Key takeaways:
BTC hit $97,900 due to soaring institutional investor demand, but futures pricing shows traders aren’t confident in a sustained rally.
Macroeconomic risks and global trade tensions cap bullish sentiment despite $3.6 billion in spot BTC ETF inflows.
BTC options lean bullish, suggesting big players expect upside, but their caution keeps leverage use low.
Bitcoin (BTC) broke out of a tight trading range between $93,000 and $95,600 on May 1, following six days of limited movement. Despite reaching its highest price in ten weeks at $97,930, sentiment remains neutral according to BTC derivatives indicators. This price action has occurred alongside significant net inflows into US spot exchange-traded Bitcoin funds (ETFs).
Some of the disappointment among traders can be attributed to the ongoing global tariff dispute, which is beginning to affect macroeconomic data. Bitcoin traders are concerned that, despite growing