Divergence in Bitcoin Rally: $2.8 Billion Inflows into ETFs, Futures Positions Remain Flat

As Bitcoin trades above $80,000, inflows into spot exchange-traded funds (ETFs) tracking the price of Bitcoin reached eight days, while the total open interest in futures contracts remained flat at approximately 700,000 BTC.

The Bitcoin price is holding above $80,000, supported by strong demand for these funds. According to SoSoValue data, the net inflow streak into funds continued for eight days, with the total flow reaching $2.8 billion. In contrast, the total number of contracts in futures markets remained at approximately 700,000 BTC.

This divergence shows that the rally is supported by spot purchases, but new positions have not accumulated to the same extent in futures markets. Open interest refers to the total number of outstanding futures contracts that have not been settled. Thus, the current picture suggests that derivatives market activity has not fully accompanied the rise in Bitcoin’s price.

Bitcoin ETF inflows support the rally

One of the catalysts behind the Bitcoin rally was the U.S. Treasury’s decision to double long-term bond buybacks. Following the decision, Bitcoin broke through its six-week trading range as more than $3 billion in short positions were liquidated.

General trading volume in futures markets increased by 6 percent in the last 24 hours. However, open interest for Bitcoin remained flat. Although annualized funding rates for major cryptocurrencies are positive, they did not exceed 10 percent.

It was noted that institutional investors purchased downside protection with put contracts in long-term options. Deribit data showed that while short-term investors turned toward bullish call options, institutions took precautions against potential declines. Altcoin interest remained limited; the Altcoin Season indicator fell to the 38/100 level.