According to Mars Finance news, on August 9, Coindesk analyst Omkar Godbole stated that a hidden signal in the derivatives market suggests that the rally of Ethereum (ETH) could intensify, driving its price rapidly up to $4,400. This key indicator is the net Gamma exposure of market makers in the Deribit Ethereum options market. Gamma is an important metric for options traders, measuring how the Delta of an option (its sensitivity to changes in the price of the underlying asset) varies with market fluctuations. When market makers are in a negative Gamma state, they are forced to buy the underlying asset when prices rise and sell when prices fall, which often amplifies one-sided market volatility. Market makers provide liquidity to the order book, profiting from the bid-ask spread while trying to maintain a price-neutral net exposure. According to data provider Amberdata, there has been a significant accumulation of negative Gamma in the $4,000 to $4,400 strike price range. As Ethereum breaks above $4,000, market makers may buy Ethereum to hedge, creating a self-reinforcing positive feedback loop that drives the price rapidly up to $4,400. This price level will turn the Gamma dynamics positive, forcing market makers to take reverse actions to dampen price fluctuations. Amberdata's derivatives director Greg Magadini stated, "If market momentum is strong enough to break $4,000, we will see market makers becoming net buyers of Ethereum at higher price levels, potentially leading to a rapid price increase to $4,400, which is the next important Gamma inventory level." This makes $4,400 a reasonable target for the current rally.

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