Ahead of the Fed meeting, options capital is betting on this scenario: no major blowups, no surges—ideally a slow rise...

Continuing to study options, I just focused on the main strategies adopted by options capital over the past 48 hours. This gives insight into how they’re positioning for the market:

Top Strategy: Bull Call Spread (BULL CALL SPREAD) — “I want upside, but not too much”
The overall stance is bullish, making this the dominant voice in the options market over the past 48 hours.
However, by using a spread, they’re signaling there’s a ceiling to the upside (e.g., 95k or 100k). They don’t want to go for naked calls to bet on a big breakout, but are wagering on gains that don’t need to be huge—controlling costs and risk.

Second Place: Short Strangle (SHORT STRANGLE) — “Ideally, don’t move the price”
This is basically a bet on range-bound trading or declining volatility.
They think BTC will oscillate within a certain range (e.g., 88k–92k).
They don’t want to see major price breakouts and aim to earn time value (Theta).
This matches what we saw in the previous GEX, with market makers showing positive gamma stickiness at 90k.

When both the top Bull Call Spread and second-place Short Strangle appear in the market,
it shows an overall wager: bullish, but not expecting big swings...
The price is likely to grind upward in a “two steps forward, one step back” pattern.

Third/Fourth Place: Bear Diagonal Spread (BEAR DIAGONAL SPREAD) — “Buying downside protection”
This means there’s still concern about a possible mid-term pullback, so downside insurance is being maintained. However, as this ranks third or fourth,
it shows the market’s downside worry is limited—there’s no rush to buy significant downside protection.

In summary, over the past 2 days, these capital flows are betting on:
Short-term Bull Call Spreads pushing the price up in a choppy fashion. But the influence of Short Strangles is preventing a crazy surge...
So the bet is that the price will grind slowly higher, forming a low-volatility uptrend channel.

I’ll continue to update on these data changes ahead of tomorrow’s FOMC meeting.