Bitcoin futures markets have shifted towards bullish momentum this October, with whales stepping up aggressive long positions. Despite expectations of a retracement, a $110,000 price gap in CME Group’s Bitcoin futures remains unfilled, fuelling speculation over the next move for the cryptocurrency.
Futures Buyers Drive Uptober Momentum
October has brought a surge in net buy volume across Bitcoin futures, with traders significantly outpacing sellers. According to J. A. Maartunn, a contributor at onchain analytics platform CryptoQuant, buy volume outpaced sell volume by around $1.8 billion in the opening weeks of the month.
Maartunn, posting analysis on X, described the trend as a “clear sign of aggressive long positioning”. His comments followed remarks from CryptoQuant CEO Ki Young Ju, who noted that recent local highs in Bitcoin’s price had been driven by strong buying activity from derivatives market whales.
The shift marks a reversal from late September, when futures activity appeared more cautious. This renewed momentum has coincided with Bitcoin approaching record price levels, with BTC trading at $121,304 at the time of writing.
The $110,000 CME Futures Gap
While futures markets have turned bullish, a gap in CME Group’s Bitcoin futures charts has drawn attention from traders. The gap, which sits just above $110,000, emerged over a weekend and initially led analysts to expect a corrective move.
In recent months, such gaps have typically been filled within days or weeks as prices retraced. However, sellers have so far failed to push Bitcoin low enough to cover the $110,000 void.
CME is reportedly exploring plans to enable Bitcoin futures to trade around the clock, which could eliminate the gap phenomenon entirely in future. Until then, traders remain divided on whether the unfilled level poses a short-term risk to bullish positioning.
Bitcoin ETFs Show Surging Demand
Parallel to the futures market, spot Bitcoin exchange-traded funds (ETFs) in the United States have recorded significant inflows. Data from Thursday’s Wall Street session showed more than $600 million entering Bitcoin ETFs, bringing the weekly total to $2.25 billion.
James Check, creator of the onchain data resource Checkonchain, highlighted the rapid growth of options tied to BlackRock’s iShares Bitcoin Trust (IBIT). In his view, the development represents “the most significant market structure shift for Bitcoin since the ETFs themselves”.
IBIT options open interest has now surpassed that of Deribit, traditionally the largest crypto options platform. Bloomberg ETF analyst Eric Balchunas reported IBIT’s open interest had reached $38 billion, a milestone that places options ahead of futures in terms of market size.
Analysts Point to Market Transformation
Analysts argue that the sharp rise in ETF participation, coupled with the growing importance of IBIT options, marks a major shift in how institutional and retail investors are accessing Bitcoin exposure. Balchunas commented that ETFs were “no joke”, warning that the rapid expansion could put pressure on established crypto exchanges that rely on futures trading margins.
With futures markets showing renewed bullish positioning and ETFs attracting billions in capital, Bitcoin’s market structure appears to be undergoing a significant transformation. The interplay between CME futures gaps, whale-driven buying, and ETF adoption will likely shape the cryptocurrency’s trajectory through the remainder of the year.
