Institutions pushing Bitcoin to break through the top, options market betting $120,000 will be the new starting point.

As Bitcoin set new historical records for the second consecutive day, options traders are now looking towards higher price levels. With Bitcoin breaking through the $116,000 mark for the first time, the open interest in options on the Deribit exchange is significantly concentrated on call options with strike prices at $115,000 and $120,000. Longer-term options expiring in September and December have open interest concentrated at higher levels of $140,000 and $150,000. According to Coinglass data, after Bitcoin broke through $116,000, the liquidation of short positions accelerated, with a total of $543 million liquidated in the past hour and $762 million liquidated in the past 12 hours. This rally is partly driven by institutional investor demand, and also confirms the bullish sentiment in the cryptocurrency market since the U.S. election in November - the belief that Trump returning to the White House will usher in a new era of relaxed regulations. The U.S. Congress has even declared the week of July 14 as "Cryptocurrency Week." With the surge in risk assets driving stock market highs, the largest digital asset by market value has risen by about 25% year-to-date. Chris Newhouse, research director at DeFi trading firm Ergonia, stated, "It is worth noting that the options market is reflecting new bullish sentiment." The funding rate (market sentiment indicator) in the Bitcoin perpetual futures market remains positive, indicating strong demand to maintain long positions in the market. These contracts are one of the main tools for cryptocurrency traders to leverage their positions. Optimistic comments from Trump on his Truth Social social media platform have also fueled market sentiment on Thursday. Mauricio Di Bartolomeo, co-founder and chief strategy officer at Ledn, believes that the recent establishment of a batch of cryptocurrency asset management companies is expected to increase demand, serving as one of the drivers of the upward trend. These companies are seeking to include digital assets on their balance sheets through issuing shares or bonds, aiming to become Bitcoin proxy targets in the stock market. Di Bartolomeo said, "Bitcoin is hitting new all-time highs driven by continuous demand from investors and businesses." Even in the face of macroeconomic headwinds - such as the tension caused by the Trump administration's plan to impose tariffs in August - Bitcoin continues to achieve historic highs. Roshan Roberts, CEO of the OKX US trading platform, stated, "Bitcoin is proving its unique value. As trade tensions escalate and altcoins suffer setbacks, institutions are increasingly viewing Bitcoin as a macro hedging tool and a mature asset class. July will test the market, but Bitcoin seems ready for it."