2025 is the year when the volume and open interest of derivatives (futures, options, perps) set a record; BTC OI increased significantly, high volatility, the highest level of speculation ever.
At the same time, the BTC spot ETF in the US has become an important institutional cash flow channel, with strong inflow periods pushing BTC to new ATHs, and large outflow periods coinciding with deep corrections.
From around mid-October, when BTC hovered around ~110â115k, the premium fell from strong positive to deep negative, while the ETF shifted to large net outflows, with US institutions reducing positions/profit-taking.
And when institutions withdraw money, both spot/deriv BTC react strongly!
đ„If the current recovery trend (premium less negative, ETF outflow shrinking) continues, BTC could soon return to the ATH area, as patterns have repeated before! But currently, if BTC touches the weekly MA mark of 97-98k, it may experience a light back test!
$BTC $ETH $BOME #btc #ETH #bome