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Points of Focus
- Bitcoin trades at $83,934 as futures open interest falls to $53.8 billion.
- US spot Bitcoin ETFs logged $2.39 billion in weekly inflows despite weaker futures demand.
- Sept. 30 PCE data could shift rate expectations ahead of the next Fed decision.
Bitcoin (BTC) traded at $83,934.05 on Tuesday as traders reduced leveraged exposure before a key US inflation report.
CoinGlass data showed Bitcoin futures open interest near $53.84 billion, while BTC-denominated open interest fell to about 652,000 BTC on Sept. 28, among its lowest readings of 2026. The pullback in leverage comes as Bitcoin holds most of its rebound from the $74,000 area ahead of Wednesday’s Personal Consumption Expenditures (PCE) release.
Bitcoin open interest falls as futures demand weakens
Bitcoin futures open interest has fallen about 18% from an early-2026 peak near 800,000 BTC to roughly 652,000 BTC. Average perpetual funding also slipped below zero on Sept. 28, meaning short traders were paying longs to keep positions open.
CryptoQuant contributor Darkfost wrote on Sept. 28 that his 30-day futures demand measure had dropped from 164,000 BTC to just 3,000 BTC. He put spot demand at negative 174,000 BTC and total estimated demand at negative 171,000 BTC, even as Bitcoin rose to $84,000 from $74,000 over 15 days.
We still haven’t seen any improvement in demand.
If anything, it’s the opposite: futures demand has just dropped from 164,000 bitcoin:native to only 3,000.
Spot demand remains just as negative at -174,000 BTC, despite strong ETF inflows.
This pushes the total demand estimate… pic.twitter.com/bboPzSJIgF
— Darkfost (@Darkfost_Coc) September 28, 2026
Darkfost’s demand measure is separate from open interest, but both point to softer participation in leveraged markets. Lower open interest can reduce the amount of capital exposed to forced liquidations, while weaker futures demand shows that fresh speculative positioning hasn’t matched Bitcoin’s price recovery.
Bitcoin ETF inflows counter weak futures demand
US spot Bitcoin exchange-traded funds (ETFs) absorbed $2.39 billion from Sept. 21 through Sept. 25, based on Farside data. Daily inflows slowed from $999 million on Sept. 21 to $134.5 million on Sept. 25, but each session remained positive. Farside recorded another $31 million of net inflows on Sept. 28.
The ETF flows provide a counterpoint to weaker derivatives demand. ETF flows remained positive, while futures positioning thinned, meaning Bitcoin’s price recovery has continued without a parallel expansion in futures leverage.
Bitcoin near $84,000 ahead of Sept. 30 PCE
The Bureau of Economic Analysis will release August Personal Income and Outlays at 8:30 am EDT on Sept. 30.
July headline PCE inflation rose 3.7% year over year, while core PCE increased 3.3%, both above the Federal Reserve’s 2% inflation goal.
Rate expectations have moved higher before the release. CME futures pricing now points to roughly a 72.5% chance of an October rate hike. The next Federal Reserve policy decision is scheduled for Oct. 28.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency prices are highly volatile. Always conduct your own research before making investment decisions.
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