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According to the encryption analyst Murphy, as of the expiration of GEX on March 20, there is approximately $1.8 billion in Gamma exposure near $74,000 and it is structured as Long Gamma. In this environment, the hedging behavior of market makers typically suppresses volatility, making prices more likely to oscillate around the strike price, creating resistance near $74,000 objectively. However, after March 20 and before the next major expiration date on March 27, there was a significant change in the option structure. Call Open Interest is significantly higher than Put, indicating that there is a large amount of funds in the market betting that BTC will rise towards $75,000. Murphy believes that after the March 20 expiration date, the option structure for BTC will make $75,000 the new focus, shifting from "suppressing volatility" to "amplifying volatility," creating resistance as it approaches $80,000, and support in the $65,000-67,000 range on the downside.