Bitcoin Holds Near $86,000 as Spot Buyers Absorb $1.4 Billion Futures Contraction

Bitcoin traded near $86,000 following a weekend rebound as spot market buyers returned, offsetting a notable leverage reduction in derivatives. In the week ending October 4, aggregate futures open interest contracted by $1.4 billion, or 3.8%, from $38.0 billion to $36.6 billion. However, bullish sentiment persisted as long-side perpetual funding payments rose from $926,400 to $1.5 million. Concurrently, spot cumulative volume delta rebounded from negative $102.8 million to positive $33.2 million, signaling aggressive buyer interest alongside an increase in Hot Capital Share from 18.9% to 19.5%.