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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price’s Next Move Up Will Be Extremely Explosive: Galaxy

Jake Simmons
Jake Simmons
1 year ago
3 mins read
Bitcoin price

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The Bitcoin market dynamics have recently taken an interesting turn, suggests Alex Thorn, Head of Firmwide Research at Galaxy. According to his recent thread on X, the options market makers in BTC are currently operating in a position that could significantly amplify any upward movement in its price.

“Options market makers in Bitcoin are increasingly short gamma as BTC spot price moves up. […] This should amplify the explosiveness of any short-term upward move in the near term,” Thorn notes.

This implies that as the spot price of Bitcoin rises, these market makers have to buy back more of the cryptocurrency to maintain their positions, a phenomenon that could potentially amplify price surges.

Bitcoin options
Bitcoin total dealer gamma at spot BTC levels | Source: X @intangiblecoins

The Greatest Show On Earth: Bitcoin

Moreover, he highlighted that data from Amber indicates that dealers are increasingly moving into a short gamma position, especially when the BTC price is above $28.5k. In more explicit terms, Thorn explains, “At $32.5k, market makers need to buy $20 million of delta for every subsequent 1% move higher.” Such positioning suggests that market makers might have to make substantial purchases of Bitcoin as the spot price continues to ascend.

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Bitcoin Inches Away From Hitting $31,000 – How High Can BTC Go This Week?

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However, it’s not just upward movements that are impacted. Thorn sheds light on the flip side of the coin as well. “Dealers are long gamma in the $26,750-28,250 range. When you’re long gamma & spot declines, you also have to buy back spot to stay delta neutral,” he comments. This means that any minor downward adjustment in price might find resistance as options dealers make necessary purchases to realign their positions.

For bullish investors, these dynamics present an attractive landscape. Thorn elucidates, “This is a great setup for bulls because if spot moves moderately higher, short gamma covering could make it rip much higher pretty quickly, but if it moves lower, long gamma covering could provide some support and limit near-term downside.”

Highlighting potential catalysts that might set the Bitcoin spot price in motion, Thorn pointed to the growing anticipation surrounding Bitcoin ETF approvals. Most recently, renowned personalities and institutions such as Cathie Wood, Paul Grewal, JP Morgan, and several analysts from Bloomberg Intelligence have expressed positive sentiments on the odds for approval.

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Eric Balchunas and James Seyffart of Bloomberg predict that the odds of a spot Bitcoin ETF are 75% by the end of this year and 95% by the end of 2024. Additionally, Thorn mentions the recent surge in Bitcoin’s price above $31,000, suggesting it surpassed last month’s highs following the fake news of an ETF approval.

Beyond market sentiments and speculations, fundamental supply, and liquidity dynamics also play a role. Thorn mentions, “Bitcoin’s currently constrained supply and liquidity could also serve to amplify upward moves.” Notably, exchange balances of Bitcoin have plummeted to levels not seen since 2018.

Simultaneously, smaller entities are accumulating Bitcoin, while larger holders, often termed “whales,” appear to be reducing their positions. He underscores the strength of the Bitcoin community with a note on hodlers: “70% of supply has not transacted in 1+ years, 30% in 5+ years… ATHs both.”

With all these dynamics at play, Thorn aptly sums up the current state of the Bitcoin market: “The next several months will be very interesting — Bitcoin is the greatest show on earth.”

At press time, BTC traded at $30,676.

Bitcoin price
Bitcoin is rejected at $31,000, 1-day chart | Source: BTCUSD on TradingView.com
Featured image from LinkedIn, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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