Overview

• Bitcoin closed near $120,606 on Oct. 2 after a roughly 5.5% climb since Sept. 29 and is holding above $120,000 early Oct. 3.
• Spot bitcoin ETFs recorded consecutive net creations of about $676 million on Oct. 1 and $627 million on Oct. 2, reversing late-September outflows.
• Derivatives positioning expanded sharply: futures open interest rose from about $77.2 billion to $88.5 billion by Oct. 3, while options open interest climbed from roughly $41.6 billion to $52.1 billion, with futures turnover topping $100 billion on Oct. 2.
• Perpetual funding turned firmly positive and peaked near +0.79% on Oct. 2, indicating leveraged longs are paying elevated premiums to maintain positions.
• Analysts warn of potential squeeze dynamics as shorts accumulate into resistance, and traders point to the U.S. government shutdown—with a growth warning from Treasury Secretary Scott Bessent—as a supportive macro catalyst.