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QCP: Venezuela Situation Resonates with Option Funding, Enhancing Crypto Market Long Positioning
BlockBeats News, January 5th. QCP released its daily market analysis, stating that the crypto market strengthened during the Asian morning session, with Bitcoin and Ethereum breaking through $92,000 and $3,100, respectively. The trend was in sync with a rebound in US stocks and a weakening in oil prices. The market interpreted this as risk asset resonance, driven by macro impacts such as the US action on Venezuela and expectations of year-end tax loss selling conclusion and a new round of crypto legislation.
Market discussions mentioned that if the decline in oil prices eases inflation pressure, it would be beneficial for BTC's short-term performance. At the same time, there were rumors in the industry that Venezuela may hold a sizable "shadow Bitcoin reserve" and will start using USDT in some oil transactions starting in 2024. However, these claims have not been confirmed. If true, Venezuela could become one of the largest sovereign BTC holding countries.
Regarding derivatives, the options structure has notably turned bullish: the put skew has decreased across all maturities. Since last week, there have been over 3,000 transactions of call options expiring on January 30, 2026, with a strike price of $100,000. Additionally, the demand for straddle strategies has increased, indicating short covering and bets on upward price movements. 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 changes, i.e., the intensity at which market makers are forced to buy or sell spot assets with price movements). However, caution is advised as there is a tendency for the market to give back gains during the US trading session.
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