Matrixport: Bitcoin Options Gamma Liquidation, Liquidity Still Absent

Odaily Planet Daily reports that Matrixport released a chart today showing that Bitcoin has experienced little significant volatility this week, which in itself indicates that the current moment is more worth paying attention to. Beneath the calm surface, market structure is quietly changing. Approximately $2.5 billion in gamma exposure is about to be cleared this month, with $26.7 billion withdrawn from the market since the peak, and overall positions approaching a reset. The main factors influencing future trends may gradually shift from options mechanisms to liquidity itself.

In this report, we will focus on three points: whether this recent rebound is misleading and sufficient to constitute a trend reversal; where passive hedging pressure will mainly concentrate after options expire; and what conditions the market needs to meet to support a more sustainable stabilization. Perhaps the most noteworthy phase of this cycle has just begun.

Currently, Bitcoin’s price is roughly unchanged from a week ago, but the trend is not stable. The previous rapid decline, followed by an equally swift rebound, is largely related to the structure of options positions. Market makers have maintained short gamma positions. As the price declines, they are forced to sell futures to hedge their exposure, which amplifies the downward movement mechanically and accelerates the price toward $63,000.