Bitcoin surged to over $108,000 on Tuesday, hitting a historic high for the second consecutive day, as traders set their sights on the $110,000 price level.
This year, Bitcoin has risen over 150%, and traders are increasing their bets on further price increases in the options market.
Shiliang Tang, president of cryptocurrency trading company Arbelos Markets, stated: 'We see buyers purchasing call option spreads with expiration in January (next year) at $110,000 to $120,000 and $110,000 to $125,000, as well as raising the strike prices of call options from $100,000/$105,000 to $120,000.'
The recent surge in Bitcoin prices is mainly driven by Trump's victory in the U.S. elections. Trump has promised to implement policies favorable to the cryptocurrency industry upon taking office, and he previously announced the nomination of cryptocurrency supporter Paul Atkins as the next chairman of the U.S. Securities and Exchange Commission (SEC).
'Since last weekend, MicroStrategy has been approved to be included in the Nasdaq 100 index, and the company's continued purchases of Bitcoin in the public market have largely benefited Bitcoin's market dominance, allowing it to break historical highs and attract more capital from the market,' Tang said.
James Butterfill, research director at CoinShares, pointed out that the factors driving the price increase include the U.S. election bonus, the prospect of the U.S. treating Bitcoin as a strategic reserve asset, geopolitical instability, and loose monetary policies, which may continue to provide support through 2025.
Trump recently reiterated his plan to establish a Bitcoin strategic reserve similar to the U.S. Strategic Petroleum Reserve. However, according to Polymarket's predictions, the probability of this event occurring is only 27%.
According to Chris Newhouse, research director at Cumberland Labs, the Bitcoin market may be entering a new phase.
Newhouse stated: 'We have observed that throughout the process, funding rates are relatively neutral, while derivative positions indicate some hesitation in the market regarding new highs. Although it is difficult to predict how new catalysts—such as more structured regulation, stable compliance frameworks, or even official government holdings of Bitcoin—will be priced, the market is already prepared for a revaluation of the long-term potential of cryptocurrencies, a process that far exceeds the recent rebound.'#加密市场盘整 