BlockBeats News, December 29 — QCP Capital analysis points 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 movements. The BTC perpetual funding rate on Deribit has risen above 30%, indicating that traders are in a short gamma position on the upside. If the price stabilizes above $94,000, it 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 funds are on the sidelines. Directional choices may need to wait for liquidity to return.
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