According to CoinMeta, data from greeks.live shows that both BTC and ETH are currently in a negative gamma region. To maintain a neutral position, market makers need to sell when prices fall and buy when prices rise, a hedging strategy that conforms to and exacerbates market trends. Macro researcher Adam indicates that both BTC and ETH have entered a deep negative gamma region, while BTC is in a negative gamma state within the range of $58,000 to $72,000. Moreover, there is a lack of positive gamma buffer below the current price level. This hedging behavior could potentially lead to a small decline evolving into a large-scale liquidation of perpetual contracts.