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Deribit Exchange Gamma Positioning Flips Short Above $94K, Creating Reflexive Hedging Loop

Deribit Exchange Gamma Positioning Flips Short Above $94K, Creating Reflexive Hedging Loop

Author:

Global Cryptocurrency

Published:

2025-12-29 15:44:10

18

3

Deribit exchange News -

Bitcoin's 2.6% holiday rally lacks conviction, with QCP Capital noting subdued open interest as traders remain on the sidelines. The MOVE appears driven by organic spot and perpetual buying rather than liquidations, underscored by Michael Saylor's MicroStrategy adding 1,229 BTC ($108.8M) at $88,568 per coin. The firm now holds 672,497 BTC ($50.44B avg cost: $74,997), yielding 23.2% YTD.

Post-options expiry gamma positioning on Deribit has flipped dangerously short above $94K. Dealers now face reflexive hedging needs—every upside move forces spot or call option purchases, creating a feedback loop. Deribit's BTC perpetual funding rate spiked to 30% from flat, echoing December's $90K breach dynamics and signaling potential for a sharp, liquidity-driven rally.

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