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[10x Research: Bitcoin Negative Gamma Exposure May Ease by Late June] According to analysis by 10x Research, Bitcoin's total gamma exposure has remained negative since mid-January, currently reaching -$3.2 billion at the $82,000 strike price. In a negative gamma environment, market makers' trend-following trades exacerbate price volatility. As options concentrated on May 29 and June 26 expire, the suppressive effect of negative gamma may gradually dissipate, alleviating Bitcoin's downward bias. Currently, market demand for call options has surpassed that for put options, and institutions anticipate a shift in market sentiment toward bullishness.