$BTC climbed back up from US$86K.
But the number that caught my attention the most today wasn’t the price.
It was: +US$2.3 BILLION.
That’s about how much Bitcoin’s open interest has increased since September 30.
While BTC moved from around US$83.5K to US$86K+, new positions started to show up.
And funding also went up.
In plain terms: the market is optimistic again… and is back to PAYING to stay long. At the same time, there’s demand outside of derivatives.
Bitcoin ETFs started October with +US$102.7 million in net inflows after receiving US$2.65 billion during September.
So we have two things happening:
demand via ETF ✅
leverage returning ✅
It looks great. But the second one also increases risk. The more people enter leveraged on the same side, the more sensitive the market becomes if price turns quickly.
In Zion Smart DCA, I don’t interpret it as: “BTC broke out, I need to rush.”
I interpret it as: now I want to see whether the SPOT market can sustain what the futures are accelerating.
$BTC #bitcoin #crypto #Uptober
For you, does this move back to US$86K look like real demand…
or is leverage already starting to push the candle?
But the number that caught my attention the most today wasn’t the price.
It was: +US$2.3 BILLION.
That’s about how much Bitcoin’s open interest has increased since September 30.
While BTC moved from around US$83.5K to US$86K+, new positions started to show up.
And funding also went up.
In plain terms: the market is optimistic again… and is back to PAYING to stay long. At the same time, there’s demand outside of derivatives.
Bitcoin ETFs started October with +US$102.7 million in net inflows after receiving US$2.65 billion during September.
So we have two things happening:
demand via ETF ✅
leverage returning ✅
It looks great. But the second one also increases risk. The more people enter leveraged on the same side, the more sensitive the market becomes if price turns quickly.
In Zion Smart DCA, I don’t interpret it as: “BTC broke out, I need to rush.”
I interpret it as: now I want to see whether the SPOT market can sustain what the futures are accelerating.
$BTC #bitcoin #crypto #Uptober
For you, does this move back to US$86K look like real demand…
or is leverage already starting to push the candle?
