According to the source, BTC options open interest reportedly reached a record $63B with call positioning clustered at $120K+ strikes, suggesting concentrated top-side exposure into upcoming expiries (source: the source). Elevated OI around round-number strikes can magnify dealer hedging flows and increase squeeze risk if spot advances toward those levels, a dynamic documented in Bitcoin options markets (source: Deribit Insights). Traders should track strike OI distribution, net gamma, and expiry calendars on Deribit and CME to anticipate potential pinning or breakouts near $120K, aligning entries with liquidity pockets (source: Deribit; source: CME Group). Validate the $63B figure and strike skew via real-time dashboards before taking risk, cross-referencing Deribit order books and third-party analytics such as Laevitas to confirm positioning (source: Deribit; source: Laevitas). Risk management: adjust sizing for higher vega exposure, monitor 25-delta call-put skew and term structure for confirmation of bullish sentiment, and prepare for post-expiry volatility normalization (source: Deribit Insights).

According to CoinDesk, Bitcoin (BTC) fell 1.7% in the past 24 hours in response to increased Middle East tensions and a shift to traditional safe havens such as gold and the Swiss franc. Despite the short-term pullback, analysts including Boris Alergant and Matt Mena maintain a bullish outlook, citing stable U.S. inflation and potential Fed rate cuts as positive catalysts. BTC options open interest is at $36.7 billion, with bullish call positioning at the $140,000 strike for the June 27 expiry, and spot BTC ETF net flows reached $164.6 million. The SEC's openness to altcoin ETFs and strong digital asset fund inflows indicate renewed institutional confidence. However, further escalation in the Middle East could trigger additional volatility, so traders should closely monitor macroeconomic events and regulatory updates. (Sources: CoinDesk, CME FedWatch, Farside Investors, TheTie)