# Gamma İlgili Makaleler

HTX Haber Merkezi, kripto endüstrisindeki piyasa trendleri, proje güncellemeleri, teknoloji gelişmeleri ve düzenleyici politikaları kapsayan "Gamma" hakkında en son makaleleri ve derinlemesine analizleri sunmaktadır.

Awaiting Liquidity

Bitcoin has shown resilience, trading within a $60k–$70k range with a developing accumulation cluster supporting recent upward momentum. However, significant short-term holder supply above $84k poses a mid-term sell risk. Key support is at $70.2k (1w–1m cohort cost basis), while resistance sits near $82.2k. Market sentiment reflects elevated fear but not extreme capitulation, with realized profits down 96% from 2025 peaks, indicating thinning liquidity. Spot volumes remain subdued, though ETF flows have turned positive. Derivatives show persistent negative funding and defensive positioning. Options markets indicate short-term demand for downside protection, but longer-term skew is more balanced. A major options expiry may remove dealer gamma constraints, allowing broader macro factors to drive price. Overall, the structure is improving but lacks strong conviction; sustained recovery requires greater spot volume and capital inflows.

insights.glassnode03/25 14:20

Awaiting Liquidity

insights.glassnode03/25 14:20

Awaiting Liquidity

Bitcoin is showing signs of stabilization after a recent correction, trading within a $60k–$70k range with a developing accumulation cluster providing modest upward momentum. However, significant supply from short-term holders above $84k poses a mid-term resistance. Key support is at $70.2k, but it remains vulnerable without stronger buyer commitment. Market sentiment reflects elevated fear, with high unrealized losses yet no extreme capitulation. Realized profits have sharply declined, indicating depleted selling pressure but also a lack of fresh capital inflows. Spot trading volumes are subdued, and while ETF flows have turned positive, they remain modest. Derivatives show persistent negative funding rates and defensive positioning, with options markets pricing near-term downside protection but a more balanced longer-term outlook. A major options expiry may remove dealer hedging constraints, allowing broader macro factors to drive price action. Overall, the structure is improving but lacks high-conviction bullish signals, requiring stronger volume and capital inflows for a sustained recovery.

insights.glassnode03/25 14:15

Awaiting Liquidity

insights.glassnode03/25 14:15

Supply Cleared, Conviction Pending

Bitcoin has broken above the $70k resistance, trading near $74k and clearing a dense supply cluster between $59k–$72k. It now enters a low-resistance "air gap" up to $82k. While the move is encouraging, the Percent of Supply in Profit remains at ~60%, below the 75% threshold needed to confirm a bull market. The rally is supported by renewed spot ETF inflows, positive CVD trends, and institutional re-engagement, but derivatives show defensive positioning with negative funding rates and subdued futures open interest. Options markets indicate stabilizing sentiment, though negative gamma at $75k may influence near-term price movement. Sustained upside requires continued capital inflows and broader market conviction.

insights.glassnode03/18 14:23

Supply Cleared, Conviction Pending

insights.glassnode03/18 14:23

Bitcoin traders pile into $75K bets as March options expiry dominates open interest

Bitcoin is nearing the critical $75,000 resistance level as traders heavily concentrate on $75,000 call options ahead of the major quarterly expiry on March 27. This single expiry date represents over 40% of Bitcoin’s total open interest, creating a highly concentrated derivatives event. The put-call ratio of 0.68 indicates strong bullish sentiment. Analysts describe the buildup as a "gamma wall," where a breakthrough above $75,000 could trigger a gamma squeeze, accelerating upward momentum. Conversely, failure to break resistance may keep Bitcoin range-bound. With over $41 billion in open interest, this expiry is poised to be a key volatility catalyst.

ambcrypto03/16 19:02

Bitcoin traders pile into $75K bets as March options expiry dominates open interest

ambcrypto03/16 19:02

Unsteady Ground, Room to Bounce

Bitcoin remains in a tenuous consolidation below the $70k resistance level, with weakening buy-side momentum and declining realized profits. The Percent of Supply in Profit has fallen to levels historically associated with early bear markets. Short-term holder cost basis near $70k presents a key resistance zone. However, signs of stabilization are emerging: spot and ETF selling pressure is moderating, derivatives leverage is compressing, and options markets show fading downside fear with growing upside call interest around the $75k strike. The market appears to be transitioning from a stressed regime toward a more balanced state, though a sustained recovery depends on renewed spot demand.

insights.glassnode03/04 15:44

Unsteady Ground, Room to Bounce

insights.glassnode03/04 15:44

Undercurrents of Capital in the Midst of Middle East Turmoil: Option Data Reveals BTC's Safe-Haven Logic

Amidst the unprecedented geopolitical shock triggered by the U.S.-Israel military strike on Iran on March 1, 2026, global markets witnessed a classic flight to safety, with oil and gold surging while risk assets faced initial sell-offs. Bitcoin, positioned between its “digital gold” narrative and high-risk asset attributes, showed resilience by holding the key support level of $67,000. Deribit期权数据揭示BTC期权隐含波动率 surged to 51.3%, reflecting heightened expectations of near-term volatility. The significant divergence between the spot price (~$67,400) and the options max pain point at $76,000 indicates persistent institutional bullish sentiment before the crisis. The put/call open interest ratio of 0.75 shows dominant call holdings, while the 24-hour volume put/call ratio of 1.37 reveals tactical hedging via puts amid the crisis. A break below $65,000 could trigger a sell-off due to market maker hedging, potentially testing $60,000. Conversely, if tensions ease, a gamma squeeze above $70,000 could rapidly push BTC toward the $76,000 max pain level. The event underscores Bitcoin’s growing role as a non-sovereign, uncorrelated asset in institutional portfolios amid escalating geopolitical risks.

