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Gamma is an active liquidity management platform for Uniswap v3, offering non-custodial, automated, and concentrated liquidity management services.
QCP: BTC Trades in Narrow Range, Surging Oil Prices Weigh on Risk Assets
据 QCP Group 发布的市场报告，当前市场整体处于风险规避状态。受美伊紧张局势升级影响，布伦特原油突破每桶 85 美元，创一个月新高，周涨幅超 10%；美股半导体板块领跌，市场担忧超大规模云厂商或削减 AI 基础设施支出，资金转向防御性板块与能源板块。 加密市场方面，BTC 持续在 63,000 至 65,000 美元区间内窄幅整理，现报 64,100 美元附近，7 月 17 日曾短暂跌至 62,924 美元低点；ETH 表现持续弱于 BTC，现报 1,832 美元，此前短暂突破 1,900 美元后回落，关键阻力位在 1,847 美元，多头需收复 200 日均线（约 2,400 美元）方可改善整体结构。 资金面出现积极信号，美国现货比特币 ETF 连续四日录得净流入，扭转此前创纪录的 80 亿美元净流出趋势。期权市场方面，已实现波动率持续压缩，前端期权定价相对低廉，做市商在 7 月 28 至 29 日 FOMC 会议前处于 Gamma 空头状态，若霍尔木兹海峡紧张局势缓和，上行加速风险不容忽视。
Analysis: Bitcoin Rebounds Above $61,000 as Long-Term Holders Re-Accumulate But ETF Outflows Persist
Bitcoin rebounded above $61,000 on Thursday, recovering from 21-month lows hit earlier this week, showing signs of stabilization following a period of high volatility. US spot Bitcoin ETFs recorded net outflows of approximately $296 million on July 1, extending the trend of capital exodus. June alone saw outflows of about $4.5 billion, marking one of the worst months on record. Among them, the Grayscale Bitcoin Mini Trust ETF led with a single-day net inflow of $36.3 million.On-chain data indicates that long-term holders have re-entered an accumulation phase after an extended period of distribution, with buying pressure increasing from addresses holding 100–1000 BTC. Currently, approximately 10.83 million BTC are in a state of unrealized loss, surpassing the 9.22 million BTC that are in profit. Glassnode analyst Chris Beamish noted that the Coinbase order book shows increased buying depth, and market makers' Gamma positioning is stabilizing, suggesting structural support is forming. However, the derivatives market remains cautious. The options market Put/Call ratio has risen to a one-year high, with implied volatility increasing, reflecting heightened demand for hedging. Meanwhile, long leverage exposure on Hyperliquid has climbed to a cyclical high, indicating diverging market sentiment.On the price structure front, Bitcoin briefly broke below $58,000 before repeatedly testing support. It currently remains below the critical Gamma Flip zone of around $68,000. The realized price of approximately $53,000 is viewed as a key structural support level. On the macroeconomic front, US non-farm payroll data came in below expectations, pushing back expectations for the timing of interest rate cuts. The broader crypto market remains in a phase of capital rotation and structural competition. (The Block)
GreeksLive: Today, 21,000 BTC options and 129,000 ETH options expire.
According to GreeksLive, today 21,000 BTC options expire, with a Put/Call Ratio of 0.66, maximum pain at $78,500, and notional value of $1.6 billion; 129,000 ETH options expire, with a Put/Call Ratio of 0.92, maximum pain at $2,200, and notional value of $280 million. This week, BTC concluded a one-and-a-half-month rally amid muted market conditions; expiring BTC and ETH options each account for only ~5% of total open interest. BTC’s maximum pain level lies close to the current spot price, implying relatively strong gamma/pin risk; ETH’s expiry volume is half that of last week, and its current spot price sits below maximum pain—short-term implied volatility (IV) is highly likely to decline post-expiry. IV across all major maturities declined broadly: BTC IV fell below 35%, ETH IV fell below 50%, and the Volatility Risk Premium (VRP) rose slightly. On the large-trade front, whales concentrated positions in bearish put spreads (5,000-lot 75K/71K puts expiring end-May), totaling nearly $200 million in notional value. Overall, volatility expectations remain low, and market activity falls short of expectations.
