BTC Options Market Structure to Impact Spot Liquidity

Crypto KOL Murphy posted on X that the BTC options market's net premium heat map indicates a shift in investor sentiment, which could affect spot liquidity. As of February 12, the net premium for the $62,000-$66,000 range has turned positive, now at $8.72 million, compared to a previous negative $48 million. Conversely, the $58,000-$62,000 range has shifted from positive to negative, currently at -$20.46 million from a previous $17.37 million. This change suggests that market makers have moved to a short gamma structure in the $62,000-$65,000 range, while a new long gamma structure has emerged in the $58,000-$62,000 range. In a long gamma structure, market makers buy spot to maintain delta neutrality when prices fall, providing price support. Conversely, a short gamma structure can amplify volatility. Observations from December 2025, when a similar long gamma structure was present, showed BTC fluctuating between $82,000 and $87,000. Currently, the net premiums for the $69,000-$73,000 range (-$2,972) and the $58,000-$62,000 range (-$20.46 million) are smaller compared to December 2025, indicating the formation of an initial volatility compression structure. If this trend continues, the market may see new dynamics between the $58,000-$62,000 and $69,000-$73,000 ranges in the near future, with stronger resistance expected between $82,000 and $87,000 if a breakout occurs.