The price of BTC is consolidating, and the recent implied volatility (IV) has almost reached historical lows. We have seen many experts starting to position themselves for a long IV strategy.

Let's take a brief look at the gamma exposure data. From the current price level, we are still in a negative gamma dense area. Overall positive gamma energy is insufficient, and we should continue to see a sideways pattern in the short term.

In the last 24 hours of options trading, selling calls has been the strongest, with a strike price at 110K. It seems everyone believes that this level cannot be broken in the short term.

From the overall open interest (OI) of options, the total remains low, and there is a strong sense of market indecision.

In the current environment, preventing drawdowns is still the most important. Avoiding a black swan event that would spike IV and cause significant losses is crucial, especially for experienced players selling puts.

Buyers are advised to position some contracts + long put delta-neutral combinations, betting on an increase in IV and a price crash.

Sellers can continue to sell calls to collect premiums while adding some insurance.

Buyers are always in a long wait, running out of energy. Those who succeed are the few with extraordinary willpower.

So, if you really can't conquer your inner demons, just buy some spot assets and take it easy. Wishing everyone prosperity~ $btc