Odaily Planet Daily reports that 10X Research CEO Markus Thielen stated at the Consensus Hong Kong conference: “After the November 2024 election, Bitcoin rapidly surged from $70,000 to $90,000 within just 10 to 12 days. During this process, trading activity was very sparse, creating a large gap—a liquidity vacuum zone. So when Bitcoin retreated to $87,000, it fell into this liquidity trap. What happened next was: at the $75,000 level, a large amount of negative options gamma appeared. This means market makers had to hedge, constantly selling futures. As the final wave of negative gamma impact was absorbed at $60,000, the market situation may turn around.”
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