The price of #BTC rose to a peak of $94,900, with weekly volatility expanding to 28%, setting a new high for this phase.

Data from Coinank shows that the derivatives market has simultaneously exhibited a resonance between volume and price, with the trading volume of futures on leading exchanges significantly rebounding. The trading volume of April contracts reached $1.049 trillion, a month-on-month surge of 53.6%, forming a 'stair-step volume increase' characteristic. The trading volumes of the second and third platforms respectively broke through $519.9 billion and $435.4 billion in a single month, with the combined liquidity of the three major exchanges increasing by 78% month-on-month, indicating that leveraged trading is becoming the core driving force of this round of market activity.

This round of futures and spot market linkage has exposed three major structural changes: first, the ratio of Bitcoin futures open interest to spot trading volume has risen to a historical extreme of 2.7, indicating that funds are accelerating their layout through leverage; second, the central funding rate for perpetual contracts has increased by 0.03%, with rising long positions costs failing to curb opening enthusiasm, reflecting that the market has entered the initial stage of irrational prosperity; third, the borrowing rate for USDT on major exchanges has soared to an annualized 35%, suggesting that arbitrage funds are constructing long-short combination strategies. It is important to be cautious, as the current futures trading volume to market cap ratio has reached a fragile balance of 1:1.8; historical data shows that breaking this threshold is usually accompanied by a technical correction of more than 15%.

The crypto market is experiencing a 'leverage-driven bull market', a model that often exacerbates the transmission effect of volatility: on one hand, it attracts traditional quantitative funds to increase allocation, pushing the open interest of CME Bitcoin options up by 42%; on the other hand, it may lead to liquidity fragmentation across exchanges, with some small to medium platforms experiencing price deviations of more than 5%. If the Federal Reserve maintains a hawkish stance in June, the excessive leverage in the derivatives market may become an amplifier of systemic risks; however, in the short term, the significant improvement in futures trading has accumulated momentum for breaking the psychological barrier of $100,000.