Analysis: Bitcoin returns to $90,000, but derivatives and spot ETFs indicate market sentiment remains cautious

According to Cointelegraph, the price of Bitcoin has risen above $90,000, reaching a nearly three-week high. Data shows that despite the price rebound, the demand for Bitcoin leveraged long positions remains steady, with the Bitcoin futures basis below the neutral threshold, currently at an annualized premium of 4%.

Additionally, the fund flows of derivatives and spot ETFs indicate that traders remain cautious, suggesting limited confidence in further price increases. Since December 15, Bitcoin spot ETFs have recorded a net outflow of over $900 million, while Bitcoin put options traded at a premium on Saturday, indicating an increased demand from professional traders for downside risk protection.