BTC has fluctuated around $100,000 in the past two months, briefly dropping below $90,000 before quickly rebounding. In mid-December, it briefly reached the $110,000 mark. The main futures contracts currently have an annualized forwardation rate of over 12%, indicating that the market's long leverages are still at high levels and bullish sentiment prevails. In terms of the options market, the gap in implied volatility between January and March contracts has narrowed, with increased uncertainty in the market due to Trump's upcoming inauguration. Skew data shows that market panic during this week's pullback is lower than the fluctuation in mid-December, and overall sentiment remains optimistic. According to Block Trading data, there has been a significant increase in trades betting on a pump in the market by the end of this month, breaking through the $100,000 mark.