The grid is the canvas
Options can only concentrate where strikes exist, and crypto’s ladders are coarse: big round-number steps, widening further out in tenor and moneyness. Positioning that equity markets would spread across twenty strikes lands here on three — which makes concentrations look mightier and the map simpler than the underlying opinions are.
Round numbers, twice over
Coarse grids are also round-number grids, so strike psychology and strike concentration reinforce: the level traders watch is the level the ladder allows, and the wall builds where both point. Part of every crypto wall’s apparent authority is just the grid herding flow onto it.
Resolution changes the read between levels
Wide spacing leaves wide gaps where the book says little — a map with three real levels has no opinion about the space between them, however confidently a line is interpolated. And when spot trades between coarse strikes, hedging flow thins: the shape matters more than the aggregate precisely because the shape is lumpy.
Reading it
Weight walls by book share, not visual size; treat between-strike space as unmapped rather than implied; and expect pinning behavior to be strongest where the grid, the round number and the concentration coincide — which in crypto is usually the same place.