Bitcoin (BTC) saw an 8.4% gain between May 15 and 16, hitting a three-week high of $66,750. Despite this, the cryptocurrency's derivatives metrics suggest a lack of bullishness. This could be due to the strong performance of traditional assets, such as the S&P 500 index and gold, and a lack of inflow into Bitcoin ETFs. Regulatory uncertainty in the U.S. is also causing hesitancy among investors. The U.S. Commodity Futures Trading Commission (CFTC) has warned of further enforcement actions against the crypto ecosystem, and there are multiple pending cases against crypto firms. Despite Bitcoin's recent rally, data from BTC futures markets suggest that investors are not confident in placing bullish bets.