Why Bitcoin’s Recovery Lacks Conviction

[mendez]

Bitcoin has rallied 17% from recent lows, yet it’s underperforming gold and tech stocks.
One reason: leverage demand is missing.

Futures premiums have collapsed to around 2%, the lowest level in over a year, signaling little appetite for bullish exposure even near $70,000.
Despite traders adding positions, confidence remains fragile — especially with BTC still far below its all-time high.

This looks more like cautious positioning than aggressive accumulation.

[AIcash]

outperforming nothing but still rallying is a weird spot for btc to be in