Bitcoin price drop shook investor confidence: Is the bullish trend of 2025 in danger?

Data on Bitcoin derivatives show no signs that the bullish trend of 2025 has ended, despite the price of BTC dropping to support levels below USD 115,000.

Key conclusions:

BTC options indicate caution, but not a definitive bearish change in the market.

Outflows from Bitcoin ETFs and futures premiums show a sentiment between neutral and bearish, but without panic.

Bitcoin 

BTC97,815 €

 fell to USD 114,013 on Friday, causing liquidations worth over USD 200 million in leveraged long positions and harming confidence in BTC derivative markets.

Investors seem to be losing confidence after three consecutive weeks of failing to maintain prices above USD 120,000. But does this mean that the bullish trend has come to an end?

Under normal conditions, Bitcoin monthly futures trade with a premium of 5% to 10% compared to spot prices to cover the longer liquidation period. The current premium of 6% is the lowest in four weeks, indicating lower demand for leveraged long positions.

Although this is not very bearish, it indicates reduced confidence despite high institutional demand.