#JoinCreatorCertificationProgramToEarn$10,000

Bitcoin underperformed the stock market, signaling risk-aversion
Bitcoin’s drop to $90,000 accelerated after the forceful liquidation of $92 million in bullish leveraged BTC futures. The weak macroeconomic outlook may have pressured Bitcoin traders’ sentiment, yet the S&P 500 index stood just 1.2% below its 6,920 all-time high.
Whales and market makers are demanding a 13% premium to sell Bitcoin put options on Deribit. The inflated cost of downside protection is typical of bearish markets. Still, the rejection at $92,000 on Monday did not affect traders’ positioning, reinforcing the $90,000 support level.

Traders have also been retreating from the cryptocurrency market in China as stablecoins have traded below parity against the local currency. This risk-off signal supports a short-term bearish outlook for Bitcoin, but it does not necessarily imply that traders expect prices to fall to $85,000 or lower.
Under neutral conditions, USDT should trade at a 0.2% to 1% premium versus the official USD rate to offset cross-border frictions, regulatory hurdles, and related fees. A discount relative to the official rate indicates strong demand to exit cryptocurrency markets, a pattern often seen during bearish phases.

The lack of inflows into US spot Bitcoin exchange-traded funds (ETFs) over the past couple weeks has also weighed on demand for bullish exposure. Whether Bitcoin can reach $100,000 in the near term will depend largely on improved visibility in the US job market and real estate conditions, which may take longer to develop than a single Fed decision.$GT ‌$ETH ‌