Overview
- A record year‑end options expiry estimated at $23.7–$28 billion cleared a negative‑gamma pin around $85,000–$90,000, triggering short‑covering that pushed price toward $89,000.
- CoinGlass reports that derivatives now dominate Bitcoin’s price discovery, with futures and options volumes consistently outpacing spot trading.
- Elevated open interest alongside compressed realized volatility indicates stored risk and a higher chance of abrupt moves as positioning re‑prices.
- Spot Bitcoin funds have seen continued net outflows, including $175.3 million on Wednesday, removing a key source of steady buy‑side support.
- On‑chain metrics such as CryptoQuant’s BCMI have slipped below equilibrium, reinforcing a bear‑tilted structure as traders focus on $85,000 support and resistance near $90,500–$94,000.