Something I found interesting this week. Deribit had almost $5B of BTC options open interest sitting around the $70k and $72k strikes last week. BTC is around $64.3k now.

Doesn’t mean those traders were necessarily “wrong” since a lot of that can be spreads or hedges. But it’s a good reminder that huge options positioning doesn’t mean spot has to follow.

I probably pay a little less attention to big strike numbers after this week.

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