Crypto Markets Eye Caution as Bitcoin Approaches Historically Strong October – 29/9/2025

Bitcoin (BTC) is climbing as October, historically its strongest month of the year, draws near. Ether (ETH) and the rest of the CoinDesk 20 Index are also in positive territory, with the index up 3.0% over the past 24 hours.

Despite the gains, several warning signs suggest caution. In derivatives markets, futures are showing a reduced bullish bias, while options activity is sending mixed signals.

Exchange-traded funds are also showing outflows. Both U.S. spot Bitcoin ETFs and Ether ETFs recorded net withdrawals on Friday. ETH ETFs, in particular, saw their fifth consecutive day of outflows—the longest streak since September 8.

Another potential red flag is the CME futures gap—the difference between Bitcoin’s price when CME futures close on Friday and when they reopen on Sunday—which currently sits below the spot price. Historically, these gaps tend to be filled, adding an additional layer of caution for traders.