Key takeaways:
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The BTC futures premium remained near 5%, showing that leverage demand was unaffected after the failed $98,000 break attempt.
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$395 million flowed out of Bitcoin ETFs as gold hit novel highs, weakening the attractiveness of the hedge and forcing investors to price in downside risk.
Bitcoin (BTC) saw a 3.4% correction over the weekend as investors de-risked as global socio-political tensions rose and China recorded its slowest economic growth since 2022.
A retest of the $92,000 level surprised bulls as $215 million in leveraged BTC futures contracts were forcibly liquidated, raising concerns that a deeper price correction could occur.
Nasdaq futures fell on Monday after US President Donald Trump announced additional import tariff proposals addressed to eight European countries, aimed at putting pressure on negotiations to take over Greenland, a territory currently controlled by Denmark. According to Yahoo Finance, European nations are currently discussing retaliatory measures against imports of products from the US.
Weak BTC derivatives signal degenerating interest and attractiveness of the security
Investors sought safety in cash positions and precious metals as U.S. markets remained closed on Monday for the national holiday. The Euronext 100 index fell 1.6% and the price of gold rose above $4,650 for the first time. As a result, even though Bitcoin quickly recovered to the $93,000 level, the broader market continues to view cryptocurrencies as risk assets rather than alternative hedges.
The The annual Bitcoin futures premium (base rate) was hovering near a neutral to bearish 5% level, indicating that Wednesday’s failed $98,000 clawback attempt had no impact on demand for leveraged bullish positions. Still, the lack of enthusiasm in BTC derivatives markets could signal waning interest from institutional investors.
Bitcoin spot Exchange Traded Funds (ETFs) reported net outflows of $395 million on Friday, further dampening investor sentiment. As gold and silver prices reach all-time highs, Bitcoin’s appeal as a security looks less compelling. In response, professional investors demanded higher premiums to provide downside protection.
The delta deviation of BTC options on Deribit jumped to 8%, indicating that put (put) options are trading at a premium. In neutral market conditions, this ratio typically ranges from -6% to +6%. As a result, the recent decline in Bitcoin prices has reduced the whales’ confidence in a bullish break above $100,000. Macroeconomic factors continue to dominate headlines and in turn shape investor risk appetite.
George Saravelos, head of currency research at Deutsche Bank, excellent that “European countries hold $8 trillion in US bonds and stocks, almost twice as much as the rest of the world combined,” while US fiscal imbalances depend on sustained capital inflows. As a result, Europe may no longer be as willing to support the US dollar if the “Western alliance” is existentially disrupted.
In the last quarter of 2025, China’s economy grew 4.5% year-on-year, up from 4.8% in the previous quarter. Strong exports helped offset weaker consumer spending and business investment, According to to the Associated Press. Analysts warn that consumer stimulus policies introduced in 2025 may be scaled back and the global trade war may impact exports.
Related: Bitcoin investors in the US are turning towards the bear market – is the BTC price at risk of losing PLN 90,000? dollars?
Declining Bitcoin network activity has also raised concerns as fit demand for blockchain is imperative to supporting mining investments. Bitcoin mining revenue includes a fixed block reward of 3,125 BTC and transaction fees. According to Nansen, the number of daily vigorous addresses dropped to 370,800, down 13% from two weeks earlier.
Given the weakness in BTC derivatives indicators, there is little indication that the $92,000 level will hold as investors remain concerned about a global economic slowdown and the impact of the Trump administration’s goal of owning Greenland and its current involvement in Venezuela.
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