October Options Market Analysis Call options between $120,000 and $140,000 remain the most concentrated contracts, with the highest concentration of Bitcoin positions concentrated at the key $120,000 price level. Major participants are focusing on out-of-the-money call options and strike prices near recent all-time highs. Since September, block trading has been extremely active, primarily concentrated in monthly and weekly contracts. As October began, out-of-the-money options expiring in late October began to attract attention. Regarding market maker positions, positions below $120,000 are relatively scarce, and overall market maker gamma remains low, meaning that small price fluctuations have limited impact. However, if Bitcoin falls below $110,000, market makers will need to increase their short positions to reduce their risk exposure; conversely, if it reaches a new high, they will need to buy Bitcoin to hedge the risk. As mentioned earlier, $110,000 and the all-time high are two key levels to monitor. I still believe the market environment will remain favorable in October. During their discussions, many senior institutional traders expressed optimistic expectations for the fourth quarter, and the overall institutional holdings also showed a bullish trend towards the October market.