"Even though BTC has been breaking through consecutively, the market is still in a cautious state. Here are a few observations: - The demand for cash, short-term bonds, and stablecoins still surpasses that for BTC and altcoins. There's plenty of capital in crypto, but no one is willing to take on long-term risks anymore. - Most of the time, institutions holding BTC prefer selling covered call options instead of directly selling their BTC. - Since BTC's current futures premium is high enough, arbitrage funds are buying spot BTC and selling futures. This means a lot of speculative funds are purchasing BTC, but these funds might not have any real faith in BTC itself. - BTC has attracted a large number of investors who are unwilling to keep betting on commercial winners. They buy and HODL long-term to free up their attention." #BTC #Crypto #Investing