Bitcoin and ether have entered deep negative-gamma territory, according to data from options platform Greeks.Live. Gamma exposure measures how options positioning affects market-maker hedging; in negative gamma, dealers generally sell as prices fall and buy as prices rise to maintain delta-neutral positions. That activity can reinforce market trends and amplify volatility in either direction. Greeks.Live macro researcher Adam said Bitcoin’s negative-gamma range spans roughly $58,000 to $72,000, with no positive-gamma cushion below current prices. The positioning could leave order books fragile and turn modest declines into large-scale liquidations in perpetual futures markets. Bitcoin and ether would need to return to a gamma-flip level near $73,000 for the market dynamic to improve, the analyst said.