BTC Options Outlook: Call Buyers Fuel Volatility Amplification at $113K–$125K While Gamma Support Emerges Below $106K
BTC/USDT
$17,366,629,629.18
$71,554.95 / $68,531.50
Change: $3,023.45 (4.41%)
-0.0023%
Shorts pay
On-chain data analyst Murphy reports the current BTC options market shows upper-side dominance by Call buyers and lower-side dominance by Put sellers, producing a characteristic “long gamma on the downside, short gamma on the upside” profile; the net premium concentrations are visible in the on-chain chart.
When BTC trades within the high Call concentration band of $113,000–$125,000, market makers reside in a short gamma regime and must hedge by buying spot on rallies and selling on declines, creating a volatility amplification zone where passive hedging materially amplifies price moves.
By contrast, a decline below $106,000 moves market makers into a long gamma state, prompting spot purchases into dips that act as a natural Gamma support zone; this assessment is provided for educational purposes only and is not investment advice.