In October, Bitcoin spot trading volumes declined while options volume and open interest increased. Bitcoin pushed above $85,000 early in the month, but average daily spot volumes of roughly $6.8 billion were below approximately 90% of trading days since January 2024. CryptoQuant reported a cumulative 76,000 BTC drop in demand over the month, while ETF inflows remained subdued. In derivatives, Bitcoin options open interest ranged from $37 billion to $38 billion, with calls accounting for about 59% to 60%, and futures open interest stood at roughly $51 billion to $55 billion. The divergence points to increased caution in the spot market and heavy use of derivatives to manage positions and volatility risk.
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