‱ With $BTC trading around $68K, price sits in the middle of the short-gamma corridor, with significant gamma exposure concentrated below current levels.

‱ Dealers positioned short gamma are forced into reactive hedging: buying strength and selling weakness, which amplifies volatility rather than smoothing it.

‱ Persistent put buying after the recent crash has left dealers structurally exposed. The latest rally has not fully offset this sensitivity.

‱ The result is a mechanically fragile market structure, where hedging flows accelerate moves in both directions though risks remain skewed toward sharper downside extensions.

$BTC