$BTC The Bitcoin futures premium falls to a three-month low despite strong BTC ETF inflows

Derivatives metrics are nearing pessimism even though the price of BTC is trading only 8% below its all-time high of $103,300. Cryptocurrency traders are known for their bad temper, especially those who trade with leveraged positions in futures, but there is something unusual about the current lack of optimism.

The weakness in Bitcoin derivatives may be attributed to a specific factor within the industry, or it could simply be related to fear of the problematic socioeconomic environment.

Under neutral conditions, Bitcoin monthly futures typically trade between 5% and 15% above spot markets to compensate for the longer settlement period. This indicator has remained below the neutral threshold since June 12, following a rejection at the $110,000 level.