QCP Capital's analysis points out that BTC rose about 2.6% in early trading, but holiday liquidity remains thin. The price movement is more driven by spot and perpetual buying rather than liquidation. 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 open interest dropped by about 50% after the options expired, reflecting market funds in a wait-and-see mode. Directional choices may need to wait for liquidity to return. https://www.(wublock123.com)/index.php?m=content&c=index&a=show&catid=6&id=54287