Apes Gonna Ape
Looking at the global open interest (every exchange, every contract, every strike price), we see a concentration of capital at $50K, $60K, $80K, and $100K. This doesn’t necessarily infer bullish sentiment, as for every ape buying an out-of-the-money call, there’s a seller who believes the option will expire worthless. The same goes for the “anti-apes” buying out-of-the-money puts at $20K and $40K.
There’s a prevailing notion in crypto that the strike with the most open interest is where “max pain” is for options sellers. (In other words, the strike with the most OI is where sellers are most exposed to selling calls that expire in the money, which can have unlimited downside.) But max pain is not a real conceptual construct with the options market, given most option sellers are hedged. For the futures market, however, key liquidation levels for longs and shorts can be considered areas of “max pain.”