Bitcoin has been unable to break past the $98,000 mark, despite a 38% monthly gain, causing some investor frustration. However, derivatives markets show resilience, with traders paying a 17% annualized premium for leveraged positions. This suggests healthy demand without excessive optimism. Institutional players like MicroStrategy and Marathon Digital have significantly increased their BTC holdings, but Bitcoin's strength isn't solely due to these purchases. Spot ETFs have seen $3.22 billion in inflows since mid-November, indicating strong demand. Both institutional and retail traders remain confident in Bitcoin's bullish trajectory.