Bitcoin trading activity cools in October as options volume rises

What happened

Bitcoin trading volumes fell during October even as options volume and open interest rose. Spot volumes averaged approximately $6.8 billion daily in early October, while spot demand indicators turned negative late in the month, with reported cumulative demand down 76,000 BTC. Options open interest reached $37 billion to $38 billion.

Confirmed

Global impact / market context

The contrast suggests Bitcoin’s price activity had less support from direct buying and selling, while more traders were using options, contracts tied to future price outcomes. If weak spot demand persists, it may limit buying support; options positioning could amplify moves around contract expiry.

Analyst inference

The article describes a split market: subdued spot trading and ETF inflows alongside rising options activity, with calls comprising about 59% to 60% of options open interest. Calls can benefit when prices rise, but this positioning does not establish that demand or prices will strengthen.

Confirmed

What to watch

1. Check whether spot trading and demand recover after October’s decline; renewed direct buying would provide firmer evidence of demand than options activity alone. Analyst inference
2. Watch ETF inflows, which are purchases into exchange-traded funds that can add spot demand; the article says they stayed subdued through October. Confirmed
3. Observe options activity around the October 30 expiry, especially whether open interest and call-heavy positioning persist or unwind, potentially changing exposure to price moves. Analyst inference

Affected assets

• BTC — Bitcoin

Evidence

• cryptobriefing.com