I just reviewed some data about what recently happened in Bitcoin, and there’s something interesting in the market structure that not many are talking about. It turns out there was a short gamma exposure of about $2.5 billion that was amplifying volatility quite strongly. Market makers were forced to sell on dips and buy on rebounds, which basically accelerated movements in both directions. It wasn’t as fundamental as it seemed.

What caught my attention is that since the peak of around $89,000, approximately $26.7 billion has exited the market. That’s a huge number, even more than what we saw in 2022. And although the price recently rebounded, the volume of that recovery was weak, just $118 billion in 24 hours. Compared to other clear rebounds that usually move $260 billion or more, this looks more like a temporary stabilization than a real change in sentiment.

What worries me most is liquidity. Without genuine capital inflows, rebounds tend not to hold. The range of $69,000–$70,000 is where the greatest technical resistance is due to gamma dynamics and hedging mechanisms. As that short gamma exposure was gradually liquidated, the market would experience fewer technical disruptions, but the real question remained whether liquidity was truly recovering.

In summary, those price movements we saw were more about position structure than fundamental changes. Price setting by AI and gamma algorithms are playing an increasingly important role in how these markets move. Until we see a reversal in the capital flows that exited, any rebound should be viewed more as a tactical opportunity, not as the start of something new. The market still hasn’t resolved its structural issues.