BlockBeats reports that on 09-12, QCP published a daily market report indicating that last week, after the two major crypto assets broke through the critical levels of $4,000 (ETH) and $100,000 (BTC), prices traded below these levels for the majority of the time.

These critical levels coincide with the strike prices with the highest open interest: ETH-27DEC24-4k (90,000 contracts) and BTC-27DEC24-100k (16,000 contracts). So, if spot prices rise, could market maker covering trigger a new upward squeeze?

Today, we see traders taking profits on long BTC-27DEC24-100k call options, potentially rolling these positions to March 2025 (130k-150k). This indicates that there is ample supply of gamma at the upper levels. Furthermore, funding rates for perpetual contracts on Deribit have remained stable, and rates on major exchanges are slightly above normal, but not enough to sustain a significant price rally.

While there is still a structurally bullish view, spot prices are expected to fluctuate within the current range during the festive period. Historically, Ethereum usually does not reach new all-time highs until January after the halving. This sentiment is also reflected in the options market, where the ETH risk reversal indicator only favors call options from January onwards. #Bitcoin❗

Source:BlockBeats

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