Bitcoin returns to 93K, Ethereum holds steady at 3000, but derivatives data reveals more complex signals

2025-12-05 11:00:21

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[Crypto World] The latest derivatives report from a leading institution shows that after the sharp ups and downs in early December, market sentiment in the crypto space has started to shift subtly.

Bitcoin has climbed back above $93,000, reaching a two-week high; Ethereum has also retested the $3,000 mark. Interestingly, the put-call spread in the options market is narrowing rapidly—which means what? Traders’ fears of a major crash are fading, and fewer people are buying crash protection.

But don’t celebrate too soon. Leveraged positions remain sluggish, and the risk appetite index is still stuck in neutral territory. Even though traditional giants like Vanguard have opened up crypto ETF trading channels, seasoned investors are still taking a wait-and-see approach.

However, there is one coin worth noting—Basic Attention Token. Since October 11, BAT has doubled, with gains exceeding 100%. In this overall cautious atmosphere, such performance really stands out.

BTC1.93%

ETH2.54%

BAT2.47%

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ShamedApeSeller

· 3h ago

93K wants to lure me in again? What does the narrowing put-call spread mean? It means the whales are dumping their chips while retail investors are still catching the bags. --- BAT doubling is kind of interesting, but in this wait-and-see atmosphere, only warriors dare to chase the top. I'll just keep holding cash. --- The lack of momentum in leveraged positions is the most discouraging part; it shows that big institutions haven't entered the market at all, and that Vanguard channel is just a smokescreen. --- Put-call spread narrowing? Uh... doesn't that just mean people aren't afraid of a dump anymore? But why does something still feel off? --- Having risk appetite stuck at neutral is really annoying. It's such a lukewarm feeling, neither up nor down. When will we finally see real FOMO? --- This BAT that suddenly shot up, it really feels like someone is setting up a bagholder. --- Can Bitcoin hold steady at 93K? To me, it looks like it's gathering strength, waiting for another plunge.

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SchroedingerAirdrop

· 12-05 11:30

93K looks pretty tempting, but the fact that the put-call spread is narrowing is a bit odd—are there actually fewer people propping up the market? Doesn’t seem so optimistic to me. BAT doubling is wild though. It’s crazy to see this kind of hype in these market conditions—honestly, it’s a bit absurd. If leveraged positions aren’t strong, we really need to wait. Don’t be fooled by the surface numbers.

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WhaleSurfer

· 12-05 11:28

93K is back again? Feels like another round of harvesting after cutting the leeks... The narrowing put-call spread suggests people aren't afraid of a drop, but to me this market still looks a bit shaky. Bringing up the fact that BAT doubled—does that mean there's nothing interesting going on with the major coins anymore...? Guess I'll just keep watching for now.

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UnluckyValidator

· 12-05 11:20

It's the same old put-call spread trick again. Every time they say risk appetite is shifting, but the leveraged market remains lifeless... Forget it, let's focus on the performance of BAT for now. Things that double in value never lie.

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ChainMelonWatcher

· 12-05 11:15

Wait, what kind of signal does a narrowing put-call spread indicate? Or does it mean everyone is just lying flat now? Why does it feel to me like this is the calm before the altcoin rebound?

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