HYPE Options Positioning Shows Strong Demand for $90 Calls

Recent insights from Delphi Digital reveal crucial shifts in HYPE options positioning, highlighting that approximately 69% of call open interest is concentrated at strike prices significantly above the current level. This trend suggests traders are anticipating considerable price movements, particularly with a large concentration at the $90 strike. As noted in a tweet by Delphi Digital, this positioning could lead to heightened volatility in the coming sessions.

What Went Down

The current state of the HYPE options market indicates a notable barbell structure, with a significant proportion of call options positioned at levels well above the spot price. Open interest analysis shows that while 60% of put options are below $50, the call interest is heavily weighted towards strikes that are at least 15% higher than the spot price. This suggests a market sentiment geared towards upside potential, particularly in light of the negative dealer gamma around the current spot price, which implies that any price movement could be amplified rather than mitigated. Overall, the options market is signaling heightened anticipation for volatility as traders adjust their positions.

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