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$BTC spot ETFs took in $2.65B in September. October through the 9th: about -$389M. Meanwhile futures OI sat flat near $53B on Oct 4 and funding rose to 6.6% annualized. Spot demand stepped back, leverage didn’t. Doesn’t love that. My read: neutral, leaning cautious into the Oct 27-28 Fed meeting, where hike odds were above 60%. Levels I’m watching: ~$83k and $87.4k. A break above $87.4k with ETF inflows returning kills the caution.
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