Bitcoin's Short-Term Stagnation: A Dull Range Amid Market Risks

The trend of active Bitcoin accumulation by whales and smaller investors, which began to plateau after reaching the six-figure mark, has slowed down. Funding rates have spiked, making neutral delta positions with yields of 15-30% per annum appear quite attractive, leading traders to reduce risks in directional trades. Experts believe that in the short term, there is unlikely to be anything exciting in the market—cryptocurrencies are trading in tandem with stocks, miners are selling assets (30,000 BTC over 20 days), which does not match corporate buying, and speculators are gradually being pushed out by long-term investors. The range between $100,000 and $110,000 remains dull despite inflows into crypto funds, increasing stablecoin capitalization, and improved regulatory environment in the US. Meanwhile, options markets show hedging against a potential fall in Bitcoin.