May 26 Crypto Market Volatility Research Report

The residual heat of event-driven trading has been eliminated, and