BTC options structure undergoes a dramatic change: Gamma risk focus shifts to $92,000, with the 87-92 dollar range of positions forming the last line of defense

【Blockchain Rhythm】On-chain analyst Murphy recently reviewed the new changes in Bitcoin’s funding landscape. Compared to data from a week ago, the situation is indeed quite interesting——the $88,000 level has shifted from Long Gamma to Short Gamma, effectively losing a support point. Although the $90,000 level still maintains Long Gamma positions, the defensive strength has noticeably decreased, with GEX (Options Gamma Risk Exposure) dropping from $1.2 billion to $590 million, a reduction of over 50%.

In other words, the funding support that was primarily sustained between $88,000 and $90,000 has significantly weakened. But this is not the most critical point——GEX at the $92,000 level has surged to $1.4 billion, indicating that Bitcoin’s volatility around this area could be significantly amplified.

Looking at the accumulation of positions, a large amount of chips still densely cluster between $87,000 and $92,000, making this the current strongest support zone. Breaking through it directly is not easy. However, if extreme market conditions break this support, the probability of Bitcoin filling the lower gap will greatly increase. According to the operation logic of the “dual anchor structure,” that lower gap is most likely to be between $72,000 and $74,000.