$BTC

Despite the constant capital flows into spot Bitcoin ETFs, BTC derivatives traders have adopted a cautious stance. This dissonance is reflected in the Bitcoin futures premium, which fell to a three-month low, even with the price of BTC only 8% below its all-time high. BTC options metrics have also shifted towards a bearish bias, despite the resilience observed in the stock market against macroeconomic pressures.

Current Bitcoin derivative metrics are showing a bearish sentiment, even though the spot price of BTC remains at $103,300, very close to its ATH. This lack of optimism is unusual, especially considering the historically volatile and bullish nature of cryptocurrency traders, particularly those managing leveraged positions in futures. This suggests an underlying risk assessment that does not align with the current price action.