Matrixport: Bitcoin Options Gamma Unwinding, Liquidity Still Lacking

Odaily News Matrixport released today's chart, stating that Bitcoin has shown almost no significant volatility this week, which precisely indicates that the current moment is even more worthy of attention. Beneath the calm surface, market structure is quietly changing. Approximately $2.5 billion in gamma exposure is nearing its monthly unwinding, with $26.7 billion having been withdrawn from the market since the peak. Overall positioning is also approaching a reset. The dominant factor for the subsequent trend may gradually shift from options mechanics to liquidity itself.

In this report, we will focus on analyzing three points: whether the recent rebound is misleading and sufficient to constitute a trend reversal; where the passive hedging pressure will be concentrated 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, the Bitcoin price is roughly flat compared to a week ago, but the movement has not been smooth. The previous rapid decline and the subsequent equally swift rebound were largely related to the structure of options positions. Market makers had been maintaining short gamma positions. As the price fell, they were forced to sell futures to hedge their exposure, which mechanically amplified the decline and accelerated the push towards $63,000.