A pronounced negative gamma band in the $60,000–$70,000 region means dealer hedging could amplify a selloff rather than cushion it.
Positive gamma pockets at $85,000 and $90,000, by contrast, suggest that hedging flows would work against momentum and increase the odds of price "pinning" near those strikes.
The report outlined four tactical scenarios: a rejection at $82,000 favoring bearish option spreads, a breakout above $82,000 favoring call spreads into the $85,000–$90,000 zone, a flush to $60,000 followed by a reclaim favoring asymmetric long exposure, and a loss of $60,000 signaling a deeper regime break where protective put spreads become relevant.
Why It Matters: Hidden Liquidity Shapes Moves
Gamma exposure effectively turns the options market into a hidden liquidity provider that can either dampen or amplify price swings, according to the Coinbase report. In positive gamma environments, dealers buy dips and sell rallies, acting as a shock absorber that reduces realized volatility.
In negative gamma zones, the dynamic reverses — dealers buy into strength and sell into weakness, creating feedback loops that can turn routine pullbacks into liquidation cascades. The practical implication is that BTC's path to $60,000 carries structurally more risk of violent overshooting than the path to $90,000, where grinding consolidation is more probable.
Alexey Bondarev is the Head of Content at Yellow.com, having reported on crypto for the last 10 years. He specializes in in-depth Research and Learn pieces, with a focus on analytical reporting, industry context, and the bigger forces shaping crypto, from the AI era and security technologies to fintech innovation. He believes that everything digital will imminently overcome everything analogue and is working hard to make that come true.
