Bitcoin futures open interest declines, signaling weaker demand

Open interest in the Bitcoin futures market has decreased, indicating a reduction in speculative trading demand. The seven-day moving average of Bitcoin futures open interest recently fell below the 365-day moving average, marking the second occurrence since August 25. This shift suggests that bullish sentiment in the derivatives market, which had strengthened in early September, is weakening. Additionally, spot Bitcoin ETFs experienced net outflows for the second consecutive week, reflecting a decline in spot demand. ETF outflows narrowed to 228.4 billion from 678.9 billion a week earlier. A sustainable Bitcoin rebound will require ETF inflows, improved spot demand, and continued accumulation among investors.

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