Bitcoin’s Missing Retail and What the Binance Data Shows

Key Takeaways Binance lost about $6.3 billion on October 29. Binance BTC open interest fell to $8.7 billion. Measured in BTC, that exposure barely changed. Spot ETFs shed $399 million on November 2. Two CryptoQuant analysis published on November 6 raise the question. BaykusCharts found that the platform’s retail-activity indicator never flashed a surge around Bitcoin’s October 2025 record near $126,000 or its roughly $60,000 lows this year. The analyst suggested that part of that activity moved into spot ETFs. Arab Chain reported Binance Bitcoin futures open interest at its lowest level in more than two months.