On-chain data shows that a leading wallet address is under significant holding pressure — the three main cryptocurrencies have a total unrealized loss of over $41.47 million, with Ethereum once losing more than $35 million.

Regarding Bitcoin, its post-holiday trend has been relatively weak, with only a 2.6% increase in the early session. A detail behind this is that trading volume during the holiday period shrank, and market depth was insufficient, making prices prone to distortion. What truly drove Bitcoin higher was the incremental buying from spot and perpetual contracts, while the contribution from market clearing was relatively small. Deribit perpetual contract funding rates have surged above 30%, indicating that institutional traders are currently under heavy selling pressure, in a short gamma hedge position — once Bitcoin stabilizes above $94,000, it could trigger larger-scale hedge buying.

The options market provides another signal: after the December $85,000 put options expire, open interest has been halved, decreasing by about 50%. This suggests that market participants are generally cautious and lack clear expectations for the next direction, and the next move in options may have to wait until liquidity truly recovers.