Bitcoin is approaching its all-time high, trading less than 5% below $109,500, with balanced demand in perpetual contracts between longs and shorts. The 8-hour funding rate has remained near zero, indicating a stable market without excessive euphoria. Institutional demand for Bitcoin futures has increased significantly, with the CME capturing 85% of the monthly futures market. The launch of spot Bitcoin ETFs has further reduced retail investors' influence, with ETFs holding 6.7% of total Bitcoin supply. This institutional shift is creating a more controlled environment for price discovery. The options market indicates moderate optimism among traders, although there are concerns over potential economic slowdowns due to external factors like US tariffs and tech sector performance. Overall, the current lack of bullish sentiment in Bitcoin derivatives reflects a cautious market outlook rather than weakness, suggesting that any price corrections are part of normal market behavior while approaching such highs.

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