Bitcoin’s recovery faces rising derivatives exposure and $643 million in ETF outflows
Summary
Bitcoin traded near $77,000 on October 31 after a selloff linked to a Binance breach. Data showed $1.53 billion in crypto-wide liquidations, mostly longs, while Bitcoin open interest later rose in selected datasets; these readings cover different contracts and time windows and do not establish market-wide leverage. Funding on Binance and Bybit remained slightly positive, while U.S. spot Bitcoin ETFs saw $643 million in outflows in the October 30 session. The analysis says a durable recovery would be more convincing if sustained spot demand and ETF inflows returned without a sharp buildup in open interest or more costly funding for longs. Upcoming U.S. jobs data could also affect rate expectations and risk appetite.
