Bitcoin price breaks 97,000 USD, futures indicate continued upward trend. The listing of the U.S. January spot ETF and this period's options trading has caused significant volatility this year. Bitcoin has repeatedly hit new highs, and the derivatives market shows no signs of overheating. On Wednesday night, its price exceeded 97,000 USD, breaking the 95,000 USD high point within an hour. In the past 24 hours, price fluctuations triggered 100 million USD in liquidations, with 80% coming from the short side. This year's volatility has risen due to the U.S. ETF-related situation. The Republican election victory has sparked positive expectations for industry regulation, and the 'Trump trade' has driven traders to acquire assets, boosting market sentiment. Earlier this month, the Nasdaq and S&P 500 indices reached new highs, driven by post-election optimism, Federal Reserve rate cuts, and strong corporate earnings. Bitcoin is expected to exceed analysts' 100,000 USD forecast by December, with Bernstein predicting it could double to 200,000 USD by the end of 2025. Swyftx's chief analyst states that the market is rational, with the perpetual contract financing rate for Bitcoin around 10%, indicating no overheating, and in the following hours, it can be explored whether it will hit 100,000 USD.
