Derivatives Daily: Oct 4 — $60.4M Liquidations Test Bullish OI
The derivatives market is carrying $128.4B in aggregate open interest, while $60.4M was liquidated over the past 24 hours. Shorts absorbed the heavier hit at $34.2M versus $26.3M for longs, a structure that shows upside pressure has been strong enough to force bearish positioning out, but also leaves leverage elevated. The current backdrop is constructive rather than euphoric: the Fear and Greed Index is 67, classified as Greed, and the average market RSI is 58.7.
Short liquidations lead across major venues
The 24-hour liquidation profile is concentrated in a handful of names. SAND led with $12.6M, including $7.7M in short liquidations and $4.9M in longs. Bitcoin recorded $3.6M, split between $2.0M in shorts and $1.6M in longs. PUMP saw $3.4M liquidated, with $2.5M from shorts, while Ethereum posted $3.3M, including $2.4M in short liquidations. ZEC rounded out the leading group at $3.2M, almost evenly divided between $1.6M in longs and $1.6M in shorts.
The exchange distribution reinforces the same signal. Binance registered $29.7M in liquidations, OKX $14.4M, and Bybit $7.5M. Across the broader time windows, the pressure accelerated from $2.0M in the last hour to $7.4M over four hours, $28.3M over twelve hours, and $60.3M over 24 hours. That progression suggests a sustained positioning reset rather than a single isolated print.
ETF flows support Bitcoin more than Ethereum
Institutional flow data is split by asset. The latest available Bitcoin ETF session, dated Oct 1, delivered a $102.7M inflow, bringing the seven-day total to $723.3M. The preceding daily sequence was $347.0M, $190.6M, $134.5M, $31.1M, $66.2M, -$148.7M, and $102.7M. Bitcoin ETF assets under management stood at $109.3B, while cumulative net flow reached $57.7B.
Ethereum ETF demand was weaker in the latest session, with a $55.4M outflow and a seven-day sum of $156.9M. The recent sequence moved from $104.6M, $66.0M, and $86.9M of inflows to $17.1M, -$2.8M, -$59.6M, and -$55.4M. Ethereum ETF assets under management were $17.7B and cumulative flow was $13.9B. The contrast favors Bitcoin in the near-term institutional flow picture, even as Ethereum remains a leading altseason performer.
Options keep $84,000 in focus
Bitcoin options open interest totals $29.9B, with a 0.6 put-to-call open-interest ratio and 13 expiries represented. The index price is $84,741.5, placing it close to the $84,000 max pain for the Oct 9 expiry, which carries $1.7B in total open interest. Nearer expiries show $85,000 max pain for Oct 4 and Oct 5, while Oct 6 points to $86,500 and Oct 7 to $84,500. The larger Oct 9 expiry therefore creates a practical $84,000-$85,000 pinning zone for the immediate market.
Verdict: The bias remains moderately bullish while Bitcoin holds above $84,000 and aggregate OI stays near or below $128.4B after the liquidation flush; a recovery through the $85,000 max-pain level would strengthen the continuation signal. This view is invalidated if Bitcoin loses $84,000 while OI rebuilds above $128.4B, indicating leverage is returning without a clean liquidation reset. Data as of 08:05 Beijing time on Oct 4, covering Binance, OKX, Bybit and other major venues.