BlockBeats news: On January 5, QCP released a daily market analysis stating that the crypto market strengthened during the Asian early session, with Bitcoin and Ethereum breaking through $92,000 and $3,100, respectively. The movement coincided with a rebound in U.S. equities and a weakening in oil prices. The market interprets this as a resonance among risk assets, driven by factors including macroeconomic shocks from U.S. actions in Venezuela, the end of year-end tax-loss selling, and rising expectations for a new round of crypto-related legislation.
Market discussions suggest that a decline in oil prices, which could ease inflationary pressures, may be beneficial to BTC's short-term performance. Meanwhile, there are rumors circulating that Venezuela may hold a significant "shadow Bitcoin reserve," and has used USDT in some oil transactions since 2024, although these claims have not been confirmed. If true, Venezuela could become one of the largest sovereign holders of BTC.
In the derivatives market, the options structure has clearly turned bullish: put skew across all maturities has declined. Since last week, over 3,000 call options with a strike price of $100,000 and an expiration date of January 30, 2026, have been traded. At the same time, increased demand for straddle strategies indicates short-covering and bets on upward volatility. Analysts believe that if the spot price continues to rise, there is a risk of further upward movement driven by Gamma (the speed of Delta change, i.e., the force with which market makers are compelled to buy or sell the underlying asset as its price moves). However, caution is needed to guard against the tendency for gains to be repeatedly rolled back during U.S. trading hours.