Analysis: The crypto derivatives market has not yet entered a structurally bullish phase, and the long-term outlook has not yet shifted to a bull market.

Bitcoin successfully broke through the $95,000 resistance level, leaving its nearly two-month consolidation range. Since falling below this key level in mid-November, Bitcoin had been fluctuating at low levels. Ethereum saw a larger increase, but its performance wasn't as strong as BTC's, remaining within a $3,400 range. This was reflected in block trades, with Bitcoin block trades reaching $1.7 billion, accounting for over 40% of the day's total, while Ethereum block trades only reached $130 million, representing just 20%, indicating a clear market focus on Bitcoin's bullish sentiment.