Analyst: $80,000 is the first effective resistance level for BTC. If it breaks $82,000, it could enter an amplified volatility range.
crypto analyst Murphy posted on platform X, stating that by combining three sets of data (Options Gamma Exposure, Options Open Interest by Strike Price, Options ATM Implied Volatility), the impact on BTC from an options perspective is as follows: $80,000 is the first effective resistance level above BTC’s current price. This level simultaneously features high Call OI, positive Gamma, and low IV. When the price pushes upward from this point, market makers' dynamic hedging tends to create selling pressure; the lower the IV, the higher the marginal sensitivity of market makers' hedging adjustments. Therefore, the thickness of this wall (OI of 7,200 BTC + the magnitude of positive Gamma) makes $80,000 a "tough nut to crack" in May. Once it breaks through and approaches $82,000, due to the presence of a larger scale of negative Gamma (OI of 4,644 BTC) at this level, the market could quickly shift from being suppressed to an "amplified volatility" mode.
QCP: BTC Trades in Narrow Range, Surging Oil Prices Weigh on Risk Assets
据 QCP Group 发布的市场报告，当前市场整体处于风险规避状态。受美伊紧张局势升级影响，布伦特原油突破每桶 85 美元，创一个月新高，周涨幅超 10%；美股半导体板块领跌，市场担忧超大规模云厂商或削减 AI 基础设施支出，资金转向防御性板块与能源板块。 加密市场方面，BTC 持续在 63,000 至 65,000 美元区间内窄幅整理，现报 64,100 美元附近，7 月 17 日曾短暂跌至 62,924 美元低点；ETH 表现持续弱于 BTC，现报 1,832 美元，此前短暂突破 1,900 美元后回落，关键阻力位在 1,847 美元，多头需收复 200 日均线（约 2,400 美元）方可改善整体结构。 资金面出现积极信号，美国现货比特币 ETF 连续四日录得净流入，扭转此前创纪录的 80 亿美元净流出趋势。期权市场方面，已实现波动率持续压缩，前端期权定价相对低廉，做市商在 7 月 28 至 29 日 FOMC 会议前处于 Gamma 空头状态，若霍尔木兹海峡紧张局势缓和，上行加速风险不容忽视。
Polymarket Releases This Week's Update: World Cup Page Launched with Feature Testing
prediction market Polymarket has released its platform update for this week, which includes: launching the World Cup page with feature testing; introducing perpetual contract functionality (featuring 5 traditional financial trading pairs and BTC perpetual contracts); optimizing CLOB performance with plans to release a version next week to address queue congestion issues; open-sourcing the SDK; launching a unified API; and implementing Gamma fixes and improvements (including stricter key set pagination and high-traffic read path indexing, as well as production correctness fixes for users, profiles, comments, and sports summaries).
BTC IV remains low while Gamma reversal occurs, the options market presents a "near-term bearish, long-term bullish" structure
Odaily News: BTC IV at 38%, ETH IV at 53%. ETH Skew shows divergence, with the mid-to-long-term maintaining +2 to +4, indicating strong institutional bullish consensus. The short-term skew has sharply deteriorated to -8 to -12 due to CPI exceeding expectations and Powell's resignation, leading to a surge in short-term hedging demand. BTC/ETH GEX has shifted from a long Gamma, steady bull market strategy to short Gamma, widening short-term volatility and making it difficult for IV to drop significantly. The medium-term bullish structure remains intact, with the current situation appearing more like an event-driven release of short-term risk rather than a trend reversal. In block trades, 2,181.8 lots (worth $176 million) of BTC 5/15 expiry $82K Calls were traded; 11,026 lots (worth $24.97 million) of ETH June $2,100 Puts were traded.Gate has launched an exclusive incentive plan for options VIPs. During the event, users can participate to share a 100,000 USDT prize pool. The platform supports cross-exchange VIP rate matching. By submitting VIP proof or trading volume records from other exchanges, users can apply for lower rates. Rewards are distributed in tiers based on options trading volume; the more you trade, the higher the reward. Additionally, participating users enjoy exclusive service benefits, including VIP customer support, API technical integration, and daily options strategies and data services, providing professional traders with more competitive trading costs and liquidity support.
