Gamma Exposure
The dealer-positioning measure that tracks whether market makers are net long or net short options gamma at current price levels. Net long dealer gamma means hedging activity dampens price moves; net short gamma means hedging activity amplifies them. The gamma flip is the strike level where dealer positioning changes sign, and crosses through that level can produce sharp moves in either direction.
What Gamma Exposure Is
The dealer-positioning measure that tracks whether market makers are net long or net short options gamma at current price levels. Net long dealer gamma means hedging activity dampens price moves; net short gamma means hedging activity amplifies them. The gamma flip is the strike level where dealer positioning changes sign, and crosses through that level can produce sharp moves in either direction.
Where Gamma Exposure Appears in TBL Research
Gamma Exposure is one of the derivatives that TBL tracks. For how it fits the broader framework, see Bitcoin ETF Flows and Market Structure.
Related TBL Resources
Bitcoin ETF Flows and Market Structure
The January 2024 launch of US spot Bitcoin ETFs converted Bitcoin from a retail-led market into one where institutional flows, accumulation vehicles, and derivatives positioning set the price. TBL reads the post-ETF tape through five signals: flows by issuer, aggregate ETF cost basis versus spot, supply versus demand on a 90-day basis, the Coinbase premium, and the trend-versus-valuation quadrant.
TBL Glossary
Plain-English definitions for the macro, derivatives, on-chain, and TBL proprietary terms used across TBL's research. Each entry covers what the indicator measures and why it matters, conceptual form only, without proprietary formulas or live readings.
The indicators defined here are tracked live on TBL Pulse and interpreted in weekly written form in TBL Pro.