Internet reports that despite the $170 million margin clearing, Bitcoin buying in the spot and futures markets supported the upward trend of BTC prices. Weak demand for stablecoins in China and limited use of futures leverage suggest that Bitcoin's current rise is sustainable. Although soaring Japanese government bond yields and market concerns about credit risk once affected market sentiment, bitcoin prices showed resilience at the US$102,000 support level on May 19. At the same time, China's USDT trading showed a slight discount, indicating that this round of rise was not driven by FOMO sentiment. The lack of excessive leverage in the Bitcoin futures market and the lack of panic inflows in the China market are key factors in the continued rise in prices, paving the way for stronger bull momentum above US$105,000.