The Week in Alpha: Bitcoin’s $98k Wall, xStock Flows, and How to Trade the ZRO Unlock

Unpacking the massive volume in options flow from last week, the hidden institutional plays on Tech stocks, and a strategic guide to trading the upcoming LayerZero (ZRO) unlock.

The crypto market never sleeps, but it definitely leaves clues.

If you were watching the tape on **PowerTrade and [Polaris DEX](https://polaris.trade/) last week, you saw more than just green and red candles. You saw intent. Over $23 million** in notional value changed hands in options alone, painting a clear picture of where the whales think we are going — and where they are terrified we might fall.

Whether you are a seasoned volatility trader or just looking for the next 10x signal, understanding these flows is your edge. Let’s dive into the data, the “xStock” narrative that’s quietly gathering steam, and how to position yourself for the volatility ahead.

1. Bitcoin: The Battle for Six Figures

Bitcoin options volume dominated the week with nearly $20 million traded. But the real alpha is in where that money went.

The Bull Case ($98k — $100k)

The aggressive money is positioning for a breakout. We saw massive call buying activity targeting $98,000 and $99,000 strikes for late January expiries.

• The Signal: Traders are paying a premium to bet on BTC smashing through the $100k psychological barrier before the month ends.
• The Gamma Squeeze: If spot prices push past $98k, market makers who sold these calls will be forced to buy spot BTC to hedge, potentially fueling a violent move upward (a “gamma squeeze”).

The Bear Fortress ($93.5k)

Smart money doesn’t just ape; it hedges. The most significant put support was built at $93,500 and $95,500.

• The Trade: If you are bullish but cautious, this is your line in the sand. A break below $93.5k could trigger a flush of long liquidations.

2. Ethereum: The $3,200 Line in the Sand

While Bitcoiners are eyeing the moon, Ethereans are building a fortress. The sentiment on ETH was decidedly more defensive last week.

• The Data: The heaviest flow wasn’t in speculative upside calls, but in $3,200 Puts.
• The Insight: Traders are nervous about ETH losing the $3,200 support. However, we did see some brave souls buying $3,400 Calls, signaling that if ETH can reclaim that level, the sentiment flips bullish fast.

3. The “xStock” Arbitrage: Why Trade Nvidia on a CEX?

This is the narrative almost everyone is missing. PowerTrade is currently the only exchange offering xStock Options — traditional equities like Nvidia, Google, and Apple, but traded 24/7 with crypto collateral (USDC).

Last week, the smart money woke up to this:

• $GOOGLX (Google): We saw over $1.6M in notional value traded on calls targeting $340. Momentum is strong here.
• $NVDAX (Nvidia): The AI trade isn’t dead. Bulls were loading up on $195 Calls for end-of-month expiration.
• $AAPLX (Apple): Interestingly, the flow here was bearish, with puts bought at $258, acting as a hedge against the tech rally.

Why does this matter? You don’t need a brokerage account or banking hours to trade the biggest companies in the world. You can hedge your crypto portfolio with Tech stocks, all from one balance on PowerTrade or Polaris DEX.

4. The Degen Corner: Meme Coin Volatility

It wasn’t just “boomer coins.” The Degen Economy is thriving on-chain.

• $ENA (Ethena): Saw over $350k in volume, showing strong speculative interest.
• $MOG & $ICP: Internet Computer and Mog Coin combined for over $360k in volume. The meme supercycle is still in play, and options are the cheapest way to get leverage on it without liquidation wicks killing your perp positions.

🎓 Education: How to Trade the ZRO Unlock

The Setup for This Week

You’ve likely heard about the LayerZero (ZRO) unlock due tomorrow. Token unlocks are notorious for creating volatility. Typically, the market fears a “dump” from insiders selling, but often, price dumps before the event and rips after (the “sell the rumor, buy the news” dynamic).

The Strategy: The Long Straddle Instead of guessing if ZRO will go Up or Down, you can trade the move itself.

• The Trade: Buy a Call (ATM) + Buy a Put (ATM) with the same expiry.
• The Logic: If ZRO dumps hard on the unlock? Your Put prints money. If it rips because the sell pressure was overstated? Your Call prints money. You only lose if the price stays flat.

While specific ZRO options might not be live yet, you can apply this logic to correlated assets or look for similar setups on Polaris DEX.

🔮 What to Expect This Week

Key Levels to Watch:

• BTC: $98,000 (Breakout Zone) / $93,500 (Support).
• ETH: $3,400 (Bull Trigger).
• Expiry: Watch the Friday, Jan 23rd expiration. A lot of open interest falls off here, which usually unpins price and allows for a big weekend move.

The Play:

1. Sell Puts on BTC at $92k-$93k to farm premiums (bullish bias).
2. Buy Calls on $GOOGLX if it holds above $330, following the whale flow.
3. Hedge with ETH Puts if we lose $3,200.

The market is giving you the answers; you just have to read the tape. Whether you are trading spot, perps, or options, execution is everything. Experience professional-grade execution on **PowerTrade or go permissionless with [Polaris DEX](https://polaris.trade/)**.

Disclaimer: This article is for educational purposes only and does not constitute financial advice. Options trading involves significant risk.