Bitcoin held above $80,000 for a full week, and derivatives markets finally flashed a more constructive signal. Laevitas data showed the annualized funding rate for BTC perpetual futures briefly rising to 6% on Monday, the first move into neutral-to-bullish territory in more than a month. That shift eased some pressure from heavily positioned shorts. It did not erase caution.
Positive funding rate points to short covering
For most of the previous three months, funding rates stayed negative, showing that leveraged demand had been tilted toward downside bets. Bitfinex analysts said the move back toward neutral and slightly positive levels suggests a portion of short positions has already been closed, removing part of the drag on price. The tone improved. Even so, funding has not stayed firmly in bullish territory, which suggests traders are still hesitant to chase BTC much higher above $80,000.
Spot ETF flows rebound after late-week outflows
SoSoValue data showed U.S.-listed spot Bitcoin ETFs posted outflows last Thursday and Friday, roughly lining up with repeated failed attempts by BTC to break through $82,000. On May 11, flows turned back in the other direction, with daily net inflows reaching $34.71 million. Cumulative net inflows climbed to $59.38 billion.
That reversal matters because ETF demand remains one of the clearest gauges of institutional participation in the spot market. If inflows continue through the week, they could support another test of the $82,000 resistance zone.
Hashrate recovery weakens the miner-exodus narrative
Blockchain.com data showed Bitcoin’s 7-day average network hashrate fell to an eight-week low on April 26, then recovered in May. Over the past two weeks, hashrate rose about 5% to roughly 970 EH/s. It remains below the record high of 1,150 EH/s, but the direction has turned higher.
Industry developments also added context. Iren announced a $34 billion agreement with Nvidia tied to its expansion into high-performance computing, while Core Scientific said it would expand its data center campus in Muskogee, Oklahoma. Some investors had worried that better economics in AI infrastructure would pull miners away from Bitcoin. Current network data does not support that view.
Options market still pays up for downside protection
Even with funding rates improving, options positioning remains defensive. Laevitas data showed BTC 30-day Delta Skew at 10% on Monday, unchanged from the previous week. A positive reading at that level means puts are still trading at a clear premium to calls, showing that whales and market makers are willing to pay more to hedge downside exposure.
That creates a split picture. Retail-style leverage looks less bearish, while professional players are still buying insurance. The path toward $85,000 is open, but the market is not treating it as a clean breakout trade.
Glassnode marks $85,200 as the next structural barrier
Glassnode analysts identified $85,200 as the next major resistance level, tied to the Active Realized Price of non-dormant circulating supply. A move through that area would push a broader share of holders from unrealized losses into unrealized profit, which could bring heavier selling pressure.
Bitfinex derivatives analysis added that market makers are carrying short gamma exposure near $82,000, so a continued move higher could force hedging flows that accelerate the advance. On the corporate side, Strategy disclosed another $43 million Bitcoin purchase funded through stock sales, one of the clearest institutional bullish signals in the current market setup.
Macro risks remain in the background. The report noted Brent crude moved above $105 on Monday, while tensions involving Iran and the partial closure of the Strait of Hormuz continued. That backdrop helps explain why options traders are still leaning toward protection even as futures sentiment improves.