According to @godbole17, BTC price action has been pinned in the 119K–122K band where dealers hold positive gamma on Deribit, explaining the recent range-bound mean reversion. Source: @godbole17 on X; Deribit. He adds that a convincing breakout above 123K is needed for bulls to overcome the gamma pin and extend upside momentum. Source: @godbole17 on X.

According to @GreeksLive, options traders maintain a cautiously optimistic stance while actively managing positions following recent volatility spikes; source: @GreeksLive Community Daily Digest published 2025-08-08. According to @GreeksLive, market attention is centered on the 15-20 strike range for current options activity, guiding near-term focus for risk controls; source: @GreeksLive Community Daily Digest published 2025-08-08. According to @GreeksLive, disciplined position adjustments around these strikes are being used to navigate the elevated volatility backdrop; source: @GreeksLive Community Daily Digest published 2025-08-08.