Bitcoin and Ethereum have performed strongly over the past week, with BTC up 7.0% against USD and ETH up 8.6% against USD. However, despite the price increase, ATM volatility rose only slightly at the end of the year, indicating that market momentum is gradually weakening and may reach a high in the short term.

Market support is in the $85k-93k range, and MSTR's Bitcoin purchase behavior provides the market with a stable buy order. If the price breaks through $100-104k, it may start a new round of upward trend, with a target price of $130-150k.

Although Bitcoin failed to break through the $100,000 mark, the market's expectations for future gains remain, especially against the backdrop of rising implied volatility in March and June. In the short term, the market may take profits before the end of the year, resulting in a steepening term structure.