According to TechFlow on June 15, 10x Research said that the options-market mechanism which helped drive Bitcoin below the $70,000 support level is now changing and may even turn into a force that supports an upside move. The firm focused on the gamma structure in Bitcoin options, noting that after BTC fell below $70,000, negative gamma effects in the options market amplified the decline.
Negative gamma shifted away from the $70,000 support zone
10x Research reviewed the earlier move lower and said that market makers who were short gamma were forced to sell as the price dropped in order to hedge their exposure. That hedging activity added selling pressure during the decline, turning what began as a normal pullback into a chain of liquidations. During that sell-off, Bitcoin fell as low as $65,705.
The firm said the mechanism has not disappeared. Instead, it has moved to a new key area. At the current stage, the largest negative gamma position in the Bitcoin options market is located near the current spot price, with an estimated size of about $1.8 billion. According to 10x Research, if the price becomes volatile, market-maker hedging could again amplify the move.
Sentiment and macro factors are part of the rebound case
In addition to the options structure, 10x Research cited several factors behind the current setup. These include improving market sentiment indicators, an Iran-related agreement that may reduce the inflation risk premium, and market expectations that a new Federal Reserve chair would take a more dovish stance. Under those conditions, the options structure that previously contributed to Bitcoin’s decline may be turning into a force that supports a rebound.
The focus of the note is not only whether Bitcoin holds a specific price level, but how hedging flows in the options market interact with the spot market. With the largest negative gamma exposure now concentrated near the current spot price, the relationship between price movement and market-maker hedging is the central point in 10x Research’s latest analysis.