According to Bloomberg, options market data show that as Bitcoin is approaching $80,000, call options at the corresponding strike price on Deribit have been heavily accumulated, forming a significant open interest; during the hedging process, market makers need to sell Bitcoin as the price rises, and the related long gamma mechanism places constraints on the rally at that level. Currently, call options with a total notional size of about $1.5 billion are concentrated with expirations in May and June; of these, about $160 million and $566 million are set to expire on May 1 and May 29, respectively. At the same time, a weaker futures market, slowing spot demand, and some profit-taking behavior have also caused Bitcoin to repeatedly stall near $80,000.