On January 3rd, according to Cointelegraph, Bitcoin's price rose above $90,000 today, reaching a nearly three-week high. However, the flow of funds into derivatives and spot ETFs indicates that traders remain cautious, suggesting limited market confidence in further price increases. Data shows that despite the rebound, demand for leveraged long positions in Bitcoin remains steady, and the Bitcoin futures basis rate is below the neutral threshold, with an current annualized premium of 4%. Since December 15th, Bitcoin spot ETFs have recorded over $900 million in net outflows. Additionally, Bitcoin put options traded at a premium on Saturday, indicating increased demand from professional traders for downside risk protection.