Deribit Exchange Data Shows Bitcoin Options Gamma Pinning at $123K Post-ATH

Bitcoin's rally to a new all-time high of $121,000 has activated complex options market mechanics, with Deribit analytics revealing concentrated gamma exposure at $123,000 creating a temporary price anchor. The current market structure presents a delicate balance—over $24 billion in call option notional value overwhelms put options, generating asymmetric pressure for dealers to hedge against upward price movements.

Open interest metrics demonstrate resurgent speculation: 394,000 BTC in active contracts reflects a 17.6% recovery from June's lows, with Deribit dominating 81% of the $46.87 billion notional market. This growth represents fresh capital entering BTC derivatives as traders position for continued upside.

Options Greeks analysis highlights dealer vulnerability. With calls holding $1.92 billion in premium value compared to just $106 million for puts, volatility suppression appears probable until either hedging requirements break the price pin or spot market demand overpowers derivatives dynamics. While market Maker hedging may temporarily limit gains, the fundamental upward trajectory remains compelling.