Bitcoin futures drop $1.4B, but spot buyers step in to help
Bitcoin futures open interest fell from $38 billion to $36.6 billion by Oct. 4, while Glassnode’s Hot Capital Share rose from 18.9% to 19.5% and the short-term-to-long-term holder supply ratio increased to 14.2%. Long-side funding payments also rose, indicating stronger demand for bullish perpetual exposure despite the smaller futures footprint. Spot cumulative volume delta shifted from negative $102.8 million to positive $33.2 million, signaling improved buyer-initiated activity. The report says younger coin cohorts are more likely to spend during volatility, leaving the market sensitive to whether sustained spot demand can absorb active supply. These indicators do not establish new investor inflows or predict the timing and direction of future spending.
