QCP Capital:BTC rose about 2.6% in early trading, but thin holiday liquidity distorted price signals. The move was driven mainly by spot and perpetual buying, not liquidations.



Deribit shows BTC perpetual funding above 30%, leaving traders short gamma. If price holds above $94,000, hedging demand could accelerate.

On the downside, December $85,000 puts were not rolled, and OI fell about 50% after expiry, suggesting markets are waiting for liquidity to return.

#bitcoin #CryptoMarket
BTC0,29%
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