Bitcoin's surge to near $97K marks a two-month peak, and the mood shift in derivatives markets tells an interesting story. Perpetual contract open interest has climbed above $8B across major altcoins, while funding rates have turned positive—a sign traders are increasingly bullish. The movement extends beyond Bitcoin too: Ethereum, Solana, and XRP are all catching tailwinds from fresh ETF inflows. On the options front, skew metrics have neutralized, suggesting balanced sentiment between calls and puts. The $95K level now acts as a critical support zone to watch; holding here could signal continued upside momentum, while a break below would warrant caution.