Bitcoin Enthusiasts Remain Skeptical Despite Token Surpassing $90,000

Bitcoin has recently crossed the $90,000 mark, but skepticism among traders remains high. Despite this price recovery, significant indicators suggest that market conditions are still precarious. As enthusiasm has not fully returned in the crypto derivatives market, many investors continue to adopt a defensive outlook.

Current Market Sentiment

While Bitcoin exchange-traded funds (ETFs) saw an inflow of funds last week, the general market structure appears sluggish. Observers note that the current uptick in Bitcoin’s price seems more like a temporary relief rather than a sustainable resurgence.

Futures and Trading Activity

• Much of the activity in Bitcoin futures indicates a focus on short-term contracts.
• The Chicago Mercantile Exchange, a key indicator of institutional interest, shows limited demand for longer-dated futures.
• According to Vetle Lunde from K33 Research, market sentiment remains cautious, with most bets still directed towards front-month expiry contracts.

Funding rates for perpetual contracts, which measure risk appetite, have remained low. This suggests that bullish positioning among traders is limited. Lunde pointed out that both volatility and derivatives leverage continue at levels seen before December.

Bitcoin Price Trends

In the past year, Bitcoin experienced a drop of 6.5%, falling to $87,648. As of Wednesday morning, the cryptocurrency was valued at approximately $92,107, which marked a slight 1% decline. However, the early trading days of this year reversed a selling trend witnessed at the end of 2025.

Significant Inflows and Future Prospects

• On January 5, Bitcoin ETFs recorded their strongest single-day net inflow since October 7, 2025.
• This amount was noted to be the 10th-largest daily inflow since January 1, 2025.

Should Bitcoin continue to rise, trading activity in CME futures contracts may increase. The attractiveness of so-called basis trading—profiting from the differences between spot and futures prices—could incentivize more engagement.

Concerns About Cryptocurrency Value

Concerns about Bitcoin’s standing compared to gold and equities are emerging. The declining volatility of Bitcoin, particularly in contrast to gold, raises questions about its viability as an asset class. Mike McGlone, a Senior Commodity Strategist at Bloomberg Intelligence, indicated that the best performance days for cryptocurrencies might be behind us.