# options

Alo Options Expiry Triggers Record Gamma Pin as Dealers Hedge Into Weekend
The clock, not the chart, drove price this week. July 11 options expiry put $6.8 billion in BTC and $2.4 billion in ETH notional on the table, with max pain at $69,500 and $3,600. As the 12:00 GMT cut neared, dealers sold spot to flatten books, pushing BTC to $69,480 before buying it back within 40 minutes. The move was pure mechanics: gamma was long above $70k and short below, so the book pinned itself to the level where exposure flipped.
Data shows the shift. Open interest in BTC $70k calls dropped 31,000 contracts af