Bitcoin and ether have entered deep negative gamma territory, a condition where market makers' hedging activity could amplify price volatility in both directions. Data from options platform Greeks.Live shows BTC sits in negative gamma across roughly the $58,000 to $72,000 range, with no positive gamma cushion below current prices. In negative gamma conditions, market makers must sell as prices fall and buy as prices rise to maintain delta-neutral positions, effectively reinforcing existing trends. Adam, a macro researcher at Greeks.Live, warned this dynamic could trigger chain reactions, turning modest declines into large-scale liquidations in perpetual futures markets. The analyst noted that until BTC and ETH return to the "gamma flip" level near $73,000, order books may remain fragile and price action momentum-driven.