Bitcoin recently broke through the $95,000 resistance, finally escaping two months of ups and downs. However, looking back to mid-November, it had dipped here once before and has been hovering at low levels ever since. In contrast, although Ethereum's gains look decent, its trend is clearly not as sharp as Bitcoin's, and it is currently fluctuating around $3,400.

From the trading side, the market sentiment is quite interesting—Bitcoin's block trades reached $1.7 billion, accounting for over 40% of the day's total trading volume, while Ethereum's block trades were only $130 million, making up just over 20%. This straightforwardly reflects that big investors are more optimistic about Bitcoin.

But here, a contradiction arises. Futures trading volume has not increased significantly, and the implied volatility of mainstream maturities has not shown a clear rebound. In other words, the derivatives market has not yet formed a structural bullish pattern. The current trading activity more resembles a passive reaction to the sudden price surge rather than a true awakening of market bullishness. The long-term bullish sentiment still needs to wait.