Market Calm Masks Structural Shifts
While Bitcoin's price action appears stable, significant structural changes are underway. Approximately $2.5 billion in gamma exposure approaches expiration, with over $26.7 billion withdrawn from peak levels, signaling critical positioning thresholds.
Options Impact Fades, Liquidity Focus Intensifies
As options expiration nears, market dynamics shift from derivatives mechanics to fundamental liquidity conditions. Our analysis focuses on three critical aspects:
- Whether recent rally contains authentic reversal signals
- Where passive hedging pressures will concentrate post-expiry
- Core requirements for sustainable market stabilization
New Cycle Phase Emerges
Despite apparent price stability over the past week, volatility characteristics have fundamentally changed. The previous rapid decline and subsequent rebound were closely tied to options positioning adjustments. Market makers' forced futures selling during price drops created mechanical downward pressure that accelerated movement toward key support levels.