@martypartymusic SPX options are by far the biggest product driving both trad-fi and crypto markets. Below you can find MM obligations for this and next week:
As of now, for tomorrow, the most valuable contract is 5500; for the next week, Friday, it is 5600 or 5750. This is still negative delta, so for the next week, we might get to the short squeeze, but it seems like we are bottoming now. Next week is also monthly options, the volume is much bigger and more challenging to move around, and those big negative deltas (13BN @ 5600 and 15BN @ 5750) have a very high probability to pull the market up