On December 29th, QCP Capital analysis pointed out that BTC rose approximately 2.6% in early trading, with insufficient holiday liquidity distorting price movements. Bitcoin was driven more by spot and perpetual buying than by liquidation. The perpetual funding rate for BTC on Deribit rose above 30%, indicating that traders are in a short-gamma state regarding the upward direction. If the price stabilizes above $94,000, it could amplify hedging buying.
On the downside, the $85,000 put options for December were not rolled over, and open interest decreased by about 50% after expiry, reflecting market sentiment and a wait-and-see attitude. A directional choice may have to wait for liquidity to return.
