Bitcoin ETFs gain $21M after shedding $681M – Can CPI rescue Uptober?

Positioning before a key macro week is rarely random. Interestingly, that’s how this situation is playing out again this time.

High caps are breaking key support levels, suggesting that investors are either preparing to buy the dip or anticipating a deeper correction. Current positioning signals indicate a growing tilt toward the latter.

As one X post highlights, Bitcoin could be in for a run towards $60k, with some calling it an “inevitable setup.” Historically, Q4 has been bullish for Bitcoin and the broader crypto market, with average returns exceeding 71%.

More than half of these gains have historically come in October and November combined, fueling the seasonal “Uptober” narrative.

However, the current derivatives situation is challenging this bullish scenario. 

According to Ethereum’s Whale and Retail Delta, the metric is showing negative 30-day and 180-day Open Interest Deltas, plus a negative Whale vs. Retail Delta. This means that derivatives positioning is skewed towards the downside, suggesting that whales are unwinding their longs and accumulating shorts.

Meanwhile, on Bitfinex, Ethereum longs have hit their highest level in four years.

Meanwhile, Ethereum longs on Bitfinex reached their highest level in four years, revealing a pocket of bullish conviction.