Svmuu News: Matrixport released a chart today showing that Bitcoin has seen almost no significant fluctuations this week, which is precisely why it warrants closer attention at this moment.Beneath the calm surface, market structure is quietly shifting. Approximately $2.5 billion in gamma exposure is nearing its monthly expiration, $26.7 billion has already exited the market since the peak, and overall positions are approaching a reset. The primary driver of future price movements may gradually shift from options mechanics to liquidity itself.In this report, we will focus on three key points: whether the recent rally is misleading and whether it is sufficient to signal a trend reversal; where passive hedging pressure will primarily concentrate after options expiration; and what conditions the market must meet to support a more sustainable stabilization. Perhaps the most critical phase of this cycle has only just begun.Currently, the price of Bitcoin is roughly flat compared to a week ago, but the trajectory has been far from smooth. The previous sharp decline, as well as the equally rapid rebound that followed, were largely driven by the structure of options positions.Market makers had previously maintained short-gamma positions. As prices fell, they were forced to sell futures to hedge their exposure, which mechanically amplified the downtrend and accelerated the price decline toward $63,000.