http://Greeks.Live English Community Daily Brief ===== Release Date: 2025-09-04 Overall Market Sentiment ===== Community sentiment is mixed. Some traders are taking profits by selling call options near current levels, but they remain cautiously optimistic. The focus is still on BTC, with traders closely watching its potential move back to the 120 level. Meanwhile, IBIT +10 basis points suggest underlying strength, posing a challenge to short positions. Options Market Structure Shows Bearish Positioning Despite Strong Price Action ===== • Despite recent strong price performance, BTC skew remains broadly bearish, indicating institutional positioning still expects downside. • Volatility has been sold off, creating an interesting divergence between options pricing and spot market momentum. • Professional traders are selling call options during any upward push, while noting the disconnect between bearish derivatives positioning and positive equity fund flows.