$415 Million Bitcoin Gamma Flush Anticipated Within Next 8 Days

Bitcoin's options market is focused on a significant event set to occur between December 19 and December 26. During this period, a substantial portion of dealer gamma exposure will expire, potentially impacting BTC's near-term cycle.

Current BTC trading range: $84,461 - $89,230.
David Eng highlights two key expiries with major gamma impact: $128 million on Dec. 19 and $287 million on Dec. 26.
Eng describes a "Double-Barreled" Liquidity Event that could clear 67% of derivatives by Dec. 26, easing hedging pressures.
The "mud" zone is identified as $85k–$90k, where price tends to revert due to hedging activities.
Dec. 19 expiry could remove immediate suppression below $90k, especially around the $90,616 level.
Post-Dec. 26, significant gamma expiration might lead to increased volatility, allowing BTC to break free from current constraints.
Dealer gamma forces are currently much stronger than ETF flows, influencing BTC's adherence to technical levels rather than ETF volume.

Eng suggests watching for changes in realized volatility and price movement post-expiry, as this could signal a shift in market dynamics.

Bitcoin price chart