Bitcoin Tests $75,000 Strike Price as $8B Short Gamma Position Unwinds, Market Direction Unclear

According to Glassnode, Bitcoin tested the $75,000 strike price on May 29 after a $8 billion short Gamma position had compressed BTC to around $72,500 earlier. Following today's large-scale options expiration, the market's Gamma structure is being rebuilt across multiple price levels.

One-week implied volatility (IV) spiked to 35% during the sell-off but quickly retreated to approximately 32%, while longer-dated IV also declined, suggesting the market views this move as a controlled correction. The 25 Delta Skew remains positive at around 14%, indicating put protection demand still exceeds call buying, though sentiment has cooled from earlier in May. With nearly balanced option flows over the past week, market participants lack a clear directional bias following the recent decline.