Bitcoin ETF Outflows Mount; BTC Rally Driven by OI Not Spot
Bitcoin spot ETF flows hit -$545M net for October so far. The NY session price rally appears to be futures/OI-driven rather than genuine spot demand, raising questions about sustainability.
What we know
An account on X reported BTC spot ETF flows of -$7.6M on Oct 15 alone, with the week at approximately -$158.7M and October total sitting at -$545M net outflows. A separate post from another account on X highlighted that the NY session price move was predominantly OI being added with spot CVD diverging — a bearish signal for the rally's authenticity. Options flow was 'pretty dead,' though ~$38M net calls were bought at the 90K strike across all expiries. Another account on X said he'd likely need to hold a BTC long over the weekend and called for patience. US equity futures also slipped with Nasdaq futures down 0.4%, adding macro headwinds.
How the story developed
Bitcoin spot ETF flows hit -$545M net for October so far. The NY session price rally appears to be futures/OI-driven rather than genuine spot demand, raising questions about sustainability.
Strive ($ASST) purchased another 2,822 BTC ($235M) in two days, bringing total BTC holdings to 35,595 BTC (~$1.17B accumulated in under 2 months). Daily BTC ETF flows turned positive at +$167M, but the weekly figure remains negative at -$618M.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.