Bitcoin Holds Flip as Ethereum Trapped in Negative Gamma

Macro news dominated Friday headlines as MT Newswires reported equities rose intraday following Iran's oil proposal, while Benzinga noted the 10-year Treasury yield hovered near 5.2%. Against that macro backdrop, our crypto options tape shows a clear divide between the two largest majors: Bitcoin continues to float above its dealer structural line, while Ethereum remains trapped in short gamma. Bitcoin traded at $84,249, holding above its gamma flip level of $83,838. With net gamma positive at $11.1 million, dealers sit long gamma, acting as a natural buffer against volatility. When spot stays above the flip, dealer hedging requires buying dips and selling rallies, dampening intraday swings. Max pain for Bitcoin currently sits right below spot at $84,000, creating an anchor zone into the daily 08:00 UTC option expiry. Ethereum presents an opposing dealer layout. Trading at $2,692.18, ETH sits just under its zero-gamma flip of $2,709.55. Net gamma is negative at -$1.93 million, placing dealers in a short gamma regime. Below the flip, dealer dynamic hedging works against price stability: dealers are forced to sell into weakness and buy into strength, which tends to widen ranges and accelerate intraday moves. ETH max pain rests right at $2,690, aligning closely with current trading prices. Across the rest of the majors with options books, Solana sits at $120.76, pinned beneath its flip level of $122.84 with negative net gamma of -$38.8k, keeping it in a similar expanding-volatility posture as ETH. Avalanche shows positive net gamma above its $10.18 flip at $10.71, while Ripple sits slightly under its $1.57 flip at $1.55. Outside the optioned majors, altcoin ENA posted a 24.57% advance to $0.276, though it carries no dealer options book to anchor or amplify spot price action.