TechFlow News: According to analysis by 10x Research on May 11, Bitcoin’s total gamma exposure has remained negative since mid-January and currently stands at -$3.2 billion at the $82,000 strike price. Under negative gamma conditions, market makers are forced to trade in the direction of price movement—buying aggressively during rallies and selling aggressively during declines—thereby amplifying price volatility. As options expirations concentrate on May 29 and June 26, the suppressive effect of negative gamma is expected to gradually dissipate, alleviating Bitcoin’s downward bias. Currently, demand for call options already significantly exceeds that for put options, and institutions anticipate market sentiment will shift from bearish to bullish by then.
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