How will today’s $9.6 billion options expiry impact Bitcoin’s price? 1. Structure: Bulls are in trouble! Out of the $9.6 billion expiring, $7.5 billion are call options and $2.1 billion are put options. Only 5.46% of the call options are in the money, while 18.29% of the put options are in the money. In the $70,000-$72,000 range, there’s a $3.3 billion call spread. At a $65K price, these are likely to expire worthless, meaning a large number of call option buyers will lose everything, potentially shaking bull confidence. 2. The real reason behind the current stalemate. The $65K level isn’t breaking up or down—not because bulls and bears lack strength, but because the options Gamma structure is suppressing price movement. 43.6% of the total Gamma value will reset today. Market makers must maintain hedging before expiry, pinning the price in the narrow $64.5K-$65.5K range. After expiry, this “lock” will be removed, and volatility may be unleashed. 3. Key Bitcoin price levels. $60K is the Put wall support, $62.5K is the Gamma flip level, $64.5K-$65.5K is the current stalemate range, and $70K-$72K is the $3.3 billion call spread concentration zone. Whichever level breaks first will determine the direction. 4. Three scenarios, three paths. Scenario 1 (50% probability): Continued consolidation after expiry. Without new catalysts, $63.5K-$65.5K remains the grind zone. Scenario 2 (30% probability): A pullback to $62.5K-$63K. Call options expiring worthless could hit bull confidence, and market makers unwinding hedges may bring selling pressure. Scenario 3 (20% probability): A breakout above $65.5K. This requires strong volume, but current 4-hour bullish volume is insufficient. Options expiry is a “lock removal,” not a directional signal. $65K has been flat for a week, and after expiry, Gamma resets, potentially releasing suppressed volatility. The direction should become clear today. For a detailed multi-dimensional analysis of BTC’s short- to mid-term trends, check out the article below