No BlackRock, no party?

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Ahead Of The Curve

27 Oct 2025

No BlackRock, no party?

Bitcoin recovers to its monthly open. With notional OI down 11.6% MTD following the October 10 crash and strong medium-term tailwinds, we reiterate our bullish outlook while we prepare for a volatile mid-week.

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Recovering to the monthly open

Bitcoin has rebounded to its monthly open after a week of mild buoyancy and notable intraday volatility. The recovery is robust, given the 11.6% MTD decline in notional open interest in perps. Overall market positioning remains conservative with passive flows, steady open interest steady, and subdued yields. We deem this market structure far healthier than the last time BTC traded at these levels, and reiterate our bullish medium-term outlook as remarked in our past reports.