Despite Bitcoin (BTC) surging towards its all-time high, derivative markets are signaling caution. Recent analysis indicates a hesitant sentiment among traders, even as Bitcoin retested the $105,200 support and surpassed $109,000, trading merely 2% below its peak. While spot markets reflect bullish momentum, BTC derivative indicators suggest traders remain wary of aggressive bullish positions. The Bitcoin futures premium remains below 5%, considered a neutral level, highlighting a lack of significant optimism. Furthermore, Deribit's BTC options 1-month delta skew, a put-call ratio, hovers around 0%. This neutral skew suggests a balanced market, lacking strong conviction in either bullish or bearish direction. This lukewarm atmosphere in the derivatives market contrasts sharply with the spot market's enthusiasm, creating an interesting divergence to watch as Bitcoin navigates these price levels. ```

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