Bitcoin recently tested the $75,000 strike price, according to Glassnode's analysis. This level previously saw nearly $8 billion in short Gamma positions, which contributed to a price drop to around $72,500 before the latest options expiration. Following the expiration, the market's Gamma structure is undergoing reconstruction. During the decline, Bitcoin's implied volatility (IV) initially rose, with the 1-week IV surpassing 35% before settling back to about 32%. Longer-term IV also decreased, suggesting the market perceives the volatility as manageable. Over the past week, options trading has been balanced, with call and put options both maintaining a buy and sell ratio close to 25%, indicating no clear market direction post-decline.