The Changes in BTC's Funding Structure and the Identified Median Point

On-chain data analyst Murphy has highlighted significant changes in Bitcoin’s funding architecture over the past few days. These structural developments reveal a substantial repositioning of market positions, particularly observable through Gamma Exposure (GEX) analysis and the identification of a strategic median point. For reference, BTC is currently trading around $82,770.

Gamma Transformations: From Long to Short

In his comparative analysis, Murphy identified a remarkable shift around the $88,000 level. Where there was previously a strong Long Gamma position, a transition to Short Gamma is now observed. This change is accompanied by a dramatic contraction of Gamma Exposure at the $90,000 level: GEX has decreased from $1.2 billion to $590 million, representing nearly a 50% reduction.

Meanwhile, GEX at the $92,000 level has surged to $1.4 billion. These figures demonstrate a significant weakening of the support capacity generated by the funding structure between $88,000 and $90,000, while BTC volatility increases noticeably beyond $92,000.

Support Zones: Persistent Resilience Between 87,000 and 92,000

Analysis of URPD (Unspent Realized Price Distribution) data reveals that the chip structure has not undergone major changes. A massive accumulation of tokens persists between $87,000 and $92,000, consolidating this range as an essential support zone. A break below this level remains highly unlikely under normal conditions, given the high concentration of chips there.

However, in extreme scenarios or under exceptional market conditions, the probability that BTC will fill the lower gap increases significantly. This potential vulnerability underscores the importance of monitoring these critical thresholds.

The Median Point and Dual Anchoring Structure

In accordance with the dual anchoring structure principle, a strategic median point is established approximately between $72,000 and $74,000. This level is of paramount importance: it represents the reference point around which market balance is organized. In the event of a major breakdown of support zones, prices could converge toward this median point, thereby redefining Bitcoin’s medium-term market dynamics.