With HYPE moving around, sophisticated traders on Derive are using options to farm the volatility rather than selling their HYPE/kHYPE. The clearest positioning is: (1) Short August and September puts at $55–58 (2) Long September calls at $100–110 By selling those puts, traders collect premium now and profit if HYPE settles above $55–58 at expiry. The calls cost a fixed premium and provide cash-settled upside above $100, allowing traders to benefit from a strong recovery without dumping.
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