The past couple of days, you’ve seen the spot market drop due to active sell-offs, but the real reason is actually a Short Gamma Crash. The biggest pain point for options is 82k, and now there’s no way back. Market makers are forced to sell spot or even buy a large amount of far OTM calls to reduce delta, but the lack of liquidity has caused a vicious cycle. This time, quite a few major market makers got wiped out again.