According to @glassnode, the Q1 expiry saw a significant gamma unwind, with short gamma at the 75K strike dropping from $3.9 billion to $2.4 billion in under two days. This $1.5 billion reduction indicates that positions were closed as the price moved away from the strike. The lower gamma has subsequently reduced dealer hedging flows, contributing to the observed market pullback.

According to Glassnode, approximately $2.1 billion of negative gamma is concentrated near the $75K strike, with $1.8 billion tied to the March expiry. Negative gamma can lead to amplified price movements as dealer hedging activities pull the spot price toward significant strike levels, creating a 'magnet effect' around $75K.

According to @Andre_Dragosch, there is significant negative gamma exposure in Bitcoin options between $95k and $102k, creating extra amplification to the upside in that zone, source: @Andre_Dragosch. According to @Andre_Dragosch, dealers short gamma will need to buy a lot of spot BTC to hedge, indicating forced spot demand that can accelerate upside near these levels, source: @Andre_Dragosch.

According to @glassnode, it introduced a taker-flow-based Gamma Exposure (GEX) metric that reveals how dealer hedging in crypto options can shape volatility regimes and influence price behavior around key levels (source: @glassnode). The firm states the flow-based GEX is designed to help market participants understand regime conditions and level sensitivity driven by options hedging activity (source: @glassnode).