Bitcoin Futures Turn Bearish Despite ETF Inflows
Bitcoin (BTC) is trading 8% below its all-time high of $103,300, with derivatives metrics indicating bearish sentiment. The price recently dropped to $102,400, potentially due to deteriorating macroeconomic conditions. Monthly Bitcoin futures have remained below the neutral threshold since June 12, with the futures premium falling below 4%, the lowest in three months. The Bitcoin options skew is currently at 5%, indicating a shift from bullish to bearish sentiment among traders. Despite this, institutional demand for Bitcoin remains strong, with US-listed ETFs seeing $5.14 billion in net inflows over the past month. Firms like Strategy and Metaplanet have significantly increased their BTC holdings. Confidence among traders may wane if BTC stays near the $100,000 level.
