Bitcoin’s exchange outflows remain supportive, but rising open interest and funding need monitoring.

The October 4 snapshot shows net outflows of 1,071 BTC, bringing September 28–October 4 outflows to 6,036 BTC. Withdrawals alone do not confirm buying.

Open interest increased 1.39% day over day to $25.85 billion. Without price data, this does not establish a matching increase in leverage.

Funding rebounded from 0.00175% to 0.00463%, remaining below its seven-day average of 0.00531%. This suggests stronger bullish positioning, with insufficient evidence of overheating.

ERC20 USDT market cap reached $87.35 billion on October 3, essentially unchanged over a week. This measures Ethereum-based USDT, rather than total stablecoin liquidity.

My view is neutral to slightly positive. Repeated exchange inflows alongside rapidly rising funding and open interest would weaken that outlook and raise volatility concerns.

Outflows are encouraging. Derivatives require further confirmation. Strong buying pressure remains unconfirmed.

Tomorrow, I’ll watch whether outflows persist and whether funding and open interest continue rising together. Updated ERC20 USDT data will help assess whether liquidity is expanding.

Written by CoinNiel