Bitcoin is nearing the $70,000 mark, buoyed by inflows into U.S.-listed Bitcoin ETFs, yet the derivatives market remains cautious. The cryptocurrency briefly touched this level after a dip to $62,500, supported by $764 million in ETF inflows over two days. However, the annualized futures premium remains low at 2%, and options markets show a preference for downside protection, indicating a cautious sentiment. Despite the price recovery, traders are wary of extending bullish exposure, with macroeconomic concerns and liquidity issues persisting. The 30-day delta skew on BTC options shows a 14% premium on puts, reflecting ongoing risk-off hedging. As Bitcoin flirts with $70,000, the market awaits a more durable catalyst to sustain a move higher, with institutional demand and regulatory developments being closely monitored.