Analysis: Bitcoin Gamma exposure cleared, liquidity still lacking.

PANews reported on February 27th that Matrixport stated in its weekly report that Bitcoin experienced almost no significant volatility this week, which ironically highlights the current juncture for attention. Beneath the calm surface, the market structure is subtly shifting. Approximately $2.5 billion in gamma exposure is nearing expiration and will be cleared, bringing the total amount withdrawn from the market since the peak to $26.7 billion. Overall positioning is also approaching a reset. The dominant factor driving future price movements may gradually shift from options mechanisms to liquidity itself.

In this report, the institution will focus on three key points: whether the recent rebound is misleading and sufficient to constitute a trend reversal; where the passive hedging pressure will mainly concentrate after options expire; and what conditions the market needs to meet to support a more sustainable stabilization. Perhaps the most noteworthy phase of this cycle has only just begun. Currently, Bitcoin's price is roughly flat compared to a week ago, but the trend is not stable. The previous rapid decline, and the subsequent equally rapid rebound, were largely related to the options positioning structure. Market makers had been maintaining short gamma positions. As prices fell, they were forced to sell futures to hedge their exposure, thus amplifying the decline and accelerating the price towards $63,000.