"For BTC, I think market makers' hedging contributed to the price drop, but for ETH, it was a key factor that prevented the price from falling sharply
“For BTC, I think market makers’ hedging contributed to the price drop, but for ETH, it was a key factor that prevented the price from falling sharply,” Ardern said. “ETH had solid positive gamma near the strike price of around $1,600, and its total gamma is still positive, which means that when the price falls, market makers are buyers rather than sellers.”
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