Bitcoin Retests $75,000 Strike as $8B Short Gamma Exposure Clears Today

BTC0.21%
According to Glassnode, Bitcoin retested the $75,000 strike price today, with the options market showing approximately $8 billion in short Gamma exposure concentrated in that region. BTC dropped to around $72,500 earlier this week as the concentrated positions pressured the market ahead of today's large options expiration. Following the expiration, the Gamma structure began to rebuild. Implied volatility data showed 1-week IV briefly spiked above 35% during the decline before settling around 32%, while longer-dated IV also declined, suggesting the market is treating the move as a controlled adjustment. Options flow data from the past 7 days showed nearly balanced positioning, with bullish and bearish open interest each comprising close to 25% of total buy-sell volumes.
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