According to a tweet from Glassnode: The Federal Reserve Chair nomination and unexpectedly high PPI data triggered a hawkish shock, leading to a decline in commodities and cryptocurrencies. BTC options data shows market makers holding large short Gamma positions, exacerbating market sell-off; there is a $1.25 billion short Gamma zone around $80,000, and a break below could accelerate the downward move. Short-term implied volatility has surged, with put options dominating market demand. The put/call volume ratio jumped from 0.6 to 1.4, indicating the market remains predominantly in defensive positions.