Last Sunday's gamma level indicated that most of the negative gamma positions expired after January 3, and the market may face a new adjustment. The competition for BTC's 100K remains the concentrated area of negative gamma, while the negative gamma area for ETH has moved up in price. Considering the exchange rate, it seems that there is an independent strong trend to expect. The situation for SOL is more complex; after January 3, the negative gamma area has expanded and is relatively balanced, indicating that a period of intense price volatility may be imminent. The key oscillation area may be between 190 and 220. Overall, implied volatility (IV) is declining across the board, and shorting volatility yields good returns. It is safer to sell far-dated options widely. #加密市场调整 $BTC $SOL $ETH