Take a look at Deribit's OI(Open Interest) table 🤔

Source: CoinGlass

The expiry date of most options on the table is on the 26th December this year.

Recently, someone who has the highest IQ said that BTC(Bitcoin) will surge. Hmm, is it related to the reason? 🤔

Anyways, if BTC can't reach $100k on the expiry date, big players will lose the entire premium. So, do they have any reason that they bought bunch of call options? 🧐

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If BTC price increases to $95k due to some reason until this Christmas, big players who bought call options will see options' premiums surging and they will see it with a smile. But call options sellers will buy spot BTC to do Delta Hedging due to Delta increasing more and more. As a result, BTC price increases more and more, Gamma Squeeze and Short Squeeze occur. Thus, it's not ridiculous that BTC will surpass $100k around this Christmas.

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I realized that the crypto market has become a playground of Wall Street this year.

Due to derivatives, they've been enjoying profits by making consolidations. The difficulty of long-term investment will be definitely difficult forward. Because, it's expected that there would be more price fluctuations and consolidations.