Gamma Hedging

Bitcoin is trading near $85,000 as a large quarterly options settlement approaches, with bullish call positioning dominating the book. Market participants are watching whether dealer hedging flows fade after expiry and open the door to renewed short term volatility.

Bitcoin’s sharp advance from roughly $62,000 to $80,000 has put a major options expiry in focus, with $6.4 billion in contracts set to expire Friday. Market participants are watching the $75,000 and $80,000 call strikes, while max pain sits at $68,000.