After concentrated early-week inflows, U.S. spot Bitcoin ETFs experienced large redemptions on Thursday and Friday, reversing more than 70% of their initial gains. Circulating dollar stablecoin supply also contracted on-chain. Meanwhile, Bitcoin perpetual futures open interest recovered on Saturday, October 24, but funding rates continued to fall. By the morning of October 25 Beijing time, spot allocation demand lacked persistence. Derivatives positions were being rebuilt, yet longs remained restrained about chasing higher prices.

Bitcoin ETFs reverse 70% of early-week inflows as on-chain stablecoin supply also contracts

Reported Bitcoin ETF inflow reversal and shrinking stablecoin supply
Original Chinese illustration · English guideReported U.S. spot Bitcoin ETF flows: US$1.0747 billion entered on October 19–21, then US$773.5 million left on October 22–23, reversing 72%. At 00:00 UTC on October 24, dollar stablecoin supply was approximately US$302.794 billion, down US$2.073 billion over a week. ETF reporting was incomplete for some products; the stablecoin figure is a separate on-chain supply snapshot.
Reported daily Bitcoin and Ether ETF flows with partial October 23 coverage
Chart in EnglishDaily reported U.S. spot ETF flows, October 6–23, in US$ million. BTC is in the upper panel and ETH in the lower. Positive bars represent inflows and negative bars outflows. October 23 remains partially reported, including outstanding HODL and ETHV data as described in the historical article.
Stablecoin circulating face value ending at approximately US$302.794 billion
Chart in EnglishDollar-pegged stablecoin circulating face value through the October 24 UTC snapshot, in US$ billion. The English axis converts the original US$100 million units; the latest approximately US$302.794 billion equals the original 3,027.94 units. All frozen observations are preserved.

Farside data showed U.S. spot Bitcoin ETFs attracting US$1.0747 billion over October 19–21, concentrated on October 19, at US$526.7 million, and October 21, at US$524.8 million. Flows were divided across products from the start: BlackRock’s IBIT alone received US$665.2 million on October 19, while Fidelity’s FBTC and Grayscale’s GBTC lost US$83.6 million and US$54.9 million, respectively.

Flows reversed on Thursday, October 22, with US$635.6 million leaving Bitcoin ETFs. IBIT and FBTC lost US$254.1 million and US$217.5 million, turning early-week inflow leaders into the main sources of redemptions. Reported products lost a further US$137.9 million on Friday, October 23, with HODL not yet fully reported. The two days’ disclosed outflows totaled US$773.5 million, reversing 72% of the preceding three days’ inflows. Reported October 19–23 data still showed a net US$301.2 million inflow, but leading products shifted from large subscriptions to concentrated redemptions within days. Traditional securities-account allocation demand remained unsettled, and its incremental support for spot markets had weakened considerably before the weekend closure.

Spot Ether ETFs were weaker. Reported U.S. Ether ETF data for October 19–23 showed net outflows of US$220.7 million. October 22 saw US$110.6 million leave, while products reporting for October 23 recorded only a small US$4.4 million net inflow, with ETHV still outstanding. Compared with Bitcoin’s remaining weekly net inflow, traditional-channel appetite for Ether allocations continued to face pressure.

On-chain dollar liquidity also shifted from expansion to decline. DefiLlama data at 00:00 UTC on October 24 put the face value of circulating dollar-pegged stablecoins at approximately US$302.794 billion. That was US$2.073 billion, or 0.68%, below a week earlier and US$1.657 billion, or 0.54%, below September 24, reversing the expansion reflected in a roughly US$1.405 billion net increase over the preceding 90 days. Since stablecoins are the main settlement and collateral medium in crypto, a smaller supply weakened the on-chain dollar funding base. Near-term buying depended more heavily on turnover of existing funds and shifts in positioning.

Binance BTC open interest recovers 2% as long funding rates fall sharply

Higher BTC open interest alongside three declining eight-hour funding rates
Original Chinese illustration · English guideBinance BTCUSDT perpetual open interest reached approximately 95,170 BTC, up 2.04% over the observed day. October 24 eight-hour funding rates at 00:00, 08:00 and 16:00 UTC were 0.003939%, 0.003431% and 0.000960%. These are individual settlement rates, not annualized yields or the sum shown in the separate historical funding chart.
Historical BTC perpetual open interest ending near 95,170 BTC
Chart in EnglishBinance BTCUSDT perpetual open interest, September 26–October 25, in BTC. The English axis converts the original 10,000-BTC units to individual coins. The final frozen observation is 95,166.293 BTC, approximately 95,170. This is coin quantity, rather than USDT notional value.
Daily sums of three eight-hour BTC and ETH funding settlements
Chart in EnglishHistorical Binance perpetual funding through October 24, BTC above and ETH below. Each plotted value sums that UTC day’s three eight-hour funding rates, in percent. These daily sums differ from the individual settlement rates in the article and are not annualized yields. All original observations are retained.

Derivatives positions increased on Saturday without a matching rise in bullish sentiment. From 00:00 UTC on October 24 to 00:00 on October 25, corresponding to 08:00 Beijing time on those dates, Binance BTCUSDT perpetual open interest rose 2.04%, from approximately 93,270 BTC to 95,170 BTC. Its notional value increased 1.64%, from 7.569 billion to 7.694 billion USDT. Coin-denominated open interest grew faster than notional value, showing that traders added positions as Bitcoin’s price edged lower.

Rebuilding positions did not raise the cost of holding longs. Bitcoin perpetual funding rates at the three eight-hour settlements on October 24 were 0.003939%, 0.003431% and 0.000960%, falling sequentially. The final rate was well below the preceding 30-day per-settlement average of approximately 0.003224%. Ether perpetual funding rates over the same settlements were 0.001569%, 0.003433% and −0.000339%. The final rate became slightly negative, changing the direction of payment from longs paying shorts to shorts paying longs.

Rising Bitcoin open interest alongside funding approaching zero suggested a relatively balanced supply and demand between longs and shorts in the added positions, potentially including hedges or arbitrage. Traders actively pursuing longs were unwilling to pay a higher premium. Ether’s final negative funding rate was consistent with continued ETF redemptions, illustrating different risk appetites toward the two major assets.

Improvement in funding conditions required spot allocation flows and derivatives pricing to recover together. Sustained ETF inflows and renewed stablecoin supply growth would be needed to establish a stronger spot buying base. If futures positions expanded without incremental spot funding, trading would remain constrained by the redistribution of existing capital, and price moves would more readily trigger leverage adjustments.

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