There’s also heavy put positioning underneath, which often suggests institutions are long the underlying while hedging downside risk with puts, rather than outright bearish positioning. That kind of structure can create asymmetric pressure if price starts moving higher.

Another interesting factor is recent institutional activity — ARKK added over $15M recently, which suggests there are still funds willing to accumulate at these levels rather than distribute.

So structurally we have:

• Calls above at 220–222.5 that could trigger dealer hedging if price pushes higher.

• Puts below acting as hedges, implying many large players may already be long.

• Institutional accumulation signals like the ARKK buying.

I’m also watching 220 closely as a potential double-top area, since that’s where selling pressure was strongest previously. If it rejects again, that confirms supply. But if 220 breaks with momentum, the positioning above could accelerate the move.

Let’s see how it plays out.