BTC options were very bullish into month end. Price didn’t follow

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.