Bitcoin surged to $109,700 after briefly testing the $105,200 support level on Wednesday, nearing its all-time high. Despite the price increase, derivatives data indicates that professional traders remain cautious, refraining from large-scale bullish bets. Key market drivers include the expansion of the eurozone's money supply and weakness in the U.S. labor market. In China, the USDT discount reached 1%, the lowest since mid-May, signaling investor skepticism about Bitcoin's rally. Additionally, spot Bitcoin ETFs experienced a net outflow of $342 million on Tuesday, while ongoing trade tensions continue to contribute to market uncertainty.