Bitcoin experienced a 2.6% increase in value during thin holiday trading, primarily driven by spot and perpetual buying rather than liquidations. Post-expiry market positioning indicates elevated perpetual funding, suggesting a potential upside gamma risk if Bitcoin maintains levels above approximately $94,000. Despite the easing of downside hedging, the market's open interest has significantly decreased, reflecting weak conviction. Analysts suggest that a clearer directional trend for Bitcoin may emerge once liquidity returns to the market.