Bitcoin's price surged past $90,000 today, marking a three-week high. Despite this upward movement, market data suggests traders remain cautious about further gains. The flow of funds into derivatives and spot ETFs indicates limited confidence, with the Bitcoin futures basis rate showing an annualized premium of just 4%, below the neutral threshold. Since December 15, Bitcoin spot ETFs have experienced a net outflow exceeding $900 million. Additionally, Bitcoin put options traded at a premium on Saturday, reflecting increased demand for downside risk protection among professional traders.