Last Night’s Developments
Just last night, during a press conference where Trump addressed the tariff agreement reached between the United States and the United Kingdom, Bitcoin surged to $100,000, peaking at around $104,000. In a notable turn, Ethereum, which has been in a prolonged slump, finally rebounded yesterday, rising to $2,200 with a daily increase exceeding 20%. The ETH/BTC exchange rate also climbed to the 0.021 range, returning to levels seen in early April.
According to data from Coinglass, a total of 199,857 individuals were liquidated globally yesterday, with the total liquidation amount reaching $957 million. Among them, Bitcoin and Ethereum accounted for the largest shares, with liquidations exceeding $300 million each.
On the other hand, with Bitcoin’s price breaking the $100,000 mark, it has just surpassed the strike price of the most outstanding call options on the derivatives trading platform Deribit, indicating that this price level is the core battleground for market bulls and bears.
This suggests that a large number of previously out-of-the-money calls have turned in-the-money, potentially triggering market makers to buy more Bitcoin to hedge risks, which could result in an accelerated effect similar to a “gamma squeeze.” Consequently, $100,000 is expected to shift from a psychological resistance level to a new support level. However, should the price retreat below this level, it may instead trigger liquidation pressures, leading to increased short-term volatility.
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