$BTC Top Numbers:

Spot: $67,278

1. spot vs gamma flip ($67,730)

this is the regime switch.

2. distance to nearest walls (70k call wall / 65k put wall)

3. net Gamma Exposure (-$25M)

near-zero, no pin in place

4. near-dated gamma coming off (20feb: 14.9%, 27feb: 29.1%)

Near-zero gamma means there’s no shock absorber

Real spot flow sets the price.