![](\"https:\/\/s3.cointelegraph.com\/uploads\/2026-01\/019bd78e-1c35-7931-9d3a-410646031360.png\" "\\"\\"\/")
Bitcoin futures basis rate. Source: laevitas.ch<\/p>\nBitcoin (BTC) faced a 3.4% correction over the weekend as investors cut risk following rising global sociopolitical tensions and China reporting its slowest economic growth since 2022. The retest of the $92,000 level caught bulls off guard, as $215 million in leveraged BTC futures longs (buys) were forcefully liquidated, fueling concerns that a deeper price correction could be underway.<\/p>\n
Nasdaq index futures (left) vs. Bitcoin\/USD (right). Source: TradingView<\/p>\n
Nasdaq index futures traded lower on Monday after US President Donald Trump announced additional import tariff proposals targeting eight European countries, aimed at pressuring negotiations over Greenland\u2019s acquisition, a territory controlled by Denmark. European nations are now discussing retaliatory measures on US product imports, according to Yahoo Finance.<\/p>\n
Investors sought safety in cash positions and precious metals as US markets remained closed on Monday due to a national holiday. The Euronext 100 Index declined 1.6%, while gold prices surged above $4,650 for the first time. As a result, even though Bitcoin quickly reclaimed the $93,000 level, the broader market continues to view cryptocurrencies as risk-on assets rather than alternative hedges.<\/p>\n
Bitcoin futures basis rate. Source: laevitas.ch<\/p>\n
The Bitcoin futures\u2019 annualized premium (basis rate) hovered near the neutral-to-bearish 5% level, indicating that demand for leveraged bullish positions was not affected by the failed attempt to reclaim $98,000 on Wednesday. Still, the lack of enthusiasm in BTC derivatives markets may signal waning interest from institutional investors.<\/p>\n
Bitcoin spot exchange-traded funds (ETFs) recorded $395 million in net outflows on Friday, further weighing on traders\u2019 sentiment. As gold and silver prices push to all-time highs, Bitcoin\u2019s appeal as a hedge appears less compelling. In response, professional traders have demanded higher premiums to provide downside protection.<\/p>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2026-01\/019bd78e-2067-79ff-9d4f-105b8725b343.png\" "\\"\\"\/")
BTC 30-day options delta skew (put-call) at Deribit. Source: laevitas.ch<\/p>\n
The BTC options delta skew at Deribit jumped to 8%, indicating that put (sell) options are trading at a premium. In neutral market conditions, this indicator typically ranges from -6% to +6%. As a result, the recent Bitcoin price downturn has reduced whales\u2019 confidence in a bullish breakout above $100,000. Macroeconomic factors continue to dominate headlines and, in turn, shape traders\u2019 risk appetite.<\/p>\n
George Saravelos, head of FX research at Deutsche Bank, noted that \u201cEuropean countries own $8 trillion of US bonds and equities, almost twice as much as the rest of the world combined,\u201d while the US fiscal imbalance depends on sustained capital inflows. Consequently, Europe may no longer \u201cbe as willing\u201d to support the US dollar if the \u201cWestern alliance\u201d becomes existentially disrupted.<\/p>\n
China\u2019s economy grew 4.5% year-on-year in the last quarter of 2025, down from 4.8% in the previous quarter. Strong exports helped offset weaker consumer spending and business investment, according to the Associated Press. Analysts warn that consumer stimulus policies introduced in 2025 could be scaled back, while a global trade war may weigh on exports.<\/p>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2026-01\/019bd78e-2546-7317-b62b-43a8c0d442a2.png\" "\\"\\"\/")
Bitcoin network daily active addresses. Source: Nansen<\/p>\n