Matrixport: Bitcoin Options Gamma Liquidation, Liquidity Still Absent

ChainCatcher News, Matrixport released a chart indicating that Bitcoin has experienced little significant movement this week, which in itself suggests 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 Approximately $2.5 billion in gamma exposure is about to be cleared this month, with $26.7 billion withdrawn from the market since the peak, and overall positions approaching a reset.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 focus on three points: whether this recent rebound is misleading and sufficient to signal a trend reversal; where passive hedging pressure will mainly concentrate after options expiration; 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 remains unstable. The previous rapid decline, followed by an equally swift rebound, is largely related to options position structures. 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.