Bitcoin fell about 2% today, resting near $67,000 after past U.S. leader Donald Trump gave firm remarks on Iran. While crypto reacts to news, the market structure feels quite shaky.

Traders Seek Safety in Options
Much of the recent pressure comes from activity in the options market, mainly on Deribit.
Traders are buying downside safety, building large put option positions. While most sit near $68,000, there is also big interest at $55,000. This wide gap shows investors do not just expect a short dip; they prepare for a much bigger drop.
When you look at tension with Iran, the ongoing worries about new risks like quantum tools, and the broad bear trend we saw late last year, this hedging makes a lot of sense.
Negative Gamma Adds Downside Risk
All these put options have pushed the market into what traders call a negative gamma zone.
Market makers, who take the other side of these trades, must change their spots as prices shift. With negative gamma, these shifts usually build the current trend.
Right now, that trend is downward. So, hedging flows add to selling pressure instead of fixing the market.
Glassnode Warns: A Big Drop Possible
Glassnode data shows market makers having heavy negative gamma risk across the $68,000 to $50,000 range.
If Bitcoin falls below $68,000, these firms might need to sell spot Bitcoin to hedge their short put risk. This forced selling could speed up, starting a chain reaction.
This raises the risk of a sharp drop, making the $60,000 level a key point to watch again. That zone already saw heavy selling earlier this year.
Conclusion
This is not just a dip caused by headlines. The options structure is now set to grow any downward moves. If Bitcoin drops below $68K, hedging flows will grow, which would mean more selling and greater pressure on prices. This could mean a retest of the $60K zone.
Traders, then, should not just think about direction. They also need to consider how current market positioning could speed up a move once key levels break.
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