🚨🚨 Great read, this makes a lot of sense - derivatives are driving the price until December 26 - The post demystifies Bitcoin's current ~$88k price stagnation as a "stalemate" driven by options market makers hedging via Charm (negative $53M, prompting dip buys) and Vanna (positive $46M, dampening rallies), rooted in Black-Scholes Greeks for risk neutrality. - Accompanying chart illustrates gamma exposure peaking at $250M on December 26 expiry, aligning with Deribit's $23B Bitcoin options rollout—50.4% gamma decay expected to unwind hedges and release pinning effects. - Post-expiry freedom could revert Bitcoin to its ~$118k trendline, per author's analysis, echoing historical volatility spikes after major Deribit events like the December 19 $3.18B expiry that saw a 3% intraday surge.
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