This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Bitcoin’s price briefly reached $38,000 on November 24 but faced resistance at that level. On November 27, the price traded below $37,000, unchanged from a week ago. Despite this, BTC derivatives have shown strength, indicating that bullish sentiment remains strong. An interesting development is occurring in China, where Tether USDT is trading below its fair value in the local currency, the Yuan. This discrepancy is often due to differing expectations between professional traders and retail clients. Regulations have impacted Bitcoin derivatives, with put options lagging behind call options in volume since November 22. This suggests diminished demand for protective measures, despite increased regulatory scrutiny. The likelihood of further regulatory actions against exchanges serving U.S. clients has increased, leading to a pessimistic sentiment among investors. The Bitcoin futures premium, which typically trades at a 5% to 10% premium, reached 12% between November 24 and 26 but dipped to 9% on November 27. Retail traders are less optimistic due to the absence of a short-term positive trigger, such as the approval of a spot Bitcoin ETF. The USDT premium relative to the Yuan has hit its lowest point in over four months, indicating a lack of enthusiasm among retail traders. Professional traders remain unfazed by short-term corrections and regulatory actions, while recent regulations could attract institutional investors in the future.