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QCP: During the holiday period, liquidity is thin, causing BTC prices to distort. Directional choices need to wait for liquidity to return.
On December 29, QCP Capital analysis pointed out that BTC rose about 2.6% in the early trading session, with holiday liquidity shortages causing price distortion. Bitcoin is primarily driven by spot and perpetual buy orders rather than liquidation-driven activity. The BTC perpetual funding rate on CEX rose above 30%, indicating that traders are in a short gamma position on the upside. If the price stabilizes at $94,000, this could amplify hedging buy orders. On the downside, the December $85,000 put options were not rolled over, and the open interest after expiration decreased by about 50%, reflecting market caution. Directional moves may need to wait for liquidity to return.