$BTC - Everything seems to point to Bitcoin returning to 100,000 dollars, but futures traders are cautious.

There is moderate optimism in Bitcoin derivatives data, but not everyone is convinced that new all-time highs are "in the cards".

The annualized premium of two-month Bitcoin futures has remained between 6% and 7% over the past week, staying within the neutral range of 5% to 10%. Compared to January, when Bitcoin was trading near 95,000 dollars and the futures premium was above 10%, traders' sentiment has weakened. This data suggests that there is less optimism, or at least less conviction, in larger price gains towards 100,000 dollars and more modest gains in Bitcoin.

Gold's performance has outpaced Bitcoin's modest gains.

Some market participants point to the 20% rebound in gold, from 2,680 to 3,220 dollars, as a source of concern. Although Bitcoin recently surpassed silver's market capitalization of 1.8 trillion dollars to become the seventh largest tradable asset globally, gold's rise to a massive valuation of 21.7 trillion dollars has overshadowed this achievement. Investors fear that Bitcoin's strong correlation with the stock market has reduced the appeal of its "digital gold" narrative.