TechFlow news, according to The Block, crypto derivatives trader Gordon Grant said that the open interest at the $40,000 level is significantly lower, which could encourage Bitcoin's recent price rise as hedgers have relatively limited delta supply and suddenly lost optionality at this level.
He added: "After the expiration of end-of-January options on Friday, January 26, open interest in short-term Bitcoin derivatives dropped substantially, especially in options. This stands in stark contrast to the situation before last Friday’s option expiry, when local gamma excess may have constrained the underlying asset’s price following a sharp short-term pullback."
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