# Today's Market Overview -- Candlesticks and Capital Flow Look Boring, But Options Traders Can't Hold Back?

Woke up over the weekend and the price action looked incredibly dull... It's been consolidating just above 70k for over 12 hours...

Checked the charts this morning for a couple hours, and kept wondering what lies beneath the surface of this K-line calm—is it just emotional quietness, or is something else hidden underneath?

Let me unpack this a bit.

**Chart 1: Order Book**

Currently in Asian hours, there's a large OKX spot order at 70500.. This is rather uncommon—we usually see more activity on Binance and Coinbase..

A large order suddenly appeared on the aggregated order book, but I couldn't find it on either Binance or Coinbase. After filtering, I found it was from OKX.

This is one of the reasons supporting the price at 70500 in today's Asian session.. Of course, the lack of selling pressure is the bigger factor.

Because, as shown in Chart 2—the CVD for both contracts and spot on Saturday was extremely quiet.. So behind this calm K-line, the emotional sentiment in capital flow is also very quiet....

Nothing unusual here.

What's interesting is the attitude options traders are showing toward short-term price action through the 1D skew.

**Chart 3: Yesterday's European Session**

Before the US stock market open, BTC had just recovered to around 70.5k from 71.3k..

Result: Options traders were already aggressively betting that BTC might crash significantly yesterday.. Skew dropped to the -20% range..

(( indicates put IV is higher and being bought at premium)

Then, after US stocks opened and everyone realized BTC was moving strong.. Options traders started reversing their bets..

Skew started climbing back, indicating that traders were closing put protection positions and selling, which compressed put IV. No longer buying downside protection.. There may have even been some call buying betting on upside.

Further moving to around 0% in today's Asian session..

One more thing: over the past bear market, the neutral zone was around -10% because sustained bear market activity led to capital buying downside protection, keeping puts relatively more expensive overall.

Today reaching around 0%.. Besides options traders not buying downside protection in the short term, it could even be interpreted as options traders betting that there might be upside before the weekend or CME open..

Other period skews are also gradually reverting to neutral zones.. suggesting that mid-term downside protection buying sentiment is also easing.. returning to normal.

This is the options traders' sentiment.

**Chart 4: Current Stop-Loss Zones in the Market**

Overall unchanged from yesterday.. In the consolidation range, both longs and shorts are densely positioned.. Stop-losses are respectively positioned at the upper and lower edges of the current range.

So my focus zones for the weekend remain yesterday's two ranges: 71~72k and 68~69k...