Techub News reports that Bitcoin has risen back to $78,000, but the options market shows only a 25% probability of breaking above $84,000 by the end of May. Despite spot ETF inflows totaling $3.3 billion over the past two months and companies like Strategy continuously increasing their holdings, the derivatives market remains cautious. Data indicates that put options are consistently premium-priced, with the 30-day Delta deviation remaining above 6%, reflecting hedging demand from professional traders. Meanwhile, listed companies have accumulated over 60k Bitcoin in the past 30 days, showing a divergence between institutional spot demand and derivatives market sentiment.