Bitcoin (BTC) continues its meteoric rise, trading above $97,500 in early Asian hours and inching closer to the landmark $100,000 figure. This surge, just 3% away from a $2 trillion market capitalization, reflects heightened optimism following a Republican win earlier this month and subsequent pro-crypto developments in the U.S. government.

The rally, often dubbed the "Trump trade," has been supported by a series of favorable factors, including Federal Reserve rate cuts that revived risk appetite among traders. Over the past 14 days, BTC has gained nearly 30%, signaling sustained momentum.

Institutional activity has also played a pivotal role in the current surge. The introduction of BlackRock’s IBIT options, which track Bitcoin prices and are physically settled, has garnered massive interest. These options reached a $2 billion trading volume on their first day, with a remarkable 73,000 contracts traded within the first hour. This strong debut positions IBIT among the top 20 most active non-index options globally, underlining growing institutional confidence in Bitcoin as a mainstream asset class.

Singapore-based QCP Capital highlighted the significance of this development in a message, noting the bullish call-to-put ratio of 4.4:1 on IBIT options. They emphasized that such robust market activity could attract new investor demographics, enabling diversified trading strategies that may reduce volatility and downside risk.

Adding to the optimism, the Trump administration is reportedly considering blockchain-savvy candidates for key regulatory roles, including the SEC chair position. This signals a potentially favorable environment for cryptocurrency regulation, further boosting investor sentiment.

Traditional financial institutions and analysts are increasingly bullish on Bitcoin's trajectory, with targets as high as $200,000 in the coming months. As Bitcoin edges closer to $100,000, it cements its position not only as a speculative asset but as a key player in the evolving financial landscape.