Bitcoin continued its upward trend from Christmas this morning, with prices reaching a high of $99,000 at the time of writing. In contrast, altcoins are still lagging behind Bitcoin.
Data shows that Bitcoin's market share has continued to rebound over the past two days, currently reaching 58.47%. Considering the potential risks and rewards, it seems that Bitcoin is still the best choice if one wants to enter the market or increase their position.
Derivatives data indicates 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 with a two-month expiration.
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 take into account the extended settlement period in pricing. However, the current 12% premium indicates very strong demand for leveraged long positions.
Meanwhile, Bitcoin's put options are currently trading at a 2% discount compared to call options with equivalent conditions, consistent with trends from the past two weeks. When the market anticipates a correction, whales and market makers typically drive up the premiums on put options, and this data often exceeds 6%.
