The options trading data reveals the market's true thoughts—after all, traders will reflect their judgments directly in their positions. Recently, there has been a very obvious signal: call options at the $80,000 level have been bought up frantically, and the capital flow is quite concentrated.

There is a detail worth noting here. Buying in-the-money call options (ITM Call) essentially means taking a directional long position, which is different from pure hedging. Retail investors prefer to buy cheaper out-of-the-money options for a gamble, while institutional funds often choose ITM - because the Delta is close to 0.95-0.99, the price movement almost synchronizes with the spot market, but the cost is much lower; you only need to pay the premium, and the loss limit is also locked in. It's like using less money to leverage a long position, and the risk is controllable.

The changes on the other side are also crucial: a large number of call options at the $100,000 level have been sold, while the buying of put options has significantly increased. Buying ITM Put is not just a simple tail hedge; it is a genuine bearish position—high Delta and strong price sensitivity indicate that a short layout is being constructed. Selling calls suggests that traders believe BTC will not break through $100,000 in the short term, and by actively collecting premiums, they are also suppressing the upward space.

In simple terms: the 80,000 position is viewed as strong support for bottom fishing, while the 100,000 level is considered a hard resistance. Bears not only feel that a breakout is hopeless but are also increasing their short positions for protection against further declines.