BTC shows bearish signs amid weak on-chain and macro indicators

Multiple on-chain and macroeconomic indicators are pointing to a bearish outlook for Bitcoin, according to an analysis by Cointelegraph. The outlet noted that the BTC monthly futures premium is currently below the neutral 5% level compared to the spot market, while a 13% premium on BTC put options on Deribit indicates a higher cost for hedging against price declines—a common feature of a bear market. The analysis also cited other contributing factors, including a lack of inflows into spot Bitcoin ETFs, an exodus of Chinese traders, the declining probability of a U.S. Federal Reserve interest rate cut, and a slump in the U.S. real estate market.