QCP Capital Analysis pointed out that BTC rose about 2.6% in the early session, but holiday liquidity is thin, with prices driven more by spot and perpetual buying rather than liquidation-driven. The perpetual funding rate on BTC at Deribit has risen to over 30%, indicating that traders are in a short gamma state in the upward direction. If the price stabilizes at $94,000, it may amplify hedging buy orders. On the downside, the December $85,000 put options have not been rolled over, and the open interest after the options expiration has decreased by about 50%, reflecting the market's cautious stance on funds, and directional choices may need to wait for liquidity to return.