Bitcoin traders are exhibiting caution despite the cryptocurrency's proximity to its all-time high, according to K33's head of research, Vetle Lunde. Market sentiment remains skeptical, with Bitcoin financing rates and leverage indicators showing a defensive stance. Notably, Binance's BTC/USDT perpetual contract recorded a negative average daily financing rate recently, with a weekly rate of just 1.3% annualized. Historically, Bitcoin tends not to peak during such periods of negative financing rates. In contrast, Ethereum is seeing a surge in leveraged bets. The number of open contracts for ETH perpetual contracts on Kraken reached a record high of 30,000 ETH earlier this week, signaling increased speculative activity around Ethereum.