Bitcoin futures drop $1.4B, but spot buyers step in to help

Bitcoin’s aggregate futures exposure fell as recently active capital gained share through Oct. 4. Younger coin cohorts tend to spend more readily during volatility, so sustained buying remains the test of how readily the market can absorb active supply.Glassnode’s Oct. 5 Market Pulse reported futures open interest declining from $38 billion to $36.6 billion. Hot Capital Share rose from 18.9% to 19.5%, while the short-term-to-long-term holder supply ratio increased from 13.7% to 14.2%.Bitcoin futures exposure declined as spot buying and short-term holder activity increased, though sustained demand remains unproven.Open interest measures outstanding futures exposure, but assessing the vulnerability of those positions also requires information about account leverage and collateral.The remaining exposure was still near the upper edge of Glassnode’s statistical range. Long-side funding payments rose from $926,400 to $1.5 million, showing that the contraction in open interest coexisted with stronger demand for bullish perpetual exposure.How recent activity changes the risk pictureGlassnode’s March 2025 Market Pulse glossary describes Hot Capital Share over a three-month window.Separately...