Coinbase Institutional has released a new market assessment focusing on the “Gamma Exposure” (GEX) metric it developed to gauge Bitcoin’s liquidity and price swings. According to the report, there is a prominent cluster of negative gamma between $60,000 and $70,000—a zone signaling the possibility of intensified downward movement should Bitcoin approach the $60,000 mark. On the upside, the $85,000–$90,000 range stands out as an area where positive gamma could curb any rapid rises, potentially trapping the price within a tighter band.
Gamma Exposure (GEX) and Market Dynamics
The GEX metric tracks how market makers in the options market adjust their risk exposure in response to price movements of the underlying asset. In the $60,000–$70,000 band where negative gamma dominates, key players tend to increase sell pressure as prices drop and escalate buying as they rise—accentuating volatility in both directions. Such “short gamma” positioning means any break below key supports could trigger a domino effect of selling throughout the market.
The analysis further notes that volatility tends to spike within negative gamma zones, while the $85,000–$90,000 upper band serves as a region of positive gamma and market stabilization. Here, market makers counter price swings by buying as the market falls and selling as it rises, narrowing the trading range. David Duong, head of institutional research at Coinbase, underscores $82,000 as an early resistance threshold for upward moves. Beyond this point, he points out, positive gamma could act as a brake on further price acceleration.
Critical Price Levels and Support Zones
In recent trading sessions, Bitcoin slipped below its so-called “True Market Mean”—the average market price—estimated at around $79,000. Presently, the $60,000 level stands out as a vital line of defense for Bitcoin’s price structure. Coinbase’s analysis warns that failure to maintain this support heightens the risk of a retreat toward the $54,900 “realized price” boundary.
Meanwhile, Japanese investment firm Metaplanet disclosed in its year-end financial report that a decline in Bitcoin’s value led to a non-operating loss of 102.2 billion yen—about $680 million—as of the close of 2025. The sharp drop in Bitcoin’s price during the fourth quarter forced the company to recognize asset impairments in line with fair value accounting for its blockchain holdings.
Institutional Demand and Strategic Accumulation
Metaplanet’s management affirmed that its Bitcoin strategy remains unchanged, emphasizing ongoing accumulation efforts in spite of market turbulence. The company sees Bitcoin as a means to hedge against the depreciation of the yen and persistent inflation, and it is pressing ahead with plans to solidify its cryptocurrency position.
The company’s financial report emphasized that despite valuation-driven losses, there has been no shift in its core treasury strategy, and its policy of accumulating Bitcoin remains firmly in place.
Against a backdrop of intensified negative gamma effects—amplified by options market dynamics—the $60,000 support gains even more significance. Institutional buyers, meanwhile, show little sign of retreating from their long-term Bitcoin accumulation tactics despite near-term volatility. These developments suggest that Bitcoin’s market is nearing a critical juncture when it comes to volatility and the strategies deployed by large-scale purchasers.
