Bitcoin successfully broke through the $95,000 resistance level, leaving the nearly two-month consolidation range. Since falling below this key level in mid-November, Bitcoin has been oscillating at low levels.

Ethereum experienced a larger increase, but its trend is not as strong as BTC, remaining within the $3,400 consolidation range.
Block trades also reflect this point: Bitcoin's block transactions reached $1.7 billion, accounting for over 40% of the total daily volume, while Ethereum's block trades were only $130 million, making up just 20%. The market is clearly more bullish on Bitcoin.
On the other hand, today’s futures trading volume did not see a significant increase, and the main-term IV did not rebound much. The derivatives market has not yet entered a structural bullish phase. The current trading structure appears more like a stress response to the sudden rise, and the long-term outlook still has not shifted to a bull market.