Options flow on Derive this month has been telling three very different stories.
ETH is the conviction long: +$2.4M net bullish premium, mostly put underwriting between $1.8k and $2k and synthetic longs. Positive flows every single week.
BTC came in hot with an early month bull put spread, went quiet, then started chasing ATM calls once spot pushed toward $66k. +$2.0M overall.
HYPE is the interesting one: -$0.9M. Overwriters sold the $71 top almost perfectly, and dip buyers have been fighting the tape ever since.
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