The Bitcoin market dynamics have recently taken an interesting turn, suggests Alex Thorn, Head of Firmwide Research at Galaxy. According to his recent thread on X, the options market makers in BTC are currently operating in a position that could significantly amplify any upward movement in its price.
“Options market makers in Bitcoin are increasingly short gamma as BTC spot price moves up. […] This should amplify the explosiveness of any short-term upward move in the near term,” Thorn notes.
This implies that as the spot price of Bitcoin rises, these market makers have to buy back more of the cryptocurrency to maintain their positions, a phenomenon that could potentially amplify price surges.
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Moreover, he highlighted that data from Amber indicates that dealers are increasingly moving into a short gamma position, especially when the BTC price is above $28.5k. In more explicit terms, Thorn explains, “At $32.5k, market makers need to buy $20 mil
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