Bitcoin climbed above $112,000 on September 9, 2025, marking its highest intraday level since the previous week. Despite the price advance, derivatives metrics revealed ongoing caution among traders. The 30-day options delta skew showed a put-call premium of approximately 9 percent, indicating elevated demand for downside protection. Concurrently, perpetual futures funding rates remained neutral at around 11 percent, up from bearish levels earlier in the week but still indicating limited confidence in further upside.
Spot Bitcoin ETFs reported net outflows of $383 million between Thursday and Friday, suggesting that institutional flows may be tilting away from BTC exposure in favor of alternative assets. Meanwhile, data from StrategicETHReserve showed that corporate Ethereum reserves increased by $200 million over the past week, contributing to broader sentiment that Ether may be displacing Bitcoin in some treasury strategies.
Macro considerations added to trader caution. Recent US labor market figures reinforced expectations of Federal Reserve rate cuts in early 2026. CME FedWatch tool data assigned a 73 percent probability to rates falling to 3.50 percent or below by March 2026, up from 41 percent a month earlier. While an easing cycle typically supports risk assets, traders appeared hesitant to fully commit long positions in Bitcoin ahead of key inflation and employment releases.
Resistance near $113,000 remains a critical barrier. Technical analysis suggests that a sustained move above that level could trigger renewed momentum toward $120,000. However, options skew and futures funding indicate that many market participants remain on the sidelines. A stabilization of ETF flows and confirmation of a downtrend in volatility premium would be necessary to shift sentiment decisively.
For now, Bitcoin’s ability to hold above $110,000 has provided a degree of confidence, but meaningful conviction is lacking. The market awaits fresh catalysts that could prompt the next significant directional move, whether from regulatory developments, macroeconomic shifts, or renewed institutional demand for digital assets within diversified portfolios.
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