With Bitcoin hitting fresh highs, traders are watching $115K closely, anticipating a possible slowdown by an unseen market force.

Bitcoin Eyes $115K, But Market Maker Hedging May Temper Momentum

Bitcoin (BTC) surged above $111,000 early Thursday, setting fresh records amid growing institutional demand. Yet, experts highlight that market makers’ hedging activities at around $115,000 could act as a subtle cap on the rally’s pace.

During Asian trading hours, BTC climbed roughly 3.5% to hit $111,878, pushing overall market cap higher. Alexander S. Blume, CEO of Two Prime, points to increasing over-the-counter (OTC) corporate and sovereign purchases that are tightening supply beyond what exchange volumes suggest.

“Strong treasury buying and sovereign interest are drying up OTC supply, making the market less elastic and priming it for potential volatility,” Blume said.

Ryan Lee, chief analyst at Bitget, forecasts BTC could reach $180,000 by year-end, fueled by sustained ETF inflows, slower supply growth after the halving, and mounting institutional adoption.

“Moody’s recent downgrade of the U.S. credit rating to Aa1 adds to Bitcoin’s appeal as a hedge against fiat risks,” Lee added. “Its ability to hold above $103,000 amid macro uncertainty signals growing recognition as a strategic asset.”

Options Market Makers Poised to Influence Price Near $115K

Jeff Anderson, head of Asia at STS Digital, warned that options market makers—who provide liquidity by taking the opposite side of traders’ bets—may hedge aggressively near $115,000 due to their “positive gamma” positions.

Data from Deribit options, tracked by Amberdata, reveals significant dealer gamma exposure between $115,000 and $150,000 strikes. This means dealers must sell BTC as prices rise to remain hedged, which can dampen upward momentum.

“There’s heavy call overwriting in this range, so dealers will likely defend the $115K level,” Anderson explained. “Clearing this gamma resistance could trigger a sharp acceleration in price.”