Publier
BullishBanter
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The Market Thinks Bitcoin Is Weak. The Math Says $75k vs $123k
Bitcoin looks broken if you stare at candles.
The math works if you separate two forces:
1) ETF flow & hedging determines short-term price formation.
2) Fixed supply, rising production cost, and statistical mean reversion determine the long-run map.
The anchor hasn’t moved:
power-law z-score: -0.69
trend value: $122,681
spot: $75,957
discount: -38.2%
That gap is real.
What’s actually moving price right now is mechanical deleveraging.
This is not leverage piling in.
It’s leverage coming out.
price (30d): -19.5%
open interest (30d): -21.6%
oi/price correlation: +0.66
paper/spot ratio: 1.9%
When price falls with collapsing open interest, you’re not seeing panic.
You’re seeing balance sheets quietly shrink.
Options:
net gex: -$43M (near neutral)
max gamma strike: $75,000
put wall: $75,000 (about -1.3%)
call wall: $90,000 (about +18.5%)
gamma flip: $70,999 (about -6.5%)
Price feels “stuck” because hedging flows are absorbing movement near the strike. Not because demand disappeared.
The biggest driver right now is the boring one:
ETF flow
Estimated net etf outflow: ~$15.25B (30d)
Outflows accelerating: -265%
Volume: 0.8× normal (not panic… persistent)
This is how a scarce asset gets pushed below its “map” without a dramatic capitulation.
The edge is asymmetry:
downside needs the persistent seller to keep selling.
upside mostly needs the seller to stop.
Key is to track flow and constraints.
Snap-back vs drift (Graph 1)
The -38% discount: short-term price is being set by flow, while the long-run anchor keeps pulling.
Gamma Exposure Profile (Graph 2)
the $75k gravity well: max gamma at $75k, flip ~6.5% below, call wall ~18.5% above pinned until constraints shift.
The math works if you separate two forces:
1) ETF flow & hedging determines short-term price formation.
2) Fixed supply, rising production cost, and statistical mean reversion determine the long-run map.
The anchor hasn’t moved:
power-law z-score: -0.69
trend value: $122,681
spot: $75,957
discount: -38.2%
That gap is real.
What’s actually moving price right now is mechanical deleveraging.
This is not leverage piling in.
It’s leverage coming out.
price (30d): -19.5%
open interest (30d): -21.6%
oi/price correlation: +0.66
paper/spot ratio: 1.9%
When price falls with collapsing open interest, you’re not seeing panic.
You’re seeing balance sheets quietly shrink.
Options:
net gex: -$43M (near neutral)
max gamma strike: $75,000
put wall: $75,000 (about -1.3%)
call wall: $90,000 (about +18.5%)
gamma flip: $70,999 (about -6.5%)
Price feels “stuck” because hedging flows are absorbing movement near the strike. Not because demand disappeared.
The biggest driver right now is the boring one:
ETF flow
Estimated net etf outflow: ~$15.25B (30d)
Outflows accelerating: -265%
Volume: 0.8× normal (not panic… persistent)
This is how a scarce asset gets pushed below its “map” without a dramatic capitulation.
The edge is asymmetry:
downside needs the persistent seller to keep selling.
upside mostly needs the seller to stop.
Key is to track flow and constraints.
Snap-back vs drift (Graph 1)
The -38% discount: short-term price is being set by flow, while the long-run anchor keeps pulling.
Gamma Exposure Profile (Graph 2)
the $75k gravity well: max gamma at $75k, flip ~6.5% below, call wall ~18.5% above pinned until constraints shift.
Avertissement : comprend des opinions de tiers. Il ne s’agit pas d’un conseil financier. Peut inclure du contenu sponsorisé. Consultez les CG.