According to a report from Coin World, Greeks.live macro researcher Adam released a briefing for the Chinese community, pointing out that the group generally holds a bullish attitude toward the market. Bitcoin has broken through $120,000 and continues to rise to $123,000. Traders believe that if it rises again this week, it will be a signal of collective surrender from the bears. Most traders are focusing on $130,000 as the next important resistance level, but there are differing opinions on chasing this position, with some believing the risks are too high to chase the rise. The options contract settlement mechanism has sparked deep discussions, highlighting how to achieve real delivery through perpetual contracts after selling call options in-the-money, as well as the risk differences with settlement delivery. The spot-futures arbitrage strategy has become a hot topic, with current delivery contracts showing an 8% premium. By buying spot while shorting the delivery contracts, a risk-free annualized return can be achieved. The market has seen a phenomenon of high leverage pushing strongly, with a $1 billion increase in contract positions when Ethereum rises by 1%, and the leverage level exceeding the peak of the 2021 bull market.
The English community report indicates that the group holds a bullish attitude towards ETH, with traders encountering different results in options positions—put options have dropped by 50%, while call options have performed well. It is worth noting that despite the upward momentum, market participants remain skeptical and continue to open new short positions.