One thing I always find interesting in Bitcoin is how different the narrative sounds once you look at positioning instead of headlines. Back on March 27, BTC options positioning was heavily skewed toward downside protection. The market was hedged for bad news. Fear was already priced in. Which also meant one important thing: If conditions stopped getting worse, those downside hedges could unwind and actually help fuel upside momentum. Today the picture looks very different. The positive gamma side is much heavier and much cleaner across higher strikes. In simple terms, the market is no longer positioned for disaster. It is positioned for good news. And that changes the game completely. Because once the market starts leaning bullish, “good” news alone is not enough anymore. Expectations move higher too. That’s why I think social media narratives alone are never enough. People constantly say Bitcoin will go higher or lower. But the more important question is: Has real money actually positioned for that scenario already? GEX tables are useful because they help show where expectations stopped being opinions and started becoming positioning.