"The bitcoin price continued to swing around the $90,000 level during thin holiday trading, rising and falling in sharp moves that lacked any volume needed for a sustained breakout. The world's largest cryptocurrency rose about 2.6% during low-liquidity sessions and held above $86,000 over the week, but was unable to sustain its $90,000 level in Monday's Asian trading hours, according to market data."
"QCP Capital said the move lacks the participation required to push prices decisively higher. In a note, the firm pointed to a sharp drop in open interest following last Friday's record options expiry. Open interest fell by nearly 50%, signaling that many traders stepped to the sidelines. Options are affecting market positioning The record options expiry marked a turning point in market structure. Dealers who were long gamma ahead of the event are now short gamma to the upside, QCP said."
Bitcoin traded around $87,000–$90,000 amid thin holiday liquidity, with sharp intraday moves lacking the volume required for a sustained breakout. The price was about $87,465 with a 24-hour volume near $52 billion and a market capitalization around $1.75 trillion based on roughly 20 million BTC circulating. Open interest plunged nearly 50% after a record options expiry, and dealers shifted from long gamma to short gamma to the upside. That gamma stance forces hedging that can amplify rallies by inducing dealers to buy spot bitcoin or short-dated calls, while funding rates rose sharply, increasing the cost of long positions.
Read at Bitcoin Magazine
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