9-9-2025 – Bitcoin (BTC) climbed above $112,000 on Monday, rebounding from last week’s dip to $108,000, yet derivatives markets signal persistent trader caution, according to data from Laevitas. The BTC options 30-day delta skew at Deribit stands at 9%, with put options trading at a premium over calls, indicating risk-averse sentiment among traders. This shift, follows a spike in demand for protective put options on Monday, reversing two sessions of bullish trends.
The neutral 11% perpetual futures funding rate, up from Sunday’s bearish 4%, suggests cautious optimism but falls short of the 6–12% range typical of bullish markets. Factors like $383 million in spot Bitcoin ETF outflows between Thursday and Friday and MicroStrategy’s exclusion from the S&P 500 rebalance have dampened enthusiasm.
Despite Bitcoin holding the $110,000 support level, competition from Ether, with $200 million in new corporate reserves last week, and Nasdaq’s filing for tokenized securities add pressure. Weaker U.S. labor data has raised expectations of monetary easing, with a 73% chance of interest rates dropping to 3.50% or lower by March 2026, per CME FedWatch, potentially supporting crypto markets.
