Bitcoin continued its Christmas rally this morning, and as of this writing, the price has reached a high of $99,000. In contrast, altcoins are still lagging behind Bitcoin.
Data shows that Bitcoin's market share has continued to rebound over the past two days and currently stands at 58.47%. Considering the potential risks and rewards, if one were to enter the market or increase their position now, Bitcoin still seems to be the best choice.
Derivatives data indicate that market sentiment remains neutral to bullish, and the sharp price fluctuations have not significantly impacted overall market sentiment. Below is the annualized premium rate for Bitcoin futures expiring in two months.
Data shows that the trading price of monthly futures contracts is 12% higher than the conventional spot market. Generally, a premium of 5% to 10% is considered neutral, as sellers account for the extended settlement period in pricing. However, the current 12% premium indicates very strong demand for leveraged long (buy) positions.
Meanwhile, Bitcoin's put options are currently trading at a 2% discount compared to call options with the same conditions, consistent with the trend over the past two weeks. When the market expects a correction, whales and market makers typically drive up the premiums of put options, and this data usually exceeds 6%.
