Quarterly options expiring at month-end now account for over 40% of open positions, with $75,000 call option contracts representing over 5% of single contracts—an unprecedented level of concentration, with everyone betting on $75,000.



The gamma wall and gamma concentration signify a consensus gathering of market sentiment. When everyone is in the same vehicle, either they collectively push the market in the desired direction, or they all crash together.

Bitcoin is currently trading at $73,500, very close to $75,000, sitting right at the upper band of about two months of consolidation. All the elements are in place—whether we can break through $75,000 depends on this week. Bulls and bears haven't had such a direct confrontation in months.
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