Matrixport: $2.5B short gamma set to expire Feb. 27 as $26.7B outflows weigh on Bitcoin

Matrixport reports roughly $2.5 billion in short gamma exposure is scheduled to expire around February 27, while about $26.7 billion has left the market since Bitcoin's $89,000 peak. Recent price swings between roughly $63,000 and the $69,000–$70,000 band have been driven by short gamma positioning, with the upper range holding the largest negative gamma and acting as a near-term ceiling until those positions roll off. The firm notes that 30-day capital outflows now exceed levels seen during the July 2022 industry stress event, and weak 24-hour trading volume of around $118 billion—compared with past $260 billion rallies—points to limited liquidity and a market still in a corrective phase rather than a structural reversal. Matrixport adds that until the cumulative $26.7 billion outflow is decisively reversed and liquidity recovers, rebounds are better viewed as tactical positioning moves rather than fundamental improvement, and stresses this is not investment advice and digital asset trading involves significant risk.