Bitcoin traders defend $92k, but for how long? Coinstar

Key conclusions:

• The BTC futures premium remained close to 5%, indicating that demand for the bullion was not affected after the failed attempt to break $98,000.

• Bitcoin ETFs saw outflows of $395 million as gold hit new highs, weakening the appeal of hedging and pushing traders to bear on the risk of falling prices.

Bitcoin (BTC) faced a 3.4% correction over the weekend as investors cut risk following rising global sociopolitical tensions and China reporting its slowest economic growth since 2022.

A retest of the $92,000 level caught the bulls off guard, as $215 million in leveraged BTC futures (buys) were violently liquidated, fueling concerns that a deeper price correction could be underway.

Nasdaq futures fell on Monday after US President Donald Trump announced additional import tariff proposals targeting eight European countries, aimed at pressuring negotiations over the takeover of Greenland, a territory currently controlled by Denmark. European nations are now discussing retaliatory measures against US product imports, writes Yahoo Finance.

Weak BTC derivatives indicate falling interest and the appeal of hedging

Investors sought safety in cash and precious metals as US markets remained closed on Monday for a national holiday. The Euronext 100 index fell 1.6%, while gold prices rose above $4,650 for the first time. As a result, although Bitcoin has quickly recovered the $93,000 level, the broader market continues to view cryptocurrencies as a risk asset rather than an alternative hedge.

The The annual premium (fundamental rate) of bitcoin futures hovered near a neutral to bearish 5% level, indicating that demand for bullish leveraged positions was unaffected by Wednesday’s failed attempt to recover $98,000. Still, the lack of enthusiasm in the BTC derivatives markets may signal a waning interest from institutional investors.

Bitcoin spot exchange-traded funds (ETFs) saw $395 million in net outflows on Friday, further weighing on trader sentiment. As gold and silver prices climb to all-time highs, Bitcoin’s appeal as a hedge seems less compelling. In response, professional traders demand higher premiums to provide downside protection.

Delta skew BTC options on Deribit jumped to 8%, indicating that put (put) options are trading at a premium. In neutral market conditions, this indicator usually ranges between -6% and +6%. As a result, the recent decline in the price of Bitcoin has reduced the whales’ confidence in a bullish breakout above $100,000. Macroeconomic factors continue to dominate the headlines and in turn shape traders’ risk appetite.

George Saravelos, Head of FX Research at Deutsche Bank, recorded that “European countries hold $8 trillion in US bonds and stocks, almost twice as much as the rest of the world combined,” while the US’s fiscal imbalance depends on sustained capital inflows. Consequently, Europe may no longer “be willing” to support the US dollar if the “Western alliance” becomes existentially disrupted.

China’s economy grew 4.5% annually in the last quarter of 2025, down from 4.8% in the previous quarter. Strong exports helped offset weaker consumer spending and business investment, according to for the Associated Press. Analysts warn that consumer stimulus policies introduced in 2025 could be scaled back, while a global trade war could weigh on exports.

Related: US Bitcoin Traders Decline – Is BTC Price At Risk To Lose $90K?

Declining Bitcoin network activity has also raised concerns as healthy demand for the blockchain is essential to support mining investment. A Bitcoin miner’s income consists of a fixed block reward of 3.125 BTC plus transaction fees. Daily active addresses fell to 370,800, according to Nansen, down 13% from the previous two weeks.

Given the weakness in BTC derivatives metrics, there is little sign that the $92,000 level will hold, as investors remain wary of the global economic slowdown and the impact of the Trump administration’s aim to own Greenland and their current involvement in Venezuela.