Will We Hold?

Market Overview - Bitcoin is currently defending the $92,000 level as US markets approach closing, with a trading range established between $92,000 and $94,000 [1] - Both long and short traders have faced liquidation this week, with long positions being liquidated today [1] Bitcoin Options and Funding Rates - Funding rates for Bitcoin are mixed across different venues as traders assess market direction [2] - There is notable activity in the options market, with over 500 contracts traded for puts expiring on December 26, 2025, at strike prices ranging from $92,000 to $80,000 [2] - Calls slightly above the $100,000 strike are also seeing increased volume, indicating potential bullish sentiment [2] Ethereum Market Activity - Ethereum has surpassed the $3,200 mark for the first time since mid-November, driven by excitement surrounding the Fusaka upgrade [3] - The Fusaka upgrade is expected to positively impact layer 2 solutions, potentially boosting momentum as the year ends [3] - Funding rates for Ethereum perpetual futures are mixed, with some centralized exchanges showing negative annualized rates while decentralized exchanges exhibit positive rates [3] Ethereum Options Trading - Heavy trading activity is observed in Ethereum end-of-year options, particularly in calls with strike prices between $3,500 and $4,100 [4] - There is also a significant number of puts being purchased in the $2,400 to $2,700 strike range, indicating a protective strategy among traders as the year concludes [4]