Open interest distribution
The $70,000 strike has more open contracts than any other, and the calls there are now deep in the money.
Strijers said 55% of the $9.4 billion in call bets due for expiry are in the money. Puts, meanwhile, are mostly worthless right now. Put it together, and about a third of the entire $15.9 billion book is currently in the money.
Being in the money means being in profit – an option has intrinsic value because the market price is on the favorable side of its strike. For a call, the underlying trades above the strike; for a put, it trades below the strike.
Deribit’s Chief Commercial Officer Jean-David Péquignot said the distribution of open interest across strike prices suggests a price floor around $75,000.
“Open interest is heavily concentrated at the $85k, $90k, $95k, and $100k call strikes, underscoring the ongoing influence of large 85k/90k/95k/100k call condor blocks that are now coming directly…
