Bitcoin’s recent surge past $109,000 correlates with favorable macroeconomic developments, including the eurozone’s record 2.7% year-on-year M2 money supply expansion and growth in the U.S. monetary base. However, this upward trajectory faces counterweight from cautious trader sentiment visible across derivatives markets.
Softening U.S. labor conditions contributed to market hesitancy, with private payrolls unexpectedly shrinking by 33,000 jobs. Despite largely positive momentum in Bitcoin’s spot price, derivatives indicators reflect persistent wariness.
The Bitcoin futures premium holds below 5%, suggesting restrained bullish positioning amid strong spot performance. Simultaneously, spot Bitcoin ETFs reported substantial net outflows totaling $342 million, signaling investor apprehension even with supportive macro tailwinds.
Options markets echo this balanced uncertainty, with Bitcoin’s 25% delta skew hovering near neutral levels. This indicates traders lack strong directional bias despite price gains, underscoring a market demanding further confirmation of sustained growth.