"Leading crypto BTC touched the low of $80k towards the end of last week on record volumes and outflows in ETF's. On Friday, this tune changed a bit, however. November 21st saw inflows of $238m, as investors and market participants saw an opportunity to build positions at potential local low forming. Selling was clearly becoming exhausted, and since then, bitcoin has climbed back over $87k."
"Options markets are seeing flows around the money, but significant open interest on calls for 28NOV25 above $88k. For the end of the year expiry, 26DEC25, we see lots of positioning above $100k strikes still, but these are being hedged with plenty of puts all the way down to $60k strike levels. Traders remain cautious and want to lock in their profit before the end of the year. Perpetual funding rates are flat across exchanges, as neither long nor shorts dominate the books."
Bitcoin dropped to $80k on record volumes and ETF outflows before $238m of inflows on November 21 prompted position-building at a potential local low. Selling pressure eased and bitcoin recovered above $87k. Options flows concentrate around the money with notable open interest in 28NOV25 calls above $88k and heavy year-end positioning above $100k strikes hedged by puts down to $60k. Perpetual funding rates are generally flat, reflecting balanced long/short books, and traders seek to lock profits before year-end. Ethereum has tracked bitcoin higher, trading between $2.8k and $3k, with mixed funding rates and arbitrage-driven alignment likely.
Read at 24/7 Wall St.
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