最新报道：According to Bijie.com on October 11th, on-chain data analyst Murphy stated that the current structure of the BTC options market is dominated by call buying on the upper side and put selling on the lower side, forming a typical "short on top, long on bottom" gamma structure. The specific price range and net premium size are shown in the figure. When the price is within the range of high call buying (US$113,000 to US$125,000), market makers are in the short gamma zone. When prices rise, they need to passively buy spot to hedge, which creates a bullish effect. Conversely, when prices fall, they need to passively sell, which drives prices down. This range is known as the "volatility amplification zone." When prices enter this volatility zone, market makers' hedging needs are most sensitive, and price fluctuations trigger stronger passive buy and sell feedback. When the price dips below $106,000, market makers are in a long gamma zone. This means they buy spot to hedge against price declines, creating a buffer zone below the support level. This is known as the "gamma support band." When the price falls into the long gamma range, market makers' hedging behavior shifts to buying on dips, providing natural support and absorbing downward fluctuations, leading to a sideways price trend. This analysis is for educational purposes only and is not intended as investment advice.