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Bitcoin Hits $82K Amid Trader Caution, ETF Flows Key for Rally

Professional traders remain cautious on Bitcoin's rally despite $82,000 price and resilient miners.

  • Pro traders show limited bullish conviction in Bitcoin derivatives despite a price flirtation with $82,000.
  • Spot Bitcoin ETF outflows and geopolitical tensions could hinder further price gains.
  • Bitcoin miners demonstrate network resilience while pivoting towards AI investments.
  • Corporate buying activity from Strategy provides a potential bullish counterpoint.

Bitcoin traded near $82,000 on Monday, sparking brief demand for bullish leverage after holding above $80,000 for over a week. However, derivative data reveals professional traders remain largely skeptical about a sustained rally.

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Outflows from US-listed spot Bitcoin ETFs late last week, as tracked by SoSoValue, fueled this cautious sentiment. Consequently, the market faces concern as institutional interest appears to waver during key resistance tests.

Meanwhile, the Artificial Intelligence sector is capturing significant investment from Bitcoin mining firms. Companies like Iren and Core Scientific are expanding into high-performance computing, according to reports.

Despite this pivot, Bitcoin’s network hashrate climbed 5% in two weeks to 970 exahashes per second, data shows. This demonstrates resilience, countering fears of a mass miner exodus.

Geopolitical factors also weigh on market sentiment, with high oil prices and reduced US-Iran peace odds potentially impeding price discovery. Professional traders clearly fear a correction, as put options trade at a premium according to metrics.

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On a more bullish note, corporate buying continues as Strategy acquired $43 million in Bitcoin using proceeds from share sales. Fresh ETF inflows this week could therefore act as a catalyst for a move toward $85,000.

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