#比特币六连涨 Bitcoin Rebounds to $90,000 Level, but Market Confidence Remains Weak
Bitcoin has reclaimed the $90,000 price level, yet the foundation of this rebound remains fragile. Despite the price recovery, traders overall maintain a defensive stance, and the derivatives market has yet to display sustained optimistic sentiment.
As Bitcoin rebounded this week, the cryptocurrency derivatives market showed virtually no clear signals capable of supporting sustained gains. Despite Bitcoin spot exchange-traded funds (ETFs) attracting renewed capital inflows last week, the overall market structure has not improved in sync.
The current price recovery appears more like a temporary reprieve rather than the beginning of a new uptrend cycle. In key areas that reflect market sentiment—Bitcoin perpetual and dated futures—most trading remains concentrated in short-term contracts. The Chicago Mercantile Exchange (CME), long viewed as an important barometer of institutional investor participation, shows continued weak demand for longer-dated futures.
Vetle Lunde, research director at K33 Research, noted in a report released on Tuesday that despite some signs of improved market sentiment, the overall mood remains cautious, with investors maintaining a wait-and-see approach amid recent gains. The report indicates that spot trading volumes, volatility, and derivatives leverage levels are hovering near lows seen before December of last year, with 86% of open positions concentrated in the nearest-to-expiry contracts.
Meanwhile, perpetual futures funding rates remain at relatively low levels, reflecting limited long positions in the market and a lack of significant warming in risk appetite.
However, selling pressure that persisted for weeks through late 2025 reversed during the initial trading days of this year, driving Bitcoin's price recovery. On January 5th, Bitcoin ETFs recorded their largest single-day net inflows since October 7th of last year, also ranking in the top ten single-day inflows since January 1st, 2025.
Should Bitcoin strengthen further, it could reactivate futures trading activity on the CME. As the spread between spot and futures prices widens, basis trading—a strategy that profits from the price differential between the two—could become attractive once again.
Meanwhile, Bitcoin's lackluster performance relative to gold and equity markets has sparked discussions about the long-term value of crypto assets. Mike McGlone, senior commodity strategist at Bloomberg Intelligence, noted in a report released on Monday that Bitcoin's volatility continues to decline, particularly when compared to gold and risk assets, which may suggest that the most explosive phase of crypto assets has gradually passed.
Bitcoin has reclaimed the $90,000 price level, yet the foundation of this rebound remains fragile. Despite the price recovery, traders overall maintain a defensive stance, and the derivatives market has yet to display sustained optimistic sentiment.
As Bitcoin rebounded this week, the cryptocurrency derivatives market showed virtually no clear signals capable of supporting sustained gains. Despite Bitcoin spot exchange-traded funds (ETFs) attracting renewed capital inflows last week, the overall market structure has not improved in sync.
The current price recovery appears more like a temporary reprieve rather than the beginning of a new uptrend cycle. In key areas that reflect market sentiment—Bitcoin perpetual and dated futures—most trading remains concentrated in short-term contracts. The Chicago Mercantile Exchange (CME), long viewed as an important barometer of institutional investor participation, shows continued weak demand for longer-dated futures.
Vetle Lunde, research director at K33 Research, noted in a report released on Tuesday that despite some signs of improved market sentiment, the overall mood remains cautious, with investors maintaining a wait-and-see approach amid recent gains. The report indicates that spot trading volumes, volatility, and derivatives leverage levels are hovering near lows seen before December of last year, with 86% of open positions concentrated in the nearest-to-expiry contracts.
Meanwhile, perpetual futures funding rates remain at relatively low levels, reflecting limited long positions in the market and a lack of significant warming in risk appetite.
However, selling pressure that persisted for weeks through late 2025 reversed during the initial trading days of this year, driving Bitcoin's price recovery. On January 5th, Bitcoin ETFs recorded their largest single-day net inflows since October 7th of last year, also ranking in the top ten single-day inflows since January 1st, 2025.
Should Bitcoin strengthen further, it could reactivate futures trading activity on the CME. As the spread between spot and futures prices widens, basis trading—a strategy that profits from the price differential between the two—could become attractive once again.
Meanwhile, Bitcoin's lackluster performance relative to gold and equity markets has sparked discussions about the long-term value of crypto assets. Mike McGlone, senior commodity strategist at Bloomberg Intelligence, noted in a report released on Monday that Bitcoin's volatility continues to decline, particularly when compared to gold and risk assets, which may suggest that the most explosive phase of crypto assets has gradually passed.
