Bitcoin broke through the $92,000 mark this Tuesday, with daily trading volume soaring by 25%, reaching a peak of $37 billion. Bullish sentiment was fully ignited, while bears were heavily squeezed by this wave—over the past 24 hours, the total liquidated leverage futures short positions across the entire network reached $180 million. Even DASH surged by 63%, with $1.3 million in short positions wiped out directly.

Interestingly, a clear "crack" has appeared in the market. The 30-day implied volatility indices for BTC and ETH are under pressure, with open interest in futures not showing significant growth; CME Bitcoin and Ethereum futures basis remains below 5%, and put options on Deribit are actually priced higher than call options. On the surface, investors seem quite cautious.

However, the options market is quietly telling a different story. Demand for BTC call options with strike prices of $98,000 and $100,000 is rapidly increasing, and ETH call options are also heating up. This is as if the market is pretending to be calm on the surface while secretly betting on Bitcoin surging past $100,000.

The key now is whether it can hold above the new high of $92,000. If it can break through the resistance at $94,500 next, the $100,000 target might shift from a prediction to a reality. This wave of short liquidations has already added enough fuel to the market, and now it depends on how far the bulls can go.