Bitcoin has finally broken through the $95,000 mark, ending two months of oscillation and consolidation. At first glance, it's good news, but to truly understand this rally, we need to analyze the details from several angles.

First, let's look at institutional activity. On that day, the volume of block trades reached $1.7 billion, accounting for over 40% of the total trading volume. What does this mean? Institutions are actively accumulating, and there's no doubt about that.

The problem lies with Ethereum. During the same period, ETH also rose in tandem but was firmly held below the $3,400 level, with block trades totaling only $130 million, making up about 20%. The stark difference in capital enthusiasm is worth noting—it's clear that the market isn't broadly bullish.

Even more awkward is the performance of the derivatives market. Futures trading volume hasn't kept pace, and implied volatility is also sleeping, indicating that traders haven't reached a consensus on a "structural bullish" outlook. In other words, this rally seems more like a short-term market reaction rather than a foundation supported by strong fundamentals.

Analysts are also not overly optimistic. The overall performance of the crypto market currently isn't even as resilient as precious metals and A-shares, and the long-term bull story is still a bit premature to tell. So, this breakout might just be a good rebound opportunity—don't read too much into it.