BTC's funding structure has undergone significant changes:

Compared to January 12 (see citation), the $88,000 Long Gamma is gone, replaced by Short Gamma; the $90,000 remains Long Gamma, but GEX (options Gamma risk exposure) has decreased from $1.2 billion to now $590 million, almost halving.

This means that the support effect generated by the funding structure in the 88k-90k range has significantly weakened. In contrast, the GEX at $92,000 has reached $1.4 billion, which will amplify BTC's volatility.

From the URPD data, the chip structure has not changed much, with a large amount of chips still accumulated in the $87,000-$92,000 range; therefore, this area remains the current strongest support zone, not easily broken.

However! If extreme circumstances lead to a breach of this range, then the probability of BTC filling the "gap" below will greatly increase. According to the law of the "dual-anchor structure," the middle position is around $72,000-$74,000.