The status of Bitcoin as an independent asset is increasingly strengthening
On April 22, after gold prices broke through $3,500 to reach a historic high, the inability to maintain the upward momentum further highlights Bitcoin's potential as an independent asset class.
Although there have been questions about whether Bitcoin can be called "digital gold," if Bitcoin can consistently maintain a price level above $90,000, investor confidence may significantly increase, laying the groundwork for future rises.
Furthermore, the increase in bearish leverage demand in the perpetual Bitcoin futures market diverges from the sentiment of professional traders.
In contrast, monthly Bitcoin futures contracts avoid fluctuations in funding rates, allowing traders to lock in leverage costs in advance.
On April 26, the two-month Bitcoin futures premium (basis rate) rose to its highest point in seven weeks, indicating that interest in bullish positions is on the rise.
This indicator is currently at 6.5%, and although it remains within the neutral range of 5% to 10%, it is clearly moving away from bearish territory.
The phenomenon of decoupling in leverage demand between perpetual contracts and monthly Bitcoin futures contracts is not uncommon. Even if retail traders maintain a cautious attitude, large-scale accumulation by institutions may be enough to push Bitcoin prices above $100,000.
