Analysis: Market makers are "Buy the Dips" below $106,000 to hedge, providing natural support.

On October 11, on-chain data analyst Murphy stated that from the current structure of the BTC options market, the upper side is dominated by Call buying, while the lower side is dominated by Put selling, forming a typical "short upper long lower" Gamma structure. The specific price range and net premiums are shown in the chart. When the price is in a dense area of Call buying (from $113,000 to $125,000), market makers are in a short Gamma zone, and price increases require passive buying of spot for hedging, creating a boosting effect; conversely, when the price falls, they need to passively sell, driving the decline. This range is the "volatility amplification zone", where market makers' hedging demand is most sensitive when the price enters this volatility band, thus price movements trigger stronger passive buying and selling feedback. When the price dips below $106,000, market makers are in a long Gamma zone, meaning that when the price falls, they will buy spot for hedging, so the lower region actually provides buffer support, which is the "Gamma support zone"; when the price falls into the long Gamma area, market makers' hedging behavior will turn into "Buy the Dips", thus providing natural support, absorbing downward fluctuations and leading the price to trend sideways. This analysis is for learning and communication purposes only and should not be considered investment advice.