$BTC Derivatives Are Coiled.
BTC: $64.7K
• Gamma flip: $63.1K
• Call concentration: $70K
The setup is unusual:
Fear is expensive.
Leverage is absent.
Speculation is muted.
Meanwhile, 73.6% of current gross gamma is scheduled to expire by September 25 if it is not replaced.
That means a large part of today’s derivatives structure is temporary.
$BTC is compressed, hedged, and under-owned.
That is the kind of setup where upside can surprise.
BTC: $64.7K
• Gamma flip: $63.1K
• Call concentration: $70K
The setup is unusual:
Fear is expensive.
Leverage is absent.
Speculation is muted.
Meanwhile, 73.6% of current gross gamma is scheduled to expire by September 25 if it is not replaced.
That means a large part of today’s derivatives structure is temporary.
$BTC is compressed, hedged, and under-owned.
That is the kind of setup where upside can surprise.