Bitcoin retested $89,000… derivatives market shows no 'capitulation signal'

Bitcoin (BTC) recently tested the $89,000 level again, but analysis says derivatives indicators such as futures and options do not show excessive fear or signs of panic selling.

On the 20th (local time), according to crypto-focused media Cointelegraph, Bitcoin's monthly futures premium that day remained at around 4%. In a sharp sell-off, futures tend to be discounted more deeply than spot, but this indicator is not far from neutral.

Fear signals are limited in the options market as well. As of the 30th, the 'delta skew' indicator was about 11%. Delta skew shows how much market participants are conscious of downside risk; a higher value means stronger downside sentiment. However, current levels are said to be far from the range classified as 'extreme fear.'

Funding rates in the perpetual futures market have also shown a stable trend. The funding rate is a cost signal showing which side—long or short positions—are more crowded in the market; if it tilts sharply, it reflects market anxiety. Recently Bitcoin's funding rate has been around 4%, indicating little directional skew.

However, spot Bitcoin ETFs have seen net outflows for five consecutive trading days, totaling $2.26 billion. Analysts say macro variables such as weak tech stocks and slowing consumption are also worsening investor sentiment for risk assets overall.