Bitcoin Tops $92,000, Ethereum Above $3,100 as Options Skew Turns Bullish

Bitcoin rose above $92,000 and Ethereum climbed past $3,100 in Asian early trade on Jan. 5, moving in step with a rebound in U.S. equities and softer oil, QCP said in its daily market analysis. QCP cited catalysts including U.S. actions on Venezuela, the end of year-end tax-loss trading, and renewed expectations for crypto legislation, and noted market discussions that a downtrend in oil could ease inflation pressure and favor BTC in the short term. In derivatives, QCP reported a bullish tilt in options, with put skew declining, more than 3,000 $100,000 calls expiring on Jan. 30, 2026 trading since last week, and rising demand for straddles, while warning that if spot extends higher, gamma could amplify gains and that U.S. hours often see reversals. QCP added that unverified chatter suggested Venezuela may hold sizable shadow Bitcoin reserves and has used USDT in some oil trades since 2024; if accurate, Venezuela could rank among the largest sovereign BTC holders.