QCP Market Colour, 18 May 2026 From Long Gamma to Macro Drama BTC breaks range as long-gamma support fades and macro pressures build 1/ BTC broke below $78k after spending most of the month pinned around $80k. Dealer long gamma, especially in IBIT options, had helped suppress volatility, but Friday’s expiry saw over $4B of IBIT options roll off, weakening that support.(QCP)