BlockBeats 消息，10 月 11 日，链上数据分析师 Murphy 表示，从当前 BTC 期权市场的结构上看，上方以 Call 买盘为主，下方以 Put 卖盘为主，构成典型「上短下长」的 Gamma 结构。具体价格区间、净权利金规模如图所示。当价格位于大量 Call 买盘密集区间（11.3 万美元至 12.5 万美元）时，做市商处于短 Gamma 区，价格上涨需被动买现货对冲，产生助涨效应；反之当价格下跌需被动卖出，推动下跌。该区间为「波动放大带」，当价格进入此波动带时，做市商的对冲需求最为敏感，因此价格变动会引发更强的被动买卖反馈。当价格下探至 10.6 万美元下方，做市商处于长 Gamma 区，意味着在价格下跌时做市商会买入现货对冲，因此下方区域反而提供缓冲支撑，此即「Gamma 支撑带」；当价格跌入长 Gamma 区间时，做市商的对冲行为会转为「逢低买入」，从而提供自然支撑，使下方波动被吸收、价格趋向横盘整理。分析仅用于学习交流，不作为投资建议。

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