On-chain analysts have recently been focusing on changes in Bitcoin's capital structure. On January 19th, the long gamma at $88,000 flipped to short gamma, while the long gamma at $90,000 remained but was clearly weakening — the GEX index dropped from $1.2 billion to $590 million. In contrast, the GEX at the $92,000 level surged to $1.4 billion, indicating that BTC volatility could increase.



According to URPD data, there is a significant accumulation of positions between $87,000 and $92,000, forming the most critical support zone at the moment. The question is, what if this line of defense is broken? Probabilistic analysis shows that BTC is very likely to fill the gap below at $72,000 to $74,000.
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MEVSandwichVictimvip
· 01-21 10:04
Breaking 88,000 means a drop to 72? We really need to watch this wave carefully; it feels like this support zone could give way at any time... Alright, anyway, I don't have much position anyway.
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NotSatoshivip
· 01-21 02:34
88,000 broken, bullish gamma turns hostile, is this wave really going to drop to 72,000?

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GEX has fallen from 1.2 billion to 590 million, with chips stacked between 87-92... feels like the air is getting tense

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Another gap fill? Honestly, I'm tired of this analysis, isn't it just repeated oscillation in the end?

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At the 92,000 level, GEX is 1.4 billion, volatility taking off? Or is it just the prelude to a harvest of the chives?

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If the 87 to 92 defense line is really broken, 72-74 definitely can't hold, and shorting might take off

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Staring at data every day, still can't guess the next move, this is the true picture of on-chain analysis

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Weakness is just weakness, with over 90,000 bullish gamma being so fragile, how come anyone dares to take over?

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Accumulation of chips = support? I think it's more likely that the main force is quietly offloading

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The 72,000-74,000 gap should have been filled long ago, let's see if it can really drop through this time

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Increased volatility = increased risk, this kind of market is most prone to liquidation, everyone
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MetaverseMigrantvip
· 01-20 18:48
Has 88000 already been broken? Now you have to be careful.

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GEX has fallen from 1.2 billion to 590 million, a sign of weakness.

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The gap between 72000-74000 has been on my mind for a while; just waiting to see when it breaks.

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The 87-92 support line is a bit fragile, can't hold for many days.

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Increased volatility means it's time to make money, but also time to lose money.

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Long gamma turning into short gamma? That's a bear market signal.

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Probability analysis shows... alright, I’ll bet on the reverse haha.

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14 billion GEX at 92000, this level is really a bit dangerous.

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Does accumulation of chips necessarily mean it can hold? Not necessarily.

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Another gap to fill, BTC just loves to play this game.
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DeFiVeteranvip
· 01-19 06:53
88,000 broke me, I immediately went all-in on short positions.

With such high volatility and the index still dancing, how can this defense line possibly hold?

That gap at 72,000 has long tempted me, just waiting.

What tricks are the big funds playing? I can't read this rhythm.

The GEX at 92,000 is so fierce, someone must be building a wall.
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UnluckyMinervip
· 01-19 06:52
Is 88,000 directly a short? Now players have to tremble, GEX's plunge this time is truly frightening.

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Is that pile of chips at 92,000 trying to build a wall or dig a pit? It's really hard to tell.

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Filling the 72,000 gap? Brother, your probability analysis is so pessimistic. You're already thinking of a decline before it even breaks.

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Whether the support band is solid or not will only be known after it breaks. Anything said now is pointless.

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Does this gamma reversal count as a bearish signal? Bro, can you explain it?

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Is there really that much chip accumulation in the 87-92 range? Feels like it's just hype.

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GEX has fallen from 1.2 billion to 590 million. This is loosening the bearish grip.

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They're still bearish again. Why not talk about the possibility of the 88,000 bulls making a comeback?
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ForkMongervip
· 01-19 06:52
ngl the gamma flip at 88k is chef's kiss - watching all these leverage positions cascade into chaos is *exactly* how protocol darwinism should work. 87-92k support band holding is just a governance attack waiting to happen tbh.
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MissedAirdropBrovip
· 01-19 06:34
If the 87-92 line is broken, we will head straight to 72-74. Now we have to seriously watch the market.

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GEX has dropped from 1.2 billion to 590 million. Oh my, this wave of bears is slowly eating up the chips.

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It feels like the key level at 88000 is already teetering. Who bets it can hold this week?

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Volatility is rising, everyone. Is your wallet ready?

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The gap at 72-74... just thinking about it makes me a bit nervous. Better to believe it exists.

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This time, it really seems different. Chips are densely stacked and still being pushed down. It's a bit addictive.
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RugpullTherapistvip
· 01-19 06:33
Scary, the consolidation zone from 87-92 dropped directly to 72-74. Was there no buffer in between?

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GEX data is fluctuating so violently, it feels like something's going to happen.

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88K flipped to a bear? Then my previous order... never mind, I don't want to think about it.

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Accumulation at 92K with 1.4 billion GEX, is this a sign of a dump?

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The saying "fill the gap" is always accurate, but my stop-loss is never right.

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Did the support band break and really drop straight to 72K? Are there no other defenses in between?

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Bull gamma is weak, bear gamma is rising, this wave might reverse.

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Increased volatility = my leverage is about to blow up, right?

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The chips piled up at URPD are so dense, it feels like someone is setting a trap.

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It's another probability analysis, and probabilities have never been friendly to me.
View OriginalReply0
GetRichLeekvip
· 01-19 06:27
88,000爆了GEX直接腰斩,这下92,000那道防线才是真的命门啊

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又要跌去72?每次都这么说结果都反弹,我信你个鬼呢

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筹码堆在87-92,等着看庄家怎么收割呢,反正我又被套了

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链上数据再准也挡不住我手贱买顶啊哈哈,抄底的好日子要来了吗

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GEX跌成这样,波动性拉满,谁特么能准确预测...我就摊平吧

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防线击穿去填缺口,填完继续跌?这逻辑总感觉哪里不对劲

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我就想知道这次又得亏到什么时候才能翻身

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88k的多头伽玛凉了,这信号够明确的了,空头要起飞?

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提前埋伏的人这波应该爽到了,我这韭菜又被割了一茬

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72到74真的会去,还是又得反向操作才能赚钱,我真是搞不懂了
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LayoffMinervip
· 01-19 06:26
The 88 to 92 range is really the life-and-death line. If broken, it drops directly to 72... Have you calculated the probability? Feels risky.

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GEX has fallen from 1.2 billion to 590 million. Is there a gamma flip for the bulls? This pace is a bit rapid.

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The gap from 72 to 74 needs to be filled. It's just a matter of time... Waiting patiently.

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With GEX soaring so high at 92, it feels like the bears are lurking.

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Is the probability of the support zone being broken high? Will it really drop that much?

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Chips are stacked between 87-92. This defense line must be held.

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Saying volatility is increasing sounds nice, but I just want to know if it will crash.
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