The Bitcoin futures premium has dropped to a three-month low, even as Bitcoin prices hover just 8% below the all-time high of $103,300. Despite the price resilience, the sentiment in Bitcoin derivatives markets is turning bearish, with futures premiums slipping below 4%, a level not seen since early April, when Bitcoin experienced a 10% drop in a single day. This sentiment contrasts with significant inflows into Bitcoin ETFs, which saw $5.14 billion in net inflows over the last month. The 25% delta skew in Bitcoin options is currently at 5%, reflecting bearish sentiment as traders grow increasingly disappointed with Bitcoin's performance. Factors such as deteriorating macroeconomic conditions and tensions in international relations may be contributing to this cautious sentiment among traders. While institutional demand remains strong, fluctuating trader confidence poses a challenge. The importance of the $100,000 psychological price level creates an uncertain outlook, increasing the bearish outlook among market participants.

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