The open interest of BTC options is approaching the historical high point of the past year, similar to the data from November 28 last year. This indicates that the peak is not far off.

Looking at the gamma ex data, both BTC and ETH are contracting in the negative gamma area, showing an overall shift. It seems that traders are clearly bottom-fishing, which has altered the gamma distribution.

However, the contraction of the pillars shows a lack of momentum. It may lead to narrow fluctuations in the future.

The buyers completely outperformed the sellers last night, and the VRP data supports this.

Moving forward, the sellers are likely to regain control of the battlefield, and it is advisable for buyers to close their positions early to secure profits.

The future trend remains uncertain, and whether for buyers or sellers, one must firmly believe in the reliability of their trading system and avoid being inconsistent; otherwise, neither buyers nor sellers will be able to reap rewards.

Of course, reasonable hedging is a prerequisite for all profits. Do not expose yourself excessively to risk.

Wishing everyone prosperity~