Analysis suggests Bitcoin has rebounded to $90,000, but derivatives and spot ETFs indicate that market sentiment remains cautious.

[Analysis: Bitcoin Rebounds Above $90,000, But Derivatives and Spot ETFs Show Market Sentiment Remains Cautious] According to Mars Finance, market sources indicate that Bitcoin prices have risen above $90,000, reaching a near three-week high. Data shows that despite the price rebound, demand for leveraged long positions in Bitcoin remains stable, with Bitcoin futures basis rates below the neutral threshold and a current annualized premium of 4%. Furthermore, fund flows in derivatives and spot ETFs indicate that traders remain cautious, suggesting limited market confidence in further price increases. Since December 15th, Bitcoin spot ETFs have recorded net outflows exceeding $900 million, while Bitcoin put options traded at a premium on Saturday, indicating increased demand from professional traders for downside protection.