Capital structure determines chip structure, and chip structure ultimately drives market direction. This is the iron law of trading.

But the real question is: how do we interpret this process? Options Gamma exposure (GEX) is like a mirror of the market. It constantly answers a key question—when BTC fluctuates, are market makers stabilizing the price or amplifying the volatility?

Market makers (MM) have a simple game rule: they don't bet on direction, only profit from the spread. This sounds neutral, but in reality? Once they sell or buy options, they are forced to expose themselves to Delta and Gamma risks. This is not a multiple-choice question, but an inevitability.

Once you understand this, looking at changes in the options market will help you better predict how the market will move next. The highs and lows of GEX, whether positive or negative, are quietly revealing the true market sentiment.