Behind Bitcoin breaking through $92,000: Call option bullish bets heat up, Gamma risk emerges

【BlockBeats】Asian morning trading sees a strong performance in the crypto market, with Bitcoin and Ethereum breaking through the $92,000 and $3,100 levels respectively. This rally resonates with the rebound in US stocks and weakening oil prices, with the underlying logic pointing to a rotation of risk assets—recent actions by the US against Venezuela have created macroeconomic uncertainties, while year-end tax-loss harvesting and rising expectations of new crypto policies are also boosting market sentiment.

Interestingly, the market is discussing the chain reaction of falling oil prices. If inflationary pressures truly ease, it could provide short-term support for BTC. Additionally, there are rumors that Venezuela might hold significant “shadow Bitcoin reserves,” and since last year, they have been settling some oil trades with USDT. However, this claim has not been confirmed yet. If true, Venezuela could quickly join the ranks of sovereign holders of BTC.

Signals from the options market are more straightforward—bullish sentiment is clearly heating up. The put skew indicator has been steadily declining, and over 3,000 call options expiring on January 30, 2026, with a strike price of $100,000, have been traded. The demand for straddle strategies (buying both call and put options) is also increasing, indicating that short sellers are covering their positions and many are betting on upward volatility.

However, risks must be clearly understood: if the spot price continues to rise, the Gamma effect could accelerate the price increase—because market makers forced to hedge Delta risk will increase buying pressure. But don’t forget an inertia issue: during US trading hours, there are often pullbacks after sharp rises, which warrants caution.