remains the test of how readily the market can absorb active supply.
Glassnode’s Oct. 5 Market Pulse reported futures open interest declining from $38 billion to $36.6 billion. Hot Capital Share rose from 18.9% to 19.5%, while the short-term-to-long-term holder supply ratio increased from 13.7% to 14.2%.
Open interest measures outstanding futures exposure, but assessing the vulnerability of those positions also requires information about account leverage and collateral.
The remaining exposure was still near the upper edge of Glassnode’s statistical range. Long-side funding payments rose from $926,400 to $1.5 million, showing that the contraction in open interest coexisted with stronger demand for bullish perpetual exposure.
Glassnode’s March 2025 Market Pulse glossary describes Hot Capital Share over a three-month window.