Greeks.live: Call options 120,000 $140,000 remain the most concentrated contract in October

Greeks.live macro researcher Adam published an October option market analysis on the X platform, saying that call options between $120,000 and $140,000 are still the most concentrated contracts, with the highest density of bitcoin positions gathered at key prices 120,000 dollars. Major players are concentrating on out-of-the-money call options and call-over prices near recent all-time highs.
Since September, block trading has been extremely active, mainly concentrated in monthly and weekly contracts. After entering October, out-of-the-money options expiring in late October began to gain attention.
In terms of market maker holdings, positions below $120,000 are relatively rare, and the overall market maker gamma level is still low, which means that the impact of small price fluctuations is limited. However, if Bitcoin falls below $110,000, market makers need to increase their short positions to reduce risk exposure; conversely, if they hit a new high, they need to buy Bitcoin to hedge the risk.
As mentioned earlier, the 110,000 dollar and the historical high are two key observation levels. Personally, I still believe that the market environment will remain favorable in October. Many senior institutional traders expressed optimistic expectations for the fourth quarter in the exchange, and the overall institutional position also showed a bullish trend towards the October market.