QCP Capital analysis indicates that BTC rose about 2.6% in the early trading session, but due to thin liquidity during the holiday, the price was mainly driven by spot and perpetual buy orders rather than liquidation-driven activity. 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 at $94,000, this could amplify hedging buy orders. On the downside, December $85,000 put options that were not rolled over after expiration saw open interest decrease by about 50%, reflecting market caution. Directional moves may need to wait for liquidity to return.