Bitcoin’s exchange inflows and declining open interest send mixed signals, with no clear bullish edge yet.

Net inflows reached approximately 4,345 BTC on October 9 and 11,325 BTC over October 7–9, while October 3–9 still recorded net outflows of 7,520 BTC. October 9 figures are provisional ahead of the UTC daily close, and short-term inflows alone do not confirm sustained selling.

Open interest (OI) stood at approximately $24.80 billion on October 9, down 2.85% from October 2. Without price and liquidation data, this does not establish a lower leverage ratio or large-scale liquidations.

Funding fell from 0.01016% on October 8 to 0.00788% on October 9, but remained above its seven-day average of 0.00574%. Long positions continue to pay funding to shorts.

SSR declined 2.96%, from 15.52 on October 1 to 15.06 on October 8. Stablecoins’ relative purchasing power improved, but falling BTC prices can also lower this ratio, so fresh capital inflows are not confirmed.

My view is neutral, with a slight tilt toward short-term caution. I would ease that caution if exchange net outflows resume without a simultaneous surge in funding and OI.

Short-term flows show net inflows, while the weekly total remains a net outflow. OI has declined, but funding remains above its recent average. Even with a lower SSR, the overall direction remains unclear.

Tomorrow, I will check October 9’s finalized netflow and whether inflows continue on October 10. I will also watch whether funding stabilizes and OI and SSR continue declining.

Written by CoinNiel