According to ChainCatcher citing CoinDesk, data from options platform Greeks.Live show that Bitcoin and Ether are in negative gamma territory, where market makers’ routine hedging may amplify price swings. To stay directionally neutral, market makers typically hedge by trading tokens or futures; in a negative gamma environment, they may need to sell as prices fall and buy as prices rise, reinforcing market moves.
Greeks.Live macro researcher Adam said both assets have entered deep negative gamma territory. Bitcoin is in negative gamma across roughly $58,000 to $72,000, with little positive gamma support below its current price, according to the chart. Such hedging could trigger a chain reaction in which a modest decline leads to large-scale liquidations in perpetual futures. Adam said order books may remain fragile and price action momentum-driven until BTC and ETH return to the gamma-flip level of about $73,000.