
This week’s scroll of Bitcoin options contracts is adorned with a put/call ratio of 1.2, narrating a tale of more short souls departing the stage than those holding their weighted tickets to the future. The air is thick with bearish whispers, much like the morning fog in Saint Petersburg. Now, gaze down upon the grand tapestry of open interest (OI), an intricate weave valued at $140,000, soaring to $2.7 billion on heroic strokes on Deribit. A sumptuous $2.2 billion OI resides at $120,000, while the $95,000 strike price enjoys the notoriety of a darling amongst short sellers, intoxicated by its $2 billion in OI.