Gate News reported on March 16 that blockchain data analytics firm Glassnode stated on social media that the Bitcoin options market has a significant concentration of negative gamma positions around the $75,000 strike price. Data shows that market makers are widely holding structural call option short positions at this price level. Glassnode noted that when Bitcoin spot price approaches this region, hedging operations by market makers could intensify, potentially amplifying upward price volatility.

According to crypto analyst Murphy's analysis, the GEX data expiring on March 20 shows approximately $180 million in Long Gamma structure near $74,000, which suppresses price volatility. Therefore, BTC price will oscillate around that level. After the expiration date, changes in the options structure suggest market bets on BTC rallying toward $75,000, with resistance near $80,000, while support is found in the $65,000-$67,000 range.

On March 12th, Gate Research Institute noted that the volatility of traditional assets such as gold and crude oil reached new highs, at 33% and 108% respectively. In the crypto assets sector, the implied volatility of BTC and ETH is also high. Recently, the market has been dominated by put options, but the demand for hedging has weakened, and short-term price fluctuations may be influenced by Gamma effects. Gate has also launched gold and crude oil options, marking the first introduction of traditional assets.

According to observations from the Gate Research Institute, the current implied volatility for Bitcoin (BTC) and Ethereum (ETH) are 55% and 74%, respectively, reflecting the options market's high expectations for short-term price fluctuations. Recent negative Delta skew for BTC and ETH indicates increased demand for short-term puts. The Gamma distribution is concentrated around March 13, which could lead to amplified volatility. In terms of large options trades, significant buying activity has been observed for both BTC and ETH.

Bitcoin prices remain stable this week, but market structure is changing as approximately $2.5 billion in gamma exposure is about to be liquidated. The influence of the options mechanism may weaken, with liquidity becoming the dominant factor. Analysis indicates that recent rebounds could be misleading, and attention should be paid to subsequent hedging pressures and market stabilization conditions. Overall positions are close to reset, signaling a new phase in the cycle.