According to CoinMeta and market data, BTC options showed a strong bullish sentiment before the end of the month, but prices did not move as expected. Last week, on the Deribit platform, there were approximately $5 billion in BTC options open contracts concentrated at exercise prices of $70,000 and $72,000, while the current price of BTC is around $64,300. This does not necessarily mean that traders are “wrong,” as many of these contracts could be part of spread or hedging strategies. However, it reminds us that large option positions do not necessarily imply that spot prices will follow accordingly.