TechFlow News: On February 27, Matrixport released its chart of the day, stating, “Bitcoin has shown almost no significant volatility this week—precisely why this moment deserves closer attention. Beneath the surface calm, market structure is quietly shifting. Approximately $2.5 billion in gamma exposure is set to expire and be unwound; since the recent peak, $26.7 billion has already exited the market, and overall positioning is approaching a reset. Going forward, the dominant driver of price action may gradually shift from options mechanics to liquidity itself.
In this report, we focus on three key questions: First, is the recent rally potentially misleading—and sufficient to signal a trend reversal? Second, where will passive hedging pressure concentrate following options expiration? Third, what conditions must the market meet to sustain a more durable stabilization? Perhaps the most compelling phase of this cycle has only just begun.
Currently, Bitcoin’s price is roughly flat week-on-week, yet its trajectory has been anything but smooth. The prior sharp decline—and the equally rapid rebound that followed—were largely driven by options positioning. Market makers had maintained short gamma positions. As prices fell, they were forced to sell futures to hedge their exposure, thereby mechanically amplifying the downside and accelerating the move toward $63,000.
