Market Betting $BTC Prices fell below 70,000, market makers were caught in a -Gamma collapse, becoming the biggest driver of the sell-off 🧐 IV and Skew continued to rise, no longer just simple panic, but a disaster. The market deviated too far from the biggest pain point of options; IV remained consistently above 70%, and the 0.15 Delta Skew reached a staggering -34.75%. Market makers hedged regardless of cost, thus falling into a hedging trap and becoming the biggest driver of the sell-off. A large number of Puts sold by market makers became deep in-the-money. To hedge, market makers had to sell more BTC futures. Price falls – market makers sell – price falls further – market makers sell even more. In this process, market makers weren't selling because they were bearish, but rather for risk control and forced liquidation – in other words, to survive. greeks.live/deribit/tools/data...…