BTC Options Market Capital Structure Will Impact Spot Liquidity As of February 12, the BTC options net premium heatmap shows that the $62,000-$66,000 range has shifted from negative to positive net premium, currently at +$8.72M, previously at -$48M. Meanwhile, the $58,000-$62,000 range has experienced the opposite change, shifting from positive to negative net premium, now at -$20.46M, previously at +$17.37M. (Some of you might think this isn’t much. Attention! This is not the nominal value but the net premium.) (BTC: Options Strike Price Net Premium Heatmap) This means that in the $62,000-$65,000 range, market makers have moved into a short gamma structure, while the new long gamma structure has shifted to the $58,000-$62,000 range. We know that under a long gamma structure, when prices drop, market makers must buy spot to hedge and maintain delta neutrality, which provides support for the price. Conversely, a short gamma structure amplifies volatility. To understand this, we can look at the situation in December 2025 on the chart, where a long gamma structure also existed, and BTC fluctuated repeatedly between $82K-$87K. Currently, the upper range of $69,000-$73,000 (net premium $-2.972M) and the lower range of $58,000-$62,000 (net premium $-20.46M) are still smaller in scale compared to December 2025. This is just the initial formation of a volatility compression structure. In other words, if this trend continues, the market is likely to engage in new battles around the $58K-$62K and $69K-$73K ranges in the near future (if a breakout occurs, the next stronger resistance is at $82K-$87K).