Bitcoin options gamma walls and put walls before expiration are pinning the price near $60k.

Analysts say this is a sign of a temporary bottom, but history won't simply repeat itself—this time, on both sides of the wall, there are ETF continuous outflows and whales leveraging to short.
On Friday expiration day, the accumulated put positions of 4,620 BTC near $60k form a buying support, with market makers hedging gamma to suppress volatility.
In the past, such structures indeed often signaled the end of a correction, but this time is different: BlackRock's iBIT saw a $182 million outflow in a single day, Ethereum ETFs are losing funds simultaneously, and institutional money is withdrawing.
Meanwhile, on-chain whales are increasing SOL and crude oil short positions, with leverage ratios not low.
The options structure is a short-term force, while capital flows indicate medium-term momentum.
Whether $60k can hold depends not just on the gamma wall itself, but on whether new funds are willing to step in after Friday’s expiration.
If the bottom is just passively hedged out, it could accelerate downward after expiration.
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