Bitcoin has reclaimed the US$90,000 level, but the foundations beneath the rally remain fragile as traders stay on the defensive. There have been few meaningful signs of sustained optimism across crypto derivatives markets despite Bitcoin’s rebound this week. Even as fresh inflows returned to Bitcoin exchange-traded funds last week, the broader market structure has yet to follow. For now, Bitcoin’s price uptick looks more like a reprieve than a resurgence. Both Bitcoin perpetual and dated futures, where much of the underlying market sentiment in crypto is revealed, show most bets still clustered in short-term ... (full story)