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

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.