Bitcoin rallied to the $97,000 zone today, wiping out roughly $700M in short positions across BTC and ETH futures markets—a textbook signal that risk appetite is making a comeback. Ethereum briefly flipped above $3,400, riding the wave of renewed on-chain momentum and a notable uptick in market sentiment. The liquidation cascade and price action suggest traders are shifting from bearish hedges to long positioning, which typically marks a turning point in market cycles. Whether this momentum sticks depends on whether we see sustained buying pressure and whether these price levels hold as support going forward.