I just reviewed Matrixport's analysis and there's something interesting happening beneath the surface of the market. This week, Bitcoin moved quite a bit, but not for fundamental reasons, rather because of the options position structure. There’s approximately $2.5 billion in short gamma exposure that expires on February 27th, and that’s amplifying every price movement.

What caught my attention is how market makers are forced to sell on dips and buy on rebounds to hedge their gamma. It’s like an amplifying effect. The levels of $63,000 and $69,000–$70,000 have become critical points where the market tends to bounce or find resistance. According to the analysis, the $69,000–$70,000 range concentrates the largest negative gamma exposure, so it’s likely to keep oscillating there as that exposure gets liquidated.

But here’s the key point: since the $89,000 high, approximately $26.7 billion has exited the market. That’s more than what we saw during the July 2022 crisis. The volume during this latest rebound was only $118 billion in 24 hours, whereas real rebounds usually bring volumes of at least $260 billion. That suggests this rebound is more of a temporary stabilization rather than a genuine shift in sentiment.

Liquidity remains the key factor here. Without a substantial influx of new capital, any rebound seems unsustainable. The market could continue to fall once the gamma pressure is resolved because the fundamental problem hasn’t changed: funds are still leaving. So for now, I see this as a tactical trading opportunity, not the start of a new bullish cycle. The market structure remains under pressure, and a liquidity recovery is what we really need to see.