IBIT options aren’t included, so the actual Gamma structure may be more complex than it appears; keep a close eye on the two positive-Gamma dense regions around 67k and 80k.

According to Greekslive, Bitcoin options positions remain concentrated around a few key strike prices. Among them, negative Gamma risk is mainly concentrated in the $60k to $64k range, while positive Gamma is distributed between $67k and $82k, with concentrations near $67k, $71k, $75k, and $80k. The current Gamma structure is primarily driven by options expiring in June, July, and September, indicating that medium-term contracts still constitute the main portion of market makers' Gamma exposure. Compared to previous periods, the positive Gamma distribution in the high strike price region remains broad, while downside risk exposure continues to be concentrated just above $60k. The above data does not include options positions related to IBIT.