Matrixport released today's chart, stating, "Bitcoin has shown almost no significant volatility this week, which precisely indicates that the current moment is worth paying attention to. Beneath the calm surface, market structure is quietly changing. Approximately $2.5 billion in gamma exposure is set to expire and clear, while $26.7 billion has been withdrawn from the market since the peak. Overall positions are also nearing a reset. The dominant factors for future trends may gradually shift from options mechanisms to liquidity itself. In this report, we will focus on three key points: whether the recent rebound is misleading and sufficient to constitute a trend reversal; where passive hedging pressure will concentrate after options expiration; and what conditions the market needs to meet to support more sustainable stabilization. Perhaps the most noteworthy phase of this cycle has just begun. Currently, Bitcoin prices are roughly flat compared to a week ago, but the trend has not been smooth. The previous rapid decline and the subsequent equally swift rebound were largely related to the structure of options positions. Market makers had been maintaining short gamma positions. As prices fell, they were forced to sell futures to hedge their exposure, mechanically amplifying the decline and accelerating the move toward $63,000."