Although data suggests that bitcoin will continue to hold, it is not certain.

Takeaways from the conference:

• Bitcoin futures and options funding rates are still cautious, even though BTC is defending its $110,000 level.

• spot Bitcoin ETF outflows and Strategy’s S&P 500 index negative decision continue weighing on trader sentiment.

BitcoinBTCThe price of ) climbed to $112,000 in the morning, moving away from its previous level at $108,000. BTC derivatives metrics say that the rise has not been sufficient to re-establish confidence. Now traders are attempting to identify what has stopped sentiments from improving, and whether Bitcoin is strong enough to surpass $120,000.

BTC’s delta skew is currently at 9%. This means that put (sell), options are being priced higher than equivalent call (buy) products. It is a sign of risk avoidance, but it could also be a reflection of last week’s market conditions. If the ratio put to call of options is increasing, it would show a real surge in protection from downside.

The demand for puts exploded on Monday. This reversed the two previous sessions. Data shows a greater appetite for neutral to bearish strategies. This suggests traders are still cautious of a possible drop below $108,000.

Some of this lack of enthusiasm stems from Bitcoin’s inability to mirror the fresh all-time highs in both the S&P 500 and gold. In the United States, weaker than expected labor market data reinforced expectations of monetary relaxation.

CME FedWatch shows that traders have increased their probability of interest rates falling to 3.50 % or less by the end of March 2026 from only 41% one month prior.

Spot Bitcoin ETFs are facing outflows due to corporate Ether reserves gaining traction

In addition to this caution, the spot Bitcoin ETFs saw a net outflow of $383,000,000 between Thursday and Saturday. Investors were likely worried by the withdrawals, despite Bitcoin holding its support of $110,000. Ether is the main competitor.ETHAccording to StrategicETHReserve, companies may be feeling more positive about ETH as an asset for corporate reserves. They have allotted $200 million in the last week.

It is important to consider the BTC option prices to see if there is any bearish sentiment. Bitcoin futures market. Normal conditions will see funding rates for perpetual contracts range between 6 and 12 percent to cover exchange rate risks, capital cost and other costs.

Bitcoin’s perpetual-futures funding rate is currently at 11%. This neutral level represents an improvement from the 4% bearish value observed on Sunday. This is a positive improvement over the previous bearish level of 4% observed on Sunday. Investors are likely to be reacting to increased competition by altcoins. This is especially true after Nasdaq submitted a listing application to the US Securities and Exchange Commission. tokenized equity securities ETFs are exchange traded funds.

Related: Crypto ETFs log outflows as Ether funds shed $912M–Report

Bitcoin derivatives continue to reflect skepticism Both options and futures are not enthusiastic about the recent rally. Uncertainty remains as to what might cause the traders’ cautious approach to shift. The disappointment that Strategy (MSTR) was excluded from the S&P 500 rebalance on Friday may also explain some of the muted sentiment Bulls are a common sight in the wild.

For the moment, it seems unlikely that we will see a price surge up to $120,000. Even if the spot Bitcoin ETFs are able to stabilize sentiment, this could be the catalyst for a new price surge.

This is not legal advice and this article should not be construed as such. These are solely the opinions, views, and thoughts of the author and may not reflect the opinions and views of Cointelegraph.