Bitcoin‘s price surge beyond $86,000 has driven buying pressure in the futures market to its highest level in six weeks. This comes as open interest rapidly increases, breaching the selling wall around the $85,000 mark and fueling optimism for sustained bullish momentum. On October 1, U.S. spot Bitcoin ETFs, led by BlackRock’s IBIT fund, recorded a net inflow of $102.7 million.
Futures Market Sees Notable Buying Pressure at Key Levels
According to data from Glassnode, buyers managed to push past sell orders clustered near the $85,000 level, which had resisted numerous tests over the past week. Glassnode reports that the remaining sell orders seem to have been withdrawn. With the reduction in sell-side liquidity above current Bitcoin prices, there is potential for further upward movement.
On-chain analyst Axel Adler Jr. highlighted on October 2 that Bitcoin’s Positioning Pressure indicator—measuring demand for futures contracts—has risen to 4.9. This is near the high of 5.1 recorded on August 19 over the same 90-day window.
During this period, open interest also surged. In the past 24 hours alone, Bitcoin’s price increased from $83,400 to $85,300, with open contracts rising approximately 3% from 301,900 to 310,800, marking a gain of over 15,000 contracts compared to September 30.
However, this growth in open interest does not guarantee continual price increases, as evidenced by a previous drop of 52,000 contracts from a peak of 347,300 on September 21 within nine days. Adler Jr. pinpointed $85,000 and $83,000 as pivotal thresholds for upcoming movements. Maintaining a position above $85,000 could consolidate recent gains, whereas a dip below $83,000 might amplify losses on long positions above this level, potentially accelerating a downturn.
BlackRock Leads Net Inflows in Bitcoin ETFs
According to Trader T data, U.S. spot Bitcoin ETFs saw a significant net inflow totaling $102.7 million on October 1. BlackRock’s IBIT fund received $195.6 million, which offset outflows from other funds, ensuring a positive net flow. Grayscale’s Mini Bitcoin Trust reported an inflow of $14.6 million, while Morgan Stanley’s MSBT fund gained $7 million.
On the outflow side, Fidelity’s FBTC fund led with a $60.7 million withdrawal. Grayscale’s GBTC faced a $31.4 million outflow, followed by Ark Invest’s ARKB with $7.7 million, and Bitwise’s BITB with $6.9 million. Invesco’s BTCO fund and VanEck’s HODL fund experienced withdrawals of $4.2 million and $3.6 million, respectively.
With Bitcoin overcoming the selling wall and a growing purchasing appetite in the futures market, sustaining prices above $85,000 has become a focal point for traders. Watching these levels closely is crucial for understanding the market’s trajectory.
