Bitcoin has surged past $123,000, with market sentiment remaining bullish. Traders are eyeing $130,000 as the next significant resistance level, though opinions are divided on whether to pursue further gains due to perceived risks. A continued rise this week could signal a capitulation of short positions. In other developments, the mechanism of options contract settlement is under scrutiny, particularly the execution of in-the-money call options through perpetual contracts. Additionally, a strategy involving spot-futures arbitrage is gaining traction, with current futures contracts showing an 8% premium, offering potential risk-free annualized returns. Meanwhile, Ethereum's 1% price increase has led to a $10 billion rise in contract open interest, with leverage levels surpassing those seen during the 2021 bull market peak.