Le prix du Bitcoin (BTC) is back at the $50,000 niveau, and there’s little doubt that the 47% positive rally over the past 30 days has been fueled by whale accumulation, institutional adoption and positive remarks from regulators regarding a possible exchange-traded fund (EFT) approbation.

Despite the positive newsflow, the top traders at crypto exchanges and derivatives data appear unmoved by the recent rally to the $50,000 la résistance.

Crypto analyst Will Clemente highlighted the accumulation from addresses containing 1,000 à 10,000 BTC.

Dans d'autres nouvelles, JPMorgan Chase and Wells Fargo have partnered with New York Digital Investment Group, a technology and financial services firm, to offer Bitcoin funds for their wealth management clients.

The positive expectations mounted after United States Securities and Exchange Commission Chairman Gary Gensler suggested an openness to approving ETF products exposed to regulated Bitcoin futures contracts under the Investment Company Act of 1940.

A final tidbit of positive news came with Bitcoin’s hash rate increasing 5% over the past week to reach 125 exhashs par seconde. Albeit 30% below mid-May’s peak before China’s ban took place, it has proved the network’s operational resilience.

The futures premium has remained stable

One of the best measures of professional tradersoptimism is the futures market’s premium. It measures the gap between quarterly contracts and the current spot price levels. UNE 6% à 14% une prime annualisée est attendue dans des marchés sains, which is in line with the lending rate of stablecoins.

toutefois, a backwardation scenario occurs during bearish markets because the indicator fades or i turns negative.

OKEx September BTC futures contracts premium. La source: TradingView

Over the past three weeks, the September contract has held a 0.7% prime, which is equivalent to a 7% taux annualisé. Although far from the negative range, this shows a lack of confidence, a Bitcoin price rallied 27% au cours de la même période.

en relation: $50Prix ​​K BTC vs. la Fed — 5 choses à regarder en Bitcoin cette semaine

Options markets confirm the muted sentiment

Pour exclure les externalités spécifiques à l'instrument à terme, one should also analyze the options markets. Whenever market makers and professional traders lean bullish, they will demand a higher premium on call options. This trend causes a -25% oblique delta.

A skew indicator oscillating between -7% et +7% is usually deemed neutral. D'autre part, the metric shifts above this range whenever the downside protection is more costly.

Deribit Bitcoin options 25% oblique delta. La source: VOLATILITÉ

le 25% delta skew has failed to display significantly higher costs for upside protection, which would have caused the index to move below the -7% seuil.

Both futures instruments predominantly used by whales and arbitrage desks do not reflect the same wild optimism that Crypto Twitter and retail traders displayed when Bitcoin’s price breached theall-important” $50,000 marque.

par conséquent, there is strong evidence showing that top traders are not confident in buying at the current levels.

Les vues et opinions exprimées ici sont uniquement celles de auteur et ne reflètent pas nécessairement les vues de Cointelegraph. Chaque mouvement d'investissement et de trading comporte des risques. Vous devez mener vos propres recherches lorsque vous prenez une décision.