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Bitcoin breaks through $90,000 but struggles to follow up? See what professional traders have to say
【ChainNews】Bitcoin once again broke through $90,000, hitting a nearly three-week high. The upward momentum looks good, but what’s really interesting is what’s happening beneath the surface.
The bulls are not as aggressive as imagined. Although the price is rebounding, the enthusiasm for opening leveraged long positions in Bitcoin remains subdued, and the futures basis rate has stayed below the neutral line. Currently, the annualized premium is only 4%—definitely not impressive for a bull market.
What better illustrates the situation is the flow of funds. From spot ETF and derivatives data, traders are collectively holding—neither daring to enter heavily nor rushing to exit, just adopting a wait-and-see attitude. Since mid-December, Bitcoin spot ETFs have experienced net outflows of over $900 million, indicating institutional investors are reducing their positions. Meanwhile, put options are still trading with a premium, suggesting professional traders are increasing hedges against downside risks.
Overall, market sentiment remains cautious. Although the short-term rebound offers some imagination space, large capital is not highly betting on continued upward movement. Usually, stronger catalysts are needed to truly ignite market enthusiasm.