Large players remain structurally bullish on $BTC, but currently hold around $8B in notional exposure linked to keeping price below $90K.

This positioning helps explain the sharp sell pressure in the market.

Why cap price if the outlook is bullish?

Because a gamma wall was set to accumulate at lower levels. Allowing price to break above it would invalidate that setup and burn capital already committed to defending the position. As a result, price is being actively pushed lower.

BTC −4.25%