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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.
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Staring at the market at 2 a.m., the basis is below the midline, this is abnormal
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Institutions are reducing positions, put options are still premium, where is the arbitrage opportunity?
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Annualized 4% premium? How can the bull market be so sluggish
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ETF continues to see net outflows, leveraged longs lack enthusiasm, how to save this broken situation
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Price has risen, but why does the depth of liquidity look so shallow
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Don’t be fooled by 90,000, the real signals are in the order book
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Such a strong wait-and-see attitude, it’s truly a sign of lack of follow-through
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Futures basis has been suppressed... Are institutions betting on a reversal? Interesting
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How is the spread between spot and futures now, are there arbitrage opportunities?
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A $90,000 rebound? Are institutions all reducing their positions and you didn't notice?
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Premium is only 4%? What kind of weak market is this? If it were a real bull market, it would have already taken off.
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Hold on, hold on. Basically, everyone is scared and hesitant; no one dares to make the first move.
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Are options still hedging risks? That shows how weak the confidence of the bulls really is.
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ETF net outflows, rebound—where do you see the strength of a bull market in this combo?
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Market caution = big players are secretly pulling out. We need to be more vigilant.
Why is everyone rushing to hedge against the decline? What kind of bull market is this?
It just feels artificially inflated; no one truly believes in this rally.
The basis is only 4%? Laughable, this doesn't look like a bull at all.
ETF net outflows of $900 million indicate that smart money is already retreating.
Why are they still holding on? The signals are so obvious.
Everyone is holding, which means no one dares to chase the high. Even rebounds are like this, isn't that quite normal?
Adding put options for hedging—forget it, maybe we should wait a bit longer.
$900 million outflow? Isn't that institutions fleeing? I knew something felt off about the atmosphere.
4% premium... the bull market should start at 8%, this number is just crazy.
The low enthusiasm for opening long positions clearly indicates a problem. Looking at price increases alone is useless; we need to see how funds are moving.
Everyone is strengthening hedges? That means betting on a decline. The professionals know this well.
Put options with premiums—that's the real story. I'm also starting to reduce my positions, honestly.
Funds are watching on the sidelines, prices are just playing a show—typical overinflated movement.
Institutions are reducing their positions, so how can I go against the trend? This market move is toxic.
Currently, retail investors are the ones buying the dip. Let's wait and see.
I knew what was going on when institutions started reducing their positions, same old tricks
Put options premiums... professionals are hedging against a decline, what bullish market are you talking about?
ETF net outflows of 900 million, this number is quite fierce
Feels like we're just grinding at the bottom, no need to rush
Institutions are quietly reducing their positions, and we're still shouting about a bull market
Looking at options premiums and basis rates, tsk tsk, the bullish momentum has long disappeared
Spot ETF net outflows of 900 million? It shows that smart money has already run away
This rally is just a bluff; no one really dares to take the bait
Put options are all increasing their hedges, which implicitly means... they’re not confident
Annualized premium is only 4%, what kind of level is this in a bull market? Truly
Feels like they've already taken all the last retail investors, and now they’re just putting on a show of a "breakthrough"
By the way, this market is really just big players playing psychological warfare, with retail investors following the trend.
Net outflow of 9 billion dollars, people just want to see if it can go higher. They don't dare to go all in, right?
A 4% premium is a bit suspicious; in a bull market, it should be more aggressive.
The put option premium clearly indicates some defensive stance. Who's really uncertain here?
Institutions are reducing their positions, yet the price is still rising. That contrast is interesting.
No one is excited about breaking new highs; the aftereffects of the bear market haven't passed yet.
Holding steady without moving is the smartest move, at least avoiding losses.
The futures basis being so weak shows that big players are also very calm.
It feels like the market is waiting for something; the price is just passing time.
$900 million net outflow, institutions have already been reducing their positions. Where's the bullish enthusiasm?
The basis is only 4%, is this called a bull market? I feel like it's just being pumped up for a dump.
Put option premiums are still quite high, some are betting on a decline. Are we witnessing a top?
Retail investors are having fun, big players are hedging—doesn't this serve as a huge warning?
The entire market is in a wait-and-see mode. When will the real starting point come?
Bottom fishing? Wait a bit, not quite there yet. Let the data speak.