Analysis: Market makers are "Buy the Dips" below $106,000 to hedge, providing natural support.

BlockBeats news, on October 11, on-chain data analyst Murphy stated that from the current structure of the BTC options market, the upper side is dominated by Call buying, while the lower side is dominated by Put selling, forming a typical “short on top, long on bottom” Gamma structure. The specific price range and net premium scale are shown in the image. When the price is in the dense area of Call buying (from $113,000 to $125,000), market makers are in a short Gamma zone, and price increases require passive buying of spot to hedge, creating a supportive effect; conversely, when the price falls, passive selling is required, pushing the price down. This range is the “volatility amplification zone”; when the price enters this volatility zone, the hedging demand of market makers is most sensitive, thus price fluctuations will trigger stronger passive buying and selling feedback. When the price dips below $106,000, market makers are in a long Gamma zone, meaning that when the price drops, market makers will buy spot to hedge, thus the lower area provides a buffered support, which is the “Gamma support zone”; when the price falls into the long Gamma zone, the hedging behavior of market makers will turn to “Buy the Dips”, thereby providing natural support, absorbing downward fluctuations, and leading the price to trend sideways. This analysis is for learning and communication purposes only and should not be considered as investment advice.