It’s been a turbulent week, and when you look through the June to September options book on Derive, you can see a clear split between how traders are positioning BTC/ETH versus HYPE. $BTC and $ETH still look more like range and vol markets than clean directional bets. BTC positioning is concentrated around June, with traders active in downside protection and upside calls, while ETH has a slightly cleaner upside lean into July and September with strikes around 2.8k, 3k and 3.2k showing up. Neither book looks like traders are all-in on one side. $HYPE is diverging. Since the Arthur Hayes sell, the market has had a public reason to fade the move, however the options book still has real upside activity sitting in it with June 26 call activity clustered around 55/60/80 and September 25 still showing size around 55, plus further upside at 80/110/150. The TL;DR is: BTC and ETH options are being used to hedge/manage volatility, while HYPE is more for upside optionality.