Glassnode reveals balanced Bitcoin gamma with short positions above spot and key support at 69K-70K. Breaking it risks plunge to mid-60s amid bearish MACD signals.

According to @glassnode, the current market is in a short gamma corridor, although the post-expiry impact is more limited due to no significant strikes exceeding $1 billion of short gamma. However, the 64K–68K range continues to host approximately $1.5 billion of concentrated short gamma, which could lead to heightened price volatility within this range.

According to Glassnode, after a 10% decline in BTC, short gamma traders monetized elevated downside volatility as put selling rose to 36% of options flow, outpacing put buying by six points. Glassnode reports that the downside was actively sold and some profits were taken, signaling vol sellers took control of BTC options flow.