Bitcoin tests US$ 80.4 thousand after ETF outflows and rebound

Bitcoin was trading near US$ 82.9 thousand in a capture from PerpFinder on October 10 at 09:36 UTC, after a weekend rebound. At the same time, the market was watching whether the recovery would come with new leverage or with continued position unwinding.

In the same record, open interest in BTC futures on Binance was US$ 7.70 billion. The reading also showed that long positions were paying funding, a sign of negative financing at that time.

This indicator helps separate price moves of different natures. When price rises with stable or higher open interest and moderate funding, that is consistent with risk rebuilding. A rise with a drop in open contracts, on the other hand, may indicate more position cleanup than new conviction.

The reverse setup also serves as a reference for the market. If price falls with a drop in open contracts, the reading points to ongoing deleveraging. If price declines while contracts grow, that may suggest new bearish positions entering, especially if funding turns more negative.

In the options market, PerpFinder pointed out in another capture on October 10 at 09:49 UTC that Sunday’s BTC expiry on Deribit had US$ 272.4 million open. Of that total, US$ 98.5 million were in calls and US$ 174.0 million in puts, with a put/call ratio of 1.77.