10x Research: BTC’s negative gamma squeeze may ease by the end of May, potentially shifting market sentiment from bearish to bullish

According to 10x Research analysis, Bitcoin’s total gamma exposure has remained negative since mid-January and currently stands at -$3.2 billion at the $82,000 strike price. In a negative gamma environment, market makers are forced to trade in the direction of price movement—buying aggressively on rallies and selling aggressively on declines—thereby amplifying price volatility. As options expire en masse on May 29 and June 26, the negative gamma drag is expected to gradually dissipate, easing Bitcoin’s downward bias. Currently, demand for call options has clearly outstripped that for put options, and institutions anticipate market sentiment will shift from bearish to bullish around those expiration dates.