The $iv,700 Bitcoin (BTC) price spike on November. 29 was likely a great relief for holders, but information technology seems premature to call the bottom according to derivative metrics.

This should not come every bit a surprise because Bitcoin price is notwithstanding 15% below the $69,000 all-fourth dimension high set on Nov. 10. Just 15 days later, the cryptocurrency was testing the $53,500 support after an sharp 22% correction.

Nov. xxx'due south trend reversal was possibly encouraged past MicroStrategy's annunciation that it had acquired 7,002 Bitcoin on Nov. 29 at an average price of $59,187 per coin. The listed visitor raised money by selling 571,001 shares between Oct. 1 and November. 29, raising a full of $414.4 million in cash.

More bullish news came later on German stock market operator Deutsche Boerse announced the list of the Invesco Concrete Bitcoin exchange-traded annotation or ETN. The new product will trade under the ticker BTIC on Deutsche Boerse's Xetra digital stock substitution.

Data shows pro traders are withal neutral-to-bullish

To understand how bullish or bearish professional person traders are positioned, one should clarify the futures basis rate. That indicator is besides known equally the futures premium, and it measures the divergence betwixt futures contracts and the current spot market at regular exchanges.

Bitcoin'southward quarterly futures are the preferred instruments of whales and arbitrage desks. Even though derivatives might seem complicated for retail traders due to their settlement date and toll departure from spot markets, the nearly notorious benefit is the lack of a fluctuating funding rate.

Bitcoin three-month futures footing rate. Source: Laevitas.ch

The three-calendar month futures typically trade with a v%–xv% annualized premium, which is deemed an opportunity toll for arbitrage trading. By postponing settlement, sellers demand a college price and this causes the toll difference.

Observe the ix% lesser on Nov. 27, as Bitcoin tested the $56,500 support. Then, subsequently Nov. 29's rally above $58,000, the indicator shifted back to a healthy 12%. Even with this motility, at that place is no sign of excitement, only none of the by few weeks could be described as a bearish menstruum.

Related: Key information points suggest the crypto market place's short-term correction is over

Lending markets provide additional insight

Margin trading allows investors to infringe cryptocurrency to leverage their trading position, therefore increasing the returns. For example, one can purchase Bitcoin past borrowing Tether (USDT), thus increasing the exposure. On the other hand, borrowing Bitcoin tin but be used to short it or bet on the price subtract.

Unlike futures contracts, the balance between margin longs and shorts isn't necessarily matched.

OKEx USDT/BTC margin lending ratio. Source: OKEx

When the margin lending ratio is high, it indicates that the marketplace is bullish—the reverse, a low lending ratio, signals that the market is surly.

The chart above shows that traders have been borrowing more than Bitcoin recently, considering the ratio decreased from 21.ix on Nov. 26 to the current eleven.iii. However, the information leans bullish in absolute terms considering the indicator favors stablecoin borrowing by a wide margin.

Derivatives data shows null excitement from pro traders even every bit Bitcoin gained ix% from the $53,400 low on Nov. 28. Unlike retail traders, these experienced whales avoid FOMO, although the margin lending indicator shows signs of excessive optimism.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should deport your own enquiry when making a decision.