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The option sellers (mainly institutional market makers) will conduct reverse hedging operations to maintain Delta neutrality when the price of the underlying asset changes. This dynamic hedging behavior is particularly frequent as the delivery date approaches, especially when the price is 'pinned' near the maximum pain point, forming what is known as 'Gamma squeeze' or 'Gamma trap.' A large number of open positions accumulate here, and the hedging operations of market makers will passively create buying and selling pressure, objectively suppressing market volatility, like a 'cage' locking the price within a narrow range. #btc