Traders' (institutions') views and predictions on the current market situation BTC option OI (30d sma) hits a new historical high! Reaching a scale of 563242 BTC. In the previous cycle, the derivatives market was dominated by perpetual/deliverable futures contracts, and the weight of the options market was not significant. But this cycle is different. While holding BTC spot, more institutions will use the special leverage properties of options to hedge, arbitrage, sell volatility, buy protection, and so on. For example, in the past, risks could only be avoided by selling spot goods, but now it is possible to achieve the same goal by buying put, which greatly reduces the selling pressure on spot goods. (Figure 1) Therefore, the direction of the premium in the options market represents the traders' (especially institutions') prediction and attitude towards the current market situation, which is of great reference value. Figures 2-3 show the premium flow (net buy/sell) of the three key exercise prices of 8.5w, 9w, and 9.2w, respectively. (Figure 2) Figure 2: Buying a large number of calls; Buying real value options (ITM) instead of using high leverage to buy OTM is a conservative long behavior. Funds are still willing to place large positions and believe that BTC is likely to remain above 8.5w in the future and has the opportunity to continue rising. (Figure 3) Figure 3: Selling Put in large quantities; 9w is closer to the current BTC price and is also the market's central price (with high OI and high trading volume), which is almost one of the strongest bullish behaviors in the entire chart. Bet that BTC will not fall below 90000, and even if it does, I am willing to accept the goods here. Therefore, it can be understood that the market's attitude towards 9w is the main short-term support. (Figure 4) Figure 4: Buying Put and Call in large quantities, the market is betting on the "next trend"; This is a typical volatility trading behavior, where the direction is uncertain but the confirmed volatility amplifies. This is the intersection of market pressure and support, and also the midpoint of a large amount of Gamma. So buy both Call and Put here. Summary: 1. Funds are using a real call of 8.5w to increase leverage and go long, while selling put to collect premiums, which is equivalent to using real gold and silver to make a statement: even if there is an adjustment, they are more inclined to use 8.5w as a buy point for a correction, rather than the starting point for a new round of deep decline. 2. Selling a large amount of Put at 9w indicates that there are funds betting on short-term support here. 3. Buying Call and Put near the current price while experiencing explosive volume indicates that funds are preparing for the next major fluctuation. ---------------------------------------------- This article is sponsored by @ Bitget | Bitget VIP， Lower rates and more generous benefits