Roundhill Investments - Bitcoin Covered Call Strategy ETF (YBTC) Gamma Exposure (GEX) & Greeks
Gamma exposure (GEX) analysis shows how options positioning creates dealer hedging pressure across strikes. Includes delta, vanna, charm, vomma, and vega exposure by strike price.
Roundhill Investments - Bitcoin Covered Call Strategy ETF (YBTC) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $215.4M, listed on CBOE, carrying a beta of 1.03 to the broader market. The Roundhill Bitcoin Covered Call Strategy ETF (“YBTC”) is the first U. public since 2024-01-18.
Snapshot as of May 15, 2026.
- Spot Price
- $22.86
- Net Gamma
- $23.7K
- Net Delta
- $256.0K
- Net Vega
- -$691
- Gamma Concentration
- 0.61
As of May 15, 2026, Roundhill Investments - Bitcoin Covered Call Strategy ETF (YBTC) has positive net gamma exposure of $23.7K under the standard dealer-hedging convention. Net delta exposure is $256.0K. Positive GEX means dealers are net long gamma: they buy into dips and sell into rallies, damping realized volatility and often causing price to pin near heavy open-interest strikes.
YBTC Strategy Sizing in the Current GEX Regime
Roundhill Investments - Bitcoin Covered Call Strategy ETF is in a positive dealer-gamma regime ($23.7K). Net dealer delta of $256.0K sets the size of the directional hedging flow that fires as spot moves. In this regime, mean-reverting strategies fit the regime: credit spreads, iron condors, covered calls near established ranges. Realized volatility tends to undershoot implied during positive-gamma stretches, supporting the short-vol structures. The gamma-flip level - the spot price at which net dealer gamma changes sign - is the most actionable anchor for sizing: through-flip moves trigger qualitatively different hedging behavior than within-regime moves, so risk-defined structures sized to the current spot may not stay sized correctly if a flip is near.
Learn how gamma exposure is reported and how to read the data →
Frequently asked YBTC gamma exposure (gex) & greeks questions
- What is the current YBTC gamma exposure (GEX)?
- As of May 15, 2026, Roundhill Investments - Bitcoin Covered Call Strategy ETF (YBTC) net gamma exposure is positive at $23.7K under the standard dealer-hedging convention. Net dealer delta exposure is $256.0K. GEX aggregates the gamma sitting on dealer books across all listed strikes and expirations.
- Is YBTC in positive or negative dealer gamma right now?
- YBTC is currently in positive dealer gamma. Dealers net long gamma buy underlying weakness and sell into rallies to maintain delta-neutrality, which dampens realized volatility and tends to pin price near heavy open-interest strikes.
- What does YBTC GEX tell options traders?
- GEX is a regime indicator: positive-gamma regimes favor mean-reverting strategies (premium-selling near established ranges); negative-gamma regimes favor momentum and breakout strategies. The same options-strategy structure can be appropriate or inappropriate depending on the dealer-gamma regime, so reading the sign and magnitude of net GEX before sizing positions is standard practice.