After yesterday's sustained rally, the #crypto options market saw a large number of Block trades, with over $1.2 billion traded in nearly 24 hours.
#Bitcoin puts were the most traded of all, at $530 million, accounting for a quarter of the day's total.
One of the largest trades was for a notional par value of $66 million, with
🔴 Sell 🔶 $BTC -28MAR25-40000-P📉 x500.00 @ ฿0.0130, IV: 60.50
🟢 Buy 🔶 $BTC -27DEC24-40000-P📉 x500.00 @ ฿0.0042, IV: 67.85
This one is a deep deflated calendar where the trader collected $300,000 in premium biased calls, but it's not too accurate to guess the trader's intent.
Overall, options sellers are still the stronger force these days, especially since the puts are priced nicely in the bearish direction.
It costs less to buy puts, but the lower cost of options also means that most of the market is not bullish in that direction.
