gm – so far 2025 has brought with it some extremely volatile price action. as we move into the final week before the new administration takes office, I figured I would give my thoughts on how markets have played out so far.

from jan 1 through jan 6, nearly 4bn in BTC OI (from 26bn to over 30bn) was added to markets. during this timeframe, BTC rose from $93K to nearly $102K. it is important to note that this time period was a rather thinly traded timeframe as most professionals were still on holiday during the first week of january.

since then, we have seen BTC price fade, giving up the entirety of the gains made during the first week of the year. we have also seen much of the OI unwind as well, resetting a lot of long positioning in the pro