Spot Bitcoin ETF demand soars to a six-month high, but BTC futures contract volumes “remain somewhat subdued” and could be a reason why the price is constrained.
Demand for spot Bitcoin (BTC) exchange-traded funds (ETFs) has reached its highest point since the Bitcoin halving in April. Meanwhile interest among futures traders seems to be waning, according to recent data.
“The volumes traded across all futures contracts ($35 billion per day) remain somewhat subdued, especially compared to the elevated volumes when the market peaked at the all-time high in March,” crypto analysis firm Glassnode explained in an Oct. 23 market report.
The volume of futures contracts — an agreement between a buyer and a seller to sell Bitcoin in the future — is clocking daily figures approximately 50% of what it was following Bitcoin reaching its all-time high of $73,679 in March, when it exceeded $80 billion daily.
