@sdgwey
Record open interest ($43B in August 2025) reflects ambiguity:
Bullish signals: Call/put ratios above 1.0 (e.g., 1.37 in July 2025) indicate institutional hedging for $120,000+ targets .
Bearish hedging: Puts at $85,000 surged in August 2025 amid CPI uncertainty .
Market structure:
Max pain level at $102,000 suggests a short-term consolidation .
Funding rates: Positive rates (>0.05%) signal futures market leverage, increasing crash risks .
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