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

According to ChainCatcher, based on analysis by 10x Research, since mid-January, the total Bitcoin gamma exposure has remained negative, currently reaching -3.2 billion USD at the 82,000 USD strike price. In a negative gamma environment, market makers are forced to trade with the trend—buying more as prices rise and selling more as prices fall—which amplifies price volatility.

With options expirations concentrated on May 29 and June 26, the suppressive effect of negative gamma is expected to gradually fade, and downward pressure on Bitcoin will be alleviated. Currently, market demand for call options is significantly higher than for put options, and institutions anticipate that market sentiment will shift from bearish to bullish at that time.