QCP: During the holiday period, thin liquidity led to BTC price distortion, and directional choices need to wait for liquidity to return

QCP Capital analysis indicates 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.
On Deribit, the BTC perpetual funding rate 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 hedge buying.
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. The directional choice may need to wait for liquidity to return.