Prediction market platform Polymarket疑似遭遇数据泄露，逾30万条记录及漏洞利用工具包外泄
According to Dark Web Informer, the decentralized prediction market platform Polymarket is suspected of having been hacked. The threat actor “xorcat” posted over 300,000 data records and a corresponding exploit toolkit on a well-known cybercrime forum. The data extraction occurred on April 27, 2026. Reportedly, the attacker extracted data via an undisclosed API endpoint, pagination bypasses, and misconfigured CORS settings in Polymarket Gamma and the CLOB API. The leaked data includes: - Full personal information for 10,000 users (including names, proxy wallets, and base addresses); - 4,111 comments; - 1,000 moderation reports (including 58 ETH addresses and administrator authentication address identifiers); - Metadata for 48,536 Gamma markets; - Constant-product market maker addresses for over 250,000 active CLOB markets; and - Social graph data for 9,000 followers. The toolkit contains proof-of-concept code for multiple vulnerabilities, including CVE-2025-62718 (Axios NO_PROXY bypass, CVSS 9.9, enabling server-side request forgery), CVE-2024-51479 (Next.js middleware authentication bypass, CVSS 7.5), and the aforementioned CORS misconfigurations. Additionally, the toolkit includes automated continuous data-extraction scripts and a comprehensive red-team report (including M
Related news
QCP: BTC Trades in Narrow Range, Surging Oil Prices Weigh on Risk Assets
据 QCP Group 发布的市场报告，当前市场整体处于风险规避状态。受美伊紧张局势升级影响，布伦特原油突破每桶 85 美元，创一个月新高，周涨幅超 10%；美股半导体板块领跌，市场担忧超大规模云厂商或削减 AI 基础设施支出，资金转向防御性板块与能源板块。 加密市场方面，BTC 持续在 63,000 至 65,000 美元区间内窄幅整理，现报 64,100 美元附近，7 月 17 日曾短暂跌至 62,924 美元低点；ETH 表现持续弱于 BTC，现报 1,832 美元，此前短暂突破 1,900 美元后回落，关键阻力位在 1,847 美元，多头需收复 200 日均线（约 2,400 美元）方可改善整体结构。 资金面出现积极信号，美国现货比特币 ETF 连续四日录得净流入，扭转此前创纪录的 80 亿美元净流出趋势。期权市场方面，已实现波动率持续压缩，前端期权定价相对低廉，做市商在 7 月 28 至 29 日 FOMC 会议前处于 Gamma 空头状态，若霍尔木兹海峡紧张局势缓和，上行加速风险不容忽视。
Independent Home Miner Mines Bitcoin Block with $150 Device, Earns $200,000 Reward
Odaily News: Around 03:30 on July 9, an independent home miner used a handheld Bitaxe device via Public Pool to mine Bitcoin block 957382, securing the full block reward of 3.1382 BTC, including a 3.125 BTC block subsidy and approximately 0.0132 BTC in transaction fees, valued at roughly $200,000 at the time. The device operated at an average hashrate of 995.2 GH/s and submitted the winning share after running for about 8 hours. The Bitaxe is an open-source single-chip Bitcoin miner based on Bitmain's BM1370 chip. The Gamma series has a default hashrate of approximately 1.0 to 1.3 TH/s and a power consumption of 15 to 21 watts, typically priced between $60 and $150. (Bitcoin.com News).
