Ether’s (ETH) bullish moment has seen the crypto surge above the $2,470 price level. Looking at futures and options data, it’s clear that traders are showing little bullish conviction. While inflows to U.S.-listed Ether ETFs have certainly been positive, notable indicators point to an underlying market caution. This combination of price action and sentiment in the derivatives market creates an unclear outlook for Ether’s short-term prospects.

Ether’s two-month futures contracts are currently trading at an annualized premium. At the same time, the 30-day options sentiment, as seen in the put-call ratio, briefly crossed into bearish territory on Sunday. The update as of Tuesday shows the 30-day options skew very bearish at 3%. This metric should, when the market is even, hover around -5% and +5%. It reflects a very acute preference for protective put options over bullish call options.

Ethers Skew metric as of writing is deep in the neutral territory. Ever since June 12, the cryptocurrency has had a hard time holding consistently above $2,700. The impact of such behavior has conveyed a long-lasting unwillingness to put on leveraged long positions. The options market shows just how weak that demand is. Its current 2% skew is well within that neutral range.

Under neutral market conditions, Ether monthly futures usually trade at an annualized basis premium of 5% to 10%. The size of the current premium shows a level of uncertainty from traders, seeming unwilling to take on full-blown bullish positions. More than 20 weeks have gone by since Ether’s last trip above $3,000. This extended dip has gradually destroyed trader confidence.

It was a good sign of institutional interest that on Monday alone U.S.-listed Ether ETFs saw a net inflow of $101 million. This latest wave came on the heels of $11 million in outflows on Friday, underscoring how quickly investor sentiment can shift to the dark side.