Huo Xing Finance reports, according to analysis by 10x Research, since mid-January, Bitcoin’s total gamma exposure has remained negative, currently reaching -$3.2 billion at the $82,000 strike price. In a negative gamma environment, market makers are forced to trade in the direction of price movements—buying more aggressively as prices rise and selling more aggressively as prices fall, thereby amplifying price volatility. As options contracts concentrate on expiration dates of May 29 and June 26, the negative gamma suppression effect is expected to gradually dissipate, alleviating Bitcoin’s downward bias. Currently, demand for call options significantly exceeds that for put options, and institutions anticipate a shift in market sentiment from bearish to bullish at that time.
10x Research: BTC Negative Gamma Pressure May Ease by Month-End, Market Sentiment Could Turn Bullish
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Summary
Market sentiment for BTC remains bearish as Bitcoin’s total gamma exposure reaches -$3.2 billion at the $82,000 strike. Negative gamma has intensified volatility since mid-January. With options expirations on May 29 and June 26, pressure is expected to ease. Call demand now exceeds put demand, suggesting market sentiment could turn bullish. Institutions are closely monitoring for a potential BTC price reversal.
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