Greeks.Live data lays out the current situation for $BTC and $ETH : both have entered deeply negative gamma territory. This isn’t a price prediction; it changes the direction of market makers’ hedging. Normally, to stay directionally neutral, market makers buy when prices fall and sell when they rise, which provides a buffer. In a negative gamma range, the opposite happens: they have to sell when prices fall and buy when they rise. Their hedging moves with the market, amplifying small price swings.
According to this analysis, $BTC is in negative gamma territory throughout the range of about $58,000 to $72,000, with no positive gamma cushion below the current price. This means a small decline could first trigger hedging-driven selling, which pushes prices lower and prompts still more selling. The resulting chain reaction could turn into large-scale liquidations in perpetual futures. $ETH is also in deeply negative gamma territory, in step with $BTC , so this is not an isolated case.
Researcher Adam puts the dividing line at a “gamma flip” around $73,000. Until $BTC and $ETH return to that level, the order book is likely to offer relatively little support, and prices will be driven more by momentum. For perpetual futures traders, this is more practical than trying to predict direction: the same initial drop is much more likely to snowball into a wave of liquidations in a thin order book, leaving leveraged positions with less room for error than usual.
What can be confirmed now is the location of the gamma distribution and the direction of the hedging mechanism. Whether a chain of liquidations actually unfolds before the flip back to $73,000 depends on the order-book depth at the time; the data cannot provide an answer in advance. The negative gamma ranges of $BTC and $ETH are the most concrete reference points right now.
According to this analysis, $BTC is in negative gamma territory throughout the range of about $58,000 to $72,000, with no positive gamma cushion below the current price. This means a small decline could first trigger hedging-driven selling, which pushes prices lower and prompts still more selling. The resulting chain reaction could turn into large-scale liquidations in perpetual futures. $ETH is also in deeply negative gamma territory, in step with $BTC , so this is not an isolated case.
Researcher Adam puts the dividing line at a “gamma flip” around $73,000. Until $BTC and $ETH return to that level, the order book is likely to offer relatively little support, and prices will be driven more by momentum. For perpetual futures traders, this is more practical than trying to predict direction: the same initial drop is much more likely to snowball into a wave of liquidations in a thin order book, leaving leveraged positions with less room for error than usual.
What can be confirmed now is the location of the gamma distribution and the direction of the hedging mechanism. Whether a chain of liquidations actually unfolds before the flip back to $73,000 depends on the order-book depth at the time; the data cannot provide an answer in advance. The negative gamma ranges of $BTC and $ETH are the most concrete reference points right now.