BTC price holds gains, but lacks conviction as derivatives signal caution
CoinDesk
Bitcoin trades near $77,250, range-bound between $75,000-$80,000, with derivatives indicating trader caution.Summary
Bitcoin has been trading within a tight range of $75,000 to $80,000 since April 19th, despite a recent uptick to $77,250. Derivatives data suggests a lack of strong conviction among traders, with negative funding rates on futures exchanges indicating a prevailing short bias. Open interest remains steady at $19 billion, and the annualized basis is subdued at 1.5%, reflecting institutional caution. However, the options market shows a slightly bullish sentiment, with call options outnumbering put options and a decrease in demand for downside protection. Despite broader macroeconomic uncertainties, the market is pricing in longer-dated uncertainty rather than immediate tail risks.
(Source：CoinDesk)