Analysis: Bitcoin futures data indicates that it may reach new highs

Despite the $170 million margin clearing, Bitcoin buying in the spot and futures markets supported the upward momentum in BTC prices. Weak demand for stablecoins in China and limited use of leverage in futures suggest that Bitcoin's current rally is sustainable.
While soaring Japanese bond yields and concerns about credit risk weighed on sentiment for a while, bitcoin prices showed resilience at the $102,000 support level on May 19. Meanwhile, China USDT traded at a slight discount, indicating that the rally was not driven by FOMO sentiment. The absence of excessive leverage in the bitcoin futures market and the absence of panic inflows in the Chinese market were key factors in the continued rise in prices, paving the way for stronger bull momentum above $105,000.