Update
Bitcoin Derivatives Exposure and ETF Redemptions
Coinalyze reported $28 billion in selected Bitcoin open interest on October 31, up 3% from the previous day. Farside reported $643 million in net outflows from US spot Bitcoin ETFs in the October 30 session. Bitcoin was near $77,000 on October 31 after a selloff around the Binance breach. The update highlights the importance of derivatives exposure and ETF redemptions in the recovery of Bitcoin's price.