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Odaily Planet Daily News: Greeks.live macro researcher Adam released a brief for the Chinese community, highlighting that the group generally holds a bullish outlook on the market. Bitcoin broke through $120,000 and continued to rise to $123,000. Traders believe that if there is another increase this week, it will signal a collective capitulation by the bears. Most traders are watching $130,000 as the next major resistance level, but there is disagreement about chasing the rally at this point, with some considering the risk too high to pursue further gains. The options settlement and delivery mechanism sparked in-depth discussion, focusing on how to achieve actual delivery through perpetual contracts after selling in-the-money call options, as well as the risk differences compared to settlement delivery. Cash-and-carry arbitrage strategies have become a hot topic. Currently, delivery contracts are trading at an 8% premium, and by buying spot while shorting delivery contracts, one can obtain a risk-free annualized return. The market is seeing a phenomenon of high leverage being aggressively pushed; for example, when Ethereum rises by 1%, open interest in contracts increases by $1 billion, with leverage levels surpassing the peak of the 2021 bull market.The English community brief notes that the group is bullish on ETH, with traders experiencing mixed results in options positions—put options have dropped by 50%, while call options have performed well. Notably, despite the upward momentum, market participants remain skeptical, and new short positions continue to be opened.

According to Odaily Planet Daily, trader CryptoCapo posted in his community: “Since the Middle East ceasefire on June 22, Bitcoin has continued to show strong momentum. Some altcoins have started to catch up, but most are still in a clear downtrend, forming a series of lower highs. Traditional markets, on the other hand, are showing signs of weakness and may be forming a top.The frenzy around Bitcoin is already apparent, and in my opinion, a reversal is only a matter of time.Currently, all my short positions are in a loss. Fortunately, I am using very low leverage, so to the disappointment of some, I have not been liquidated yet. Even if I do get liquidated, these positions represent only a small portion of my total net assets. They are positions I have built strategically to test my market judgment, and at the same time serve as a hedge against a possible 'black swan event'—even though this idea may sound crazy now, the possibility still exists.”