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Bitcoin Retests $75,000 Strike as $8B Short Gamma Unwinds; Volatility Cools to 32%

GateNews
Derivatives DataMarket Analysis
BTC-0.14%
According to Glassnode analysis shared on X, Bitcoin recently retested the $75,000 strike price, where nearly $8 billion in short gamma positions had accumulated. The positions pressed BTC down to $72,500 ahead of large-scale options expiration. Following expiration, the market's gamma structure began rebuilding. Implied volatility (IV) spiked to 35% during the decline but quickly retreated to around 32%, with longer-dated IV also falling, signaling the market viewed the move as a controlled correction. Options flow data from the past 7 days shows nearly balanced buy-sell structures across both calls and puts, each representing roughly 25% of activity, indicating a lack of directional conviction post-decline.
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