Bitcoin successfully broke through the $9,5000 resistance level, breaking out of its nearly two-month consolidation range. Since falling below this key threshold in mid-November, Bitcoin had been trading sideways at lower levels. Ethereum saw a larger percentage gain but its price action was less robust than BTC's, remaining within its $3,400 consolidation range. This trend is reflected in block trades: Bitcoin's block trades reached $1.7 billion, accounting for over 40% of the day's total volume, while Ethereum's block trades amounted to only $130 million, representing just 20% of its volume. The market is clearly more concentrated on Bitcoin's bullish momentum. On the other hand, today's futures volume did not see a significant increase, and the implied volatility (IV) for major expiries did not rebound substantially. The derivatives market has not yet entered a structurally bullish phase. The current trading structure appears more like a reactive response to the sudden surge, with the long-term outlook still not shifting toward a bull market.(Greeks.live)