Analysis: Bitcoin Rebounds Above $61,000 as Long-Term Holders Re-Accumulate But ETF Outflows Persist
Bitcoin rebounded above $61,000 on Thursday, recovering from 21-month lows hit earlier this week, showing signs of stabilization following a period of high volatility. US spot Bitcoin ETFs recorded net outflows of approximately $296 million on July 1, extending the trend of capital exodus. June alone saw outflows of about $4.5 billion, marking one of the worst months on record. Among them, the Grayscale Bitcoin Mini Trust ETF led with a single-day net inflow of $36.3 million.On-chain data indicates that long-term holders have re-entered an accumulation phase after an extended period of distribution, with buying pressure increasing from addresses holding 100–1000 BTC. Currently, approximately 10.83 million BTC are in a state of unrealized loss, surpassing the 9.22 million BTC that are in profit. Glassnode analyst Chris Beamish noted that the Coinbase order book shows increased buying depth, and market makers' Gamma positioning is stabilizing, suggesting structural support is forming. However, the derivatives market remains cautious. The options market Put/Call ratio has risen to a one-year high, with implied volatility increasing, reflecting heightened demand for hedging. Meanwhile, long leverage exposure on Hyperliquid has climbed to a cyclical high, indicating diverging market sentiment.On the price structure front, Bitcoin briefly broke below $58,000 before repeatedly testing support. It currently remains below the critical Gamma Flip zone of around $68,000. The realized price of approximately $53,000 is viewed as a key structural support level. On the macroeconomic front, US non-farm payroll data came in below expectations, pushing back expectations for the timing of interest rate cuts. The broader crypto market remains in a phase of capital rotation and structural competition. (The Block)
Analysis: The options mechanism that breached Bitcoin’s $70,000 support level is reversing—market may rebound
10x Research stated that the options market mechanism that drove Bitcoin below the $70,000 support level is undergoing changes—and may even shift to fuel upward momentum. After BTC fell below $70,000, the negative gamma effect in the options market amplified the decline. Market makers who were short gamma were forced to sell during the downturn, turning a normal pullback into cascading liquidations; Bitcoin plunged as low as $65,705. This mechanism has not disappeared—it has simply shifted to a new critical price level. Currently, the largest concentration of negative gamma positions in the Bitcoin options market lies near the prevailing spot price, representing approximately $1.8 billion in notional value. Any price volatility could trigger hedging activity by market makers, again amplifying price moves. Driven by improving market sentiment indicators, potential Iran-related agreements that could lower inflation risk premiums, and expectations that the next Federal Reserve Chair will adopt a more dovish stance, the options structure previously responsible for Bitcoin’s decline may now be transforming into a catalyst for recovery.
Polymarket Releases This Week's Update: World Cup Page Launched with Feature Testing
prediction market Polymarket has released its platform update for this week, which includes: launching the World Cup page with feature testing; introducing perpetual contract functionality (featuring 5 traditional financial trading pairs and BTC perpetual contracts); optimizing CLOB performance with plans to release a version next week to address queue congestion issues; open-sourcing the SDK; launching a unified API; and implementing Gamma fixes and improvements (including stricter key set pagination and high-traffic read path indexing, as well as production correctness fixes for users, profiles, comments, and sports summaries).
Glassnode: Bitcoin Retests $75,000 Strike Price, Market Direction Remains Uncertain
Glassnode stated on platform X that Bitcoin recently retested the $75,000 strike price. This area had previously accumulated nearly $8 billion in short Gamma positions, which once pushed BTC's price down to around $72,500 before the recent options expiry. With the large-scale options expiry concluding today, the market's Gamma structure has begun to rebuild.Data shows that during the BTC decline, the ATM implied volatility (IV) briefly increased, with the 1-week IV breaking above 35%, before quickly falling back to approximately 32%. IV for longer tenors also declined, indicating that the market still views this volatility as a "controlled adjustment." Meanwhile, the 25 Delta Skew remains positive, around 14% across most tenors, suggesting that demand for downside protection is still higher than for call options, though it has cooled down compared to earlier this month.Glassnode added that the 1-month realized volatility rebounded from 24.5% to 28%, while the 1-month IV remains around 35%. A premium of 7 volatility points implies that the options market is still pricing in greater future volatility.In terms of capital flows, the buying and selling structure of options over the past 7 days is almost perfectly balanced, with the proportion of buying and selling for both call and put options close to 25%. This reflects the market's lack of clear directional bets following the recent decline.Furthermore, demand for put option protection around the $70,000 strike price briefly rose to nearly $10 million. However, as the market rebounded, some hedging positions have begun to take profits and close out, alleviating concerns about further declines.Glassnode concluded that market volatility has now stabilized. While hedging demand remains relatively high, it is cooling down. With the expiry of the $75,000 options, the Gamma structure of the BTC market is being re-accumulated across multiple price ranges.