Bitcoin leads the charge, bears are getting wrecked and crying out, and everyone is starting to look for reasons behind the rally.

Big Brother Bitcoin (BTC): Incredibly strong—kept surging all the way today, almost touching $94,200 at the highest point. Although it’s cooled off a bit now, it’s still firmly holding above $93,000. People are talking about the “$100,000” mark again.
Second Brother Ethereum (ETH): Keeping up the pace, successfully broke through the key $3,000 level and looks pretty solid too.
· Other Altcoins (Altcoins): The whole sector is celebrating. Major names like SOL and ADA are generally up 5% to 15%. It feels like the market just switched from a thriller to a family-friendly holiday movie.

Who got hit the worst?—The Bears

The biggest drama today was the “Bear Massacre.” Because the rally was so fast and fierce, those who borrowed money to bet on prices falling were all forcibly liquidated by the system, losing everything.

In the past 24 hours, nearly $500 million in positions were liquidated across the market.
The key point is, over 80% of that (almost $390 million) came from people shorting the market. You could say this rally climbed right over the “corpses” of the bears. Many people were still quietly laughing at the drop one moment, and couldn’t laugh anymore the next.

Why did things suddenly get so wild?

Honestly, when market sentiment turns bullish, everything starts to look like good news. Here are a few popular explanations:

“Shakeout is over” theory: Many believe the recent crash was orchestrated by big players just to scare out the weak hands—once things were “cleaned up,” it was time to pump.
“Santa Rally” expectations: Historically, December sees more gains than losses, so plenty of people are betting this pattern will repeat this year.
“Gotta have a reason”: On a deeper level, as previously mentioned, the market has sky-high expectations that the Fed will cut rates next year. If money gets cheaper, risk assets (including Bitcoin) naturally become much more attractive.