Bitcoin Derivatives Suggest Cautious Sentiment but No Clear End to 2025 Bull Run

Main Idea
Bitcoin derivatives data indicates the 2025 bull run remains intact despite recent price drops, with cautious but not bearish market sentiment prevailing.
Key Points
1. Bitcoin recently dipped to $114,013, triggering over $200 million in liquidations, but this does not signal the end of the 2025 bull run.
2. The BTC options market shows caution but not a bearish shift, with a 5% put-call delta skew indicating traders are protecting against downside risks near $114,000.
3. Spot Bitcoin ETFs saw $115 million in net outflows, ending a streak of inflows, but institutional demand remains strong.
4. Bitcoin's 40-day correlation with the S&P 500 has surged above 70%, suggesting it behaves more like a high-risk tech stock than a safe-haven asset.
5. MicroStrategy announced a $4.2 billion stock offering, potentially stabilizing Bitcoin sales and derivatives markets, supporting the bull market's continuation.
Description
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