PANews reported on May 30th that Glassnode published an analysis on the X platform stating that Bitcoin recently retraced to the $75,000 strike price. This area previously saw nearly $8 billion in short Gamma positions, which pushed the BTC price down to around $72,500 before the current round of options expiration. With the completion of a large number of options expirations today, the market's Gamma structure has begun to reconstruct.

Data shows that during the BTC decline, the implied volatility (IV) of the timeframe (ATM) rose at one point, with the 1-week IV exceeding 35%, but then quickly fell back to about 32%. The longer-term IV also declined, indicating that the market still views this volatility as a "controllable adjustment." In terms of fund flows, the options trading structure has been almost perfectly balanced in the past 7 days, with the buy and sell ratios of call and put options both close to 25%, reflecting the lack of clear directional betting in the market after the recent decline.