Bitcoin rebounded from the test of the $89,200 support level to around $90,500, a key support zone coinciding with the 50-day moving average. However, market optimism still seems insufficient — it has yet to effectively break through the $95,000 hurdle, resulting in recent price movements showing clear dual-direction volatility. Based on the recent two trading days' fund flows, the main driver has been continuous net outflows from ETFs, indicating a cooling of market sentiment.

What’s even more noteworthy is the movement in the derivatives market. The total open interest in BTC futures and options has surged to nearly 700,000 BTC, a three-week high. Compared to the beginning of the year, this indicates an approximately 75,000 BTC increase in leveraged market positions. Meanwhile, the funding rate for perpetual futures has remained around 0.09% positive — meaning longs are paying shorts to maintain their positions. Traders are evidently leveraging to buy on dips, but this also accumulates the risk of long liquidations. In other words, if the price drops again, it could trigger a chain of liquidations.