A note from Markus Thielen at 10x Research says options dealers being short gamma between $75,000 and $60,000 from Feb 4–7 forced them to sell spot/futures as BTC fell, creating a self‑reinforcing liquidation loop. The report cites roughly $1.5 billion of negative options gamma in that range as a key amplifying factor; it also notes market‑makers can amplify rallies when hedges require buying into strength.

The story reports that options dealers were short gamma between $75k and $60k and that about $1.5B of negative options gamma forced dealers to sell spot/futures to rebalance, creating a self‑reinforcing selling loop that accelerated BTC’s fall from ~$77k to nearly $60k (attributed to Markus Thielen, 10x Research). These are concrete, near‑term market mechanics likely to influence short‑term price action.