10x Research: BTC negative gamma suppression may be lifted by the end of the month, market sentiment is expected to shift from bearish to bullish

According to 10x Research analysis, since mid-January, the total gamma exposure of Bitcoin has remained negative, currently reaching -3.2 billion dollars at the strike price of 82,000 dollars. In a negative gamma environment, market makers are forced to trade in the direction of the trend, accelerating buying during price increases and accelerating selling during price decreases, which exacerbates price volatility.

As the options expiration on May 29 and June 26 approaches, the negative gamma suppression effect is expected to gradually dissipate, and the downward bias of Bitcoin will subsequently ease. Currently, the market demand for call options is significantly higher than for put options, and institutions expect that market sentiment will shift from bearish to bullish at that time.