比推03/02 04:04

Undercurrents of Capital in the Midst of Middle East Turmoil: Option Data Reveals BTC's Safe-Haven Logic

比推03/02 04:04

Geopolitical Earthquake in the Middle East: Deciphering Safe-Haven Capital Flows and BTC Pricing Logic Through Options Data

In an unprecedented geopolitical shock on March 1, 2026, a direct U.S.-Israel military strike resulted in the death of Iran’s Supreme Leader, triggering a global repricing of risk across asset classes. While traditional safe-havens like crude oil and gold surged, Bitcoin exhibited a dual narrative—oscillating between "digital gold" and high-risk asset behavior. BTC held key support near $67,000 with robust spot market activity ($1.74B in 24h volume), indicating strong institutional accumulation despite initial volatility. Deribit options data revealed critical insights: the March 27 expiry期权 had a max pain of $76,000—12% above spot—suggesting pre-event bullish positioning remained largely intact. Implied volatility spiked to 51.3%, reflecting heightened hedging demand. The put/call open interest ratio stood at 0.75 (call-heavy), while the volume ratio reached 1.37, indicating tactical put buying for short-term protection. A breakdown below $65,000 could trigger negative gamma feedback toward $60,000. Conversely, stabilization above $70,000 may induce a gamma squeeze, accelerating a move toward max pain near $76,000. Medium-term outlook suggests a broad range between $62k–$70k with violent swings. However, as panic subsides, BTC’s structural role as a non-sovereign, uncorrelated asset may strengthen, with a high probability of a rebound toward $75k–76k by late March. This event underscores Bitcoin’s evolving function in global macro portfolios amid escalating geopolitical fragmentation.

marsbit03/02 02:52

Geopolitical Earthquake in the Middle East: Deciphering Safe-Haven Capital Flows and BTC Pricing Logic Through Options Data

marsbit03/02 02:52

Matrixport Research: $2.5 Billion Gamma Liquidation Imminent, Liquidity Yet to Return Despite Rebound

This week, Bitcoin's price remained relatively flat, but underlying market structure is shifting. Approximately $2.5 billion in short gamma exposure is set to expire, and $26.7 billion has flowed out of the market since the $89,000 high, indicating a potential position reset. Recent price swings were largely amplified by options market dynamics rather than fundamental improvements. The decline and subsequent rebound were driven by short gamma positioning, where market makers were forced to hedge by selling during downturns and buying during rebounds, intensifying volatility. The $69,000–$70,000 range remains a key resistance zone due to concentrated negative gamma exposure. After these gamma positions expire on February 27th, market drivers may shift from technical factors to liquidity and fundamentals. Despite short-term bullish technical signals, the broader correction is likely ongoing. Sustained outflows—totaling $26.7 billion—suggest this rebound is a tactical pause rather than a trend reversal. Historical patterns show bear markets often include false recoveries. Liquidity remains weak, with daily trading volume around $118 billion compared to the $260 billion typically seen in sustained rallies. For a true recovery, significant capital inflows and improved liquidity are essential.

marsbit02/27 11:23

Matrixport Research: $2.5 Billion Gamma Liquidation Imminent, Liquidity Yet to Return Despite Rebound

marsbit02/27 11:23

Waiting for Conviction

Bitcoin remains in a fragile consolidation between $60k–$70k, showing signs of structural weakness despite finding temporary support. Nearly half of the circulating supply is held at a loss, indicating deep bear market conditions, though this often occurs in later stages of downturns. Large holders are not accumulating aggressively, and ETF flows have turned negative, reducing institutional support. Spot market selling is dominant, while derivatives have reset to neutral, shifting focus to spot demand. Options markets show defensive positioning with high demand for downside protection. A sustained recovery requires renewed institutional inflows, strong spot buying, and large-holder accumulation. Until then, the market remains vulnerable to further downside.

insights.glassnode02/25 15:42

Waiting for Conviction

insights.glassnode02/25 15:42

The Black Swan Revealed: The True Cause of This Bitcoin Crash

In a detailed analysis, Bitwise CIO Jeff Park explains the true cause behind the recent Bitcoin crash, attributing it to a complex interplay of traditional finance mechanisms rather than crypto-native factors. The initial trigger was a broad-based de-leveraging event within multi-strategy hedge funds, prompted by an extreme down day in software stocks and correlated risk assets—a statistically rare "black swan" event. This forced, indiscriminate selling included Bitcoin exposure, much of which was held in delta-neutral hedged positions like basis trades. The violent unwind then interacted with negative gamma dynamics in the options market. Market makers, who were structurally short gamma due to prior low volatility and client demand for puts, were forced to aggressively sell spot Bitcoin (including the IBIT ETF) as price fell, accelerating the downward move. This created a scenario where dealers effectively shorted into the sell-off, generating new ETF inventory and paradoxically preventing the expected massive outflows. Instead, the ETF complex saw net inflows. The analysis concludes that the crash was not driven by directional bearishness but by hedging and de-risking needs within traditional finance. This integration means that future rallies could be even more violent due to the same structural mechanics, highlighting Bitcoin's maturation within global capital markets.

marsbit02/08 00:36

The Black Swan Revealed: The True Cause of This Bitcoin Crash

marsbit02/08 00:36

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