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The SEC report on GME is out and the funniest part is that despite zillions of fintwit vol accounts falling over themselves to explain what a gamma squeeze was and why it was relevant at the time, it turns out that just … never happened?pic.twitter.com/z0iQItQ5oD
Also amusing — this net put buying/cal selling happened in the middle of the “APES TOGETHER STRONG” and “NEVER SELL” bullshit i.e. big traders were reducing their deltas at the same time as they were posting on Reddit encouraging others to never sell 
People who made money on this — - Keith Gill and a few other big pump and dump accts on reddit - Ken Griffin - Like, a ton of traders at big market making firms, via their massive 2021 bonuses People who lost money — - Gabr Plotkin - a zillion retail traders
The report is flawed. See @spotgamma
"one of the main drivers of a gamma squeeze is an influx of call option purchases" ... "data show that market-makers were buying [...] call options". "these observations [...] are not consistent with a gamma squeeze"pic.twitter.com/UluIePbdVY
An influx of call option purchases by *end-users* which means you need the dealers to be short calls. If dealers were buying calls that means the end-users were selling, not buying, hence a gamma squeeze would not be possible. This isn’t hard.
Don’t know all the dates but a gamma squeeze doesn’t come from immediate buying of call options. That’s delta hedging. Gamma squeeze is about OI at strikes that could’ve been purchased a long time ago when MMs have to buy underlying to hedge their gamma.
Most of the retail option buying was short dated maturities right? So the effect of gamma would have been felt within 1-2 weeks.
I don't find the "gamma squeeze" explanation particularly enlightened. But I also find it pretty hard to believe that customers were net selling calls. Neither data, nor intuition regarding the surface, nor the 1000% IVs, nor... common sense, would allow this to be the case.
I miss those 1000% IV days... as I noted elsewhere, I know most retail investors that were long the name before January shifted their significant sums of newfound wealth to become put writers after the price far exceeded our estimates of FMV after Elon's GameStonk tweet...
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