Key takeaways:
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Bitcoin trades near all-time high, but derivatives data show traders remain cautious and uncommitted.
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The USDT discount in China and spot Bitcoin ETF outflows highlight investor concerns over global trade tensions.
Bitcoin (BTC) surged above $109,000 on Wednesday after briefly retesting the $105,200 support level earlier in the day. The rally coincided with data showing monetary expansion in the eurozone and signs of weakness in the United States labor market.
Despite Bitcoin trading just 2% below its all-time high, traders remain reluctant to turn bullish, according to BTC derivatives metrics. This cautious stance has led some investors to question the rally’s sustainability.
On Wednesday, the Bitcoin futures premium remained below the 5% neutral threshold. The slight increase from 4% on Monday continued a trend that began on June 11, when the indicator last…
