HYPE options positioning is a barbell. Roughly 69% of call open interest is at strikes at least 15% above spot, with the largest concentration at $90, about 60% higher. On the put side, 60% of open interest is at $50 or below. Very little is positioned near the current price. Estimated dealer gamma is also negative around spot, meaning hedging flows could amplify moves rather than smooth them out. Upside demand has picked up sharply over the past day. Calls had been priced at a steep discount to puts for weeks, but most of that gap closed in a single session while overall IV has drifted up from a three-week low. The options market is positioned for a large move in either direction.(Delphi Digital)