[Matrixport: Bitcoin Options Gamma Unwind, Liquidity Still Absent] Odaily Planet Daily reports that Matrixport released today's chart, stating that Bitcoin has shown almost no significant fluctuations this week, which precisely indicates that the current moment deserves more attention. Beneath the calm surface, the market structure is quietly shifting. Approximately $2.5 billion in gamma exposure is about to undergo its monthly unwinding, with $26.7 billion having exited the market since the peak, and overall positions are nearing a reset. The dominant factor for subsequent trends may gradually shift from options mechanisms to liquidity itself. In this report, we will focus on three points: whether the recent rebound is misleading and sufficient to constitute a trend reversal; where the passive hedging pressure will primarily concentrate after options expiration; and what conditions the market needs to meet to support a more sustainable stabilization. Perhaps the most noteworthy phase of this cycle is just beginning. Currently, Bitcoin's price is roughly flat compared to a week ago, but the trend has been far from stable. The previous rapid decline, followed by an equally swift rebound, is largely related to the structure of options positions. Market makers had previously maintained short gamma positions. As prices fell, they were forced to sell futures to hedge their exposure, mechanically amplifying the downward momentum and accelerating the price's approach to $63,000.