Bitcoin has reclaimed the $74,000 mark, but the sentiment among professional traders remains bearish, with derivatives indicating a lack of enthusiasm for the cryptocurrency’s recent rally. Despite the bullish backdrop, with the Nasdaq index showing gains and a decline in oil prices, Bitcoin derivatives suggest that traders are hedging against a potential price drop.
Bitcoin 2-month futures base rate. Source: Laevitas.ch
The annualized monthly Bitcoin futures premium compared to spot markets was a mere 2% on Monday, well below the neutral range of 4% to 8%. This lack of enthusiasm has been the norm over the past 30 days and likely reflects traders’ unease as Bitcoin fell 31% in six months while gold gained 18% and the Nasdaq 100 Index was flat. The uncertainty surrounding the US Strategic Bitcoin Reserve and the historic $19 billion liquidation event on October 10, 2025, have also contributed to the price weakness.
Bitcoin Derivatives and Options Signal Fear
Bitcoin 30 Day Options Delta Skew (Put Call) at Deribit. Source: Laevitas.ch
Bitcoin options delta skew on Deribit remained at 13% on Monday, signaling ongoing fears that have dominated the market for five weeks. When whales and market makers avoid downside risk, put options tend to trade at a premium of 6% or more compared to call instruments. The recent rise to $74,500 failed to change traders’ sentiments. Furthermore, USD stablecoins traded at a 0.5% premium to the official US dollar-to-yuan exchange rate on Monday, indicating balanced inflows and outflows in the region.
USD stablecoin premium/discount relative to the USD/CNY exchange rate. Source: OKX
Global Energy Shortage Fears and Treasury Yields
Meanwhile, fears of a global energy shortage are growing as the Strait of Hormuz remains closed, forcing investors to invest in Treasury safe havens. The US benchmark West Texas Intermediate oil prices remained close to $95 a barrel after the US attacked Iranian military facilities late Friday evening. Five-year US Treasury yields fell to 3.82% after peaking at 3.87% on Thursday, suggesting investors sought shelter in government-backed assets amid rising uncertainty.
WTI oil (left) vs. 5-year US Treasury yield (right). Source: TradingView
Despite the bearish sentiment, institutional investors continue to show interest in Bitcoin, with Strategy purchasing 22,337 BTC in the previous week alone, and US-listed spot Bitcoin ETFs recording net inflows of 11,117 BTC. However, the lack of confidence in Bitcoin derivatives is strong evidence that the bearish sentiment is not over yet.
For more information, visit https://cointelegraph.com/news/bitcoin-tops-74-5k-but-are-pro-traders-turning-bullish-again?utm_source=rss_feed&utm_medium=rss_category_market-analysis&utm_campaign=rss_partner_inbound
