Major changes in BTC funding structure: Compared to January 12 (see reference), the $88,000 Long Gamma is gone and has turned into Short Gamma; $90,000 still maintains Long Gamma, but GEX (options Gamma exposure) has dropped from the previous $1.2 billion to the current $590 million, almost halved. This means the support force generated by the funding structure at $88K-$90K has significantly weakened. On the contrary, GEX at $92,000 has surged to $1.4 billion, amplifying BTC's volatility. Looking at the URPD data, the chip structure hasn’t changed much, with a large amount of chips still accumulated between $87,000-$92,000; therefore, this remains the strongest support zone for now and won’t be easily broken. But! If extreme circumstances lead to this range being breached, the probability of BTC filling the “gap” below will increase significantly. According to the “dual-anchor structure” principle, the midpoint is around $72,000-$74,000.