Short Gamma Clusters at $65K Amplify Bitcoin Volatility Near $63K

Bitcoin trades near $63,280-$63,800 on June 12 as short-gamma clusters concentrated at $65,000 threaten to magnify price swings through dealer hedging. The week opened with a sharp drop toward $60,000, $1.4 billion in ETF outflows, and balanced perpetual long/short ratios near 50/50, while prediction markets assigned only modest odds of a June breakout. Options open interest then surged to $60 billion, with call dominance easing to 60% as institutional hedging demand grew and defensive put flows dominated.