BlockBeats News, December 29th, QCP Capital analysis pointed out that BTC surged by about 2.6% in early trading, with holiday illiquidity causing price distortion. Bitcoin was driven more by spot and perpetual buying pressure rather than liquidation-driven. The BTC perpetual funding rate on Deribit rose to over 30%, indicating that traders are in a short gamma state in the upward direction. If the price holds above $94,000, it may trigger amplified hedging buying pressure.
On the downside, the $85,000 put options for December were not rolled over, with the open interest declining by about 50% after the options expired, reflecting market fund observation, directional indecision, or the need to wait for liquidity to return.
