While Bitcoin (BTC) enjoys a recent surge in institutional demand through significant spot ETF inflows, its derivatives market paints a picture of unease among traders. Data suggests limited confidence despite this bullish momentum, indicating that traders remain wary about the $117,000 level’s sustainability. 60-day futures premiums show little change compared to spot markets, with no sign of heightened investor optimism like seen in past periods of strong BTC gains. This uncertainty is further fueled by Gold’s surge and falling Treasury yields. The S&P 500 index has also experienced a drop due to concerns about escalating trade disputes between the US and China.