Babutrader
I’ve spent 13 years in crypto.
I’ve seen every cycle from the Mt. Gox collapse to the euphoric 2024 peak.
Just 5 days ago, $BTC was mechanically trapped between $87K and $90K, and now…
That pressure has completely DISAPPEARED.
The sentiment didn’t change, but structure did.
A large portion of December gamma expired not long ago, and the dealers who were forced to suppress volatility are no longer defending those levels.
Above ~$88K, they were short calls and hedging by selling spot and that’s what capped every rally.
Below ~$85K, they were long puts and hedging by buying spot and they literall
I’ve seen every cycle from the Mt. Gox collapse to the euphoric 2024 peak.
Just 5 days ago, $BTC was mechanically trapped between $87K and $90K, and now…
That pressure has completely DISAPPEARED.
The sentiment didn’t change, but structure did.
A large portion of December gamma expired not long ago, and the dealers who were forced to suppress volatility are no longer defending those levels.
Above ~$88K, they were short calls and hedging by selling spot and that’s what capped every rally.
Below ~$85K, they were long puts and hedging by buying spot and they literall
BTC1,47%