Greeks.live macro researcher Adam posted on X that the Deribit BTC index dipped to $70,992, moving right against the $70,000 round number — a psychological line and a concentrated area for options open interest.
GEX Concentration Shifts to the $70,000 Strike
Options data shows that before last month’s expiry, the $72,000 strike was the gamma exposure (GEX) cluster. After expiry, the $70,000 strike became the new GEX dense zone, with open interest clearly concentrated. This shift indicates that the short‑term equilibrium point has moved lower and the market’s pricing gravity now revolves around that level.
Volatility Structure and Skew
Near‑end at‑the‑money implied volatility (ATM IV) sits around 30%, with no extreme panic‑driven spike. The market is not unilaterally pricing a decline; it appears to be waiting for a directional signal. On the downside, put IV is noticeably more expensive, and the overall skew is trending lower, meaning the market is paying a higher premium for tail risk to the downside. However, far‑end call options remain thickly held, indicating that the medium‑to‑long‑term bullish structure is still intact.
Call walls are stacked at the $80,000, $90,000 and $100,000 levels, but the near‑term battle line is clearly drawn at $70,000. Adam stresses that if $70,000 holds firmly, IV could decline and spot prices might stage a recovery. If the level is lost with volume, demand for protective puts could push short‑end IV higher and force a test of the $68,000–$65,000 zone.