Deribit Exchange Data Shows Market Makers Anchoring Bitcoin and XRP as Ether Faces Volatility

Bitcoin and XRP are displaying unusual price stability, with BTC hovering NEAR $110,000 and XRP holding steady at $2.30. This equilibrium is driven by market makers' gamma positioning—liquidity providers are actively curbing volatility by hedging their options exposure.

Ether presents a contrasting scenario. Without similar gamma support, ETH remains susceptible to sharper price fluctuations. Deribit data highlights concentrated dealer activity at critical BTC and XRP strike prices, creating invisible barriers that limit price movement.

The mechanism is clear: when market makers build long gamma positions, they automatically buy dips and sell rallies to maintain delta neutrality. This creates a self-reinforcing equilibrium—until it breaks. The current setup points to prolonged range-bound trading for BTC and XRP, while ETH lacks such structural safeguards.