U.S. spot Bitcoin (BTC) exchange-traded funds drew $526.7 million on Oct. 19 after two weeks of net outflows, while Bitfinex warned that renewed futures leverage carried liquidation risk.
Farside Investors’ daily data show the funds lost a net $228.4 million during Oct. 12-16. The prior week, Oct. 5-9, had seen $678.9 million leave the funds, making the later total 66.4% smaller. Both weeks contained positive days: The funds recorded inflows on Oct. 13 and Oct. 15 before the larger Oct. 19 intake. One positive reading does not establish a lasting shift in flows.
The futures market presented a separate measure of risk. Bitfinex’s Oct. 19 report, using a chart credited to CoinGlass and Bitfinex, put open interest across 22 exchanges at 646,442 BTC on Oct. 15. It had stood at 619,645 BTC on Oct. 12, making the increase 4.3% even as Bitcoin touched $79,821 on Oct. 15.
Open interest tracks contracts that remain active, without showing whether their holders expect prices to rise or fall. Bitfinex said traders added short positions during the decline. The firm interpreted Bitcoin’s subsequent recovery toward $83,000 and positive funding rates as signs that leveraged long positions were building again.
Bitfinex reported $948 million in liquidations across the broader crypto futures market during a 24-hour period leading to Oct. 15. Long positions accounted for 90.6% of that total. The figure covers crypto futures generally, rather than Bitcoin contracts alone.
The firm also pointed to an earlier October episode: In a 24-hour stretch ending Oct. 8, liquidations across crypto futures totaled $1.18 billion, with longs making up $1.05 billion. In Bitfinex’s assessment, leverage rebuilding without sustained spot buying leaves traders exposed to further forced closures.
Bitfinex identified daily ETF flows, futures funding rates and open interest as indicators to watch. The next scheduled events it highlighted are the Federal Reserve’s Oct. 27-28 meeting and an options expiry on Oct. 30.
