Bitcoin has broken a record high in this round. and American buyers are frantically shopping. Why are futures contract players extremely calm?

BTC broke through $123,000 in mid-July, setting a record high, while the cross-exchange spread between Coinbase and Binance widened to $42, highlighting the strong momentum of US capital inflows. The continued positive difference in premium still indicates the stable increase in holdings among US institutions and retail investors. Such premiums can serve as a key vane for purchasing pressure in the U.S. market, even if demand has not diminished after the price hits a new high, suggesting that bullish sentiment may be sustained. However, the current futures market sentiment is relatively restrained, and the funds rate of perpetual contracts on mainstream platforms generally returns to the neutral range (such as Binance maintains the 0.01% benchmark), and some platforms even have negative fees, reflecting that the market has not seen fanatical leverage speculation. This spot-led upward model, coupled with the growth of stablecoin market value (such as USDT increased by US$13 billion this year) and the expansion of 5% global M2 money supply, reduces the risk of a short-term pullback. Historical experience shows that in the environment of low capital rates, the price trend is more sustainable, laying the foundation for the medium- and long-term upward trend of BTC. If the US regulatory environment continues to improve, institutional capital inflows may further consolidate Bitcoin's dominance.