BTC Futures Gamma Exposure
Per-strike dealer gamma positioning for BTC (Bitcoin) options-on-futures. Dollar gamma is scaled by the $5/point CME multiplier and priced with Black-76. Identifies the call wall, put wall, and the gamma flip level where dealer hedging behavior changes.
GEX by Strike
Per-Strike GEX Data
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Sign up free - 30 secondsBTC Futures Gamma Exposure - Live Analysis
BTC (Bitcoin) is currently trading at 63460.00 in a negative gamma regime. Net gamma exposure (GEX), expressed as dollar gamma at the $5/point CME multiplier, stands at -$386K, with the gamma flip level at 63536.96.BTC is currently trading below the gamma flip, meaning dealer hedging pressure is destabilizing - dealers amplify moves in both directions, increasing intraday volatility.
In the current negative gamma regime, options market makers are net short gamma on BTC. When BTC falls, dealers must sell futures to maintain their hedge - adding selling pressure that accelerates the decline. When BTC rises, dealers buy - fueling the rally. This creates a trending, volatile environment where moves are amplified rather than dampened. Because BTC trades nearly 24 hours on CME Globex, this hedging can play out overnight as well as in the cash session. Breakout strategies tend to outperform mean reversion in negative gamma.
Key BTC levels from dealer gamma positioning: The call wall at 67000 is the strike with the highest concentration of call gamma - dealers sell here on rallies, creating upside resistance. The put wall at 60000 has the highest put gamma - dealers buy here on dips, creating downside support. The dealer-defined trading range is 60000 - 67000 in BTC index points. In a positive gamma environment, expect BTC to gravitate within this zone.
Volatility context: BTC ATM implied volatility is 31.8%.
FlashAlpha computes BTC gamma exposure from live options-on-futures data across all expirations, pricing each contract with the Black-76 model (Black-Scholes-Merton evaluated on the forward) and scaling dollar gamma by the $5/point CME multiplier rather than the 100x equity-option multiplier. The GEX chart above shows per-strike gamma with call GEX (green), put GEX (red), and net GEX (blue line). Sign up free to unlock all key levels, or use the GEX API to pull BTC gamma exposure data programmatically.
Frequently Asked Questions - BTC Futures Gamma Exposure
What is BTC futures gamma exposure today?
BTC futures currently have net gamma exposure (GEX) of -$386K in a negative gamma regime. Gamma exposure (GEX) measures the total gamma held by options market makers on the BTC (Bitcoin) chain at each strike. Dollar gamma is scaled by the $5/point CME multiplier and priced with the Black-76 model. It reveals where dealer hedging flows are concentrated and how they create intraday support and resistance levels.
Is BTC in positive or negative gamma?
BTC is currently in a negative gamma regime. In positive gamma, dealers buy dips and sell rallies - dampening volatility. In negative gamma, dealers amplify moves in both directions - creating trending, volatile conditions. The gamma flip level marks the transition point between these two regimes, and because BTC trades nearly 24 hours on CME Globex it can shift overnight.
Where is BTC's gamma flip level?
The BTC gamma flip is currently at 63536.96. The gamma flip is the price level where aggregate dealer gamma transitions from positive (supportive) to negative (destabilizing). Above the flip, dealers suppress volatility. Below it, they amplify moves. Many traders use the BTC gamma flip as a key intraday pivot level.
What are BTC's key support and resistance levels from options?
The BTC call wall (resistance) is at 67000 and the put wall (support) is at 60000. The call wall is the strike with the highest call gamma - dealers sell here, creating resistance. The put wall has the highest put gamma - dealers buy here, creating support. Levels are quoted in BTC points. In positive gamma regimes, price tends to oscillate between these two levels.
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What is Gamma Exposure?
Gamma Exposure (GEX) quantifies the total gamma held by options market makers at each strike price. For BTC futures, dollar gamma is scaled by the $5/point CME multiplier and priced with Black-76. It reveals where dealer hedging flows are concentrated and how they affect price action.
Positive GEX (long gamma): Dealers buy dips and sell rips, dampening volatility. Price tends to pin near high-gamma strikes.
Negative GEX (short gamma): Dealers sell into drops and buy into rips, amplifying moves. Expect increased volatility and trend-following behavior.
Key Levels
- Call Wall: The strike with the highest call gamma. Acts as a resistance magnet in positive gamma regimes.
- Put Wall: The strike with the highest put gamma (absolute). Acts as a support magnet.
- Gamma Flip: The price level where net gamma shifts from positive to negative. A critical regime boundary.
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