[Analysis: BTC and ETH in Deep Negative Gamma Zone, Market Maker Hedging May Exacerbate Volatility] According to CoinDesk, data from options platform Greeks.Live shows that both Bitcoin and Ethereum are currently in "negative gamma" territory, meaning that regular hedging operations by market makers could amplify price volatility. Market makers typically hedge risk by buying and selling tokens or futures to maintain directional neutrality. However, in a negative gamma state, to maintain hedging, they must sell when prices fall and buy when prices rise, thus conforming to and exacerbating market trends. Adam, a macro researcher at Greeks.Live, stated that both Bitcoin and Ethereum are currently in deep negative gamma territory. Charts show that Bitcoin exhibits negative gamma in the range of approximately $58,000 to $72,000, with a lack of positive gamma buffer below the current price. This hedging behavior could trigger a chain reaction, turning a small decline into a large-scale liquidation of perpetual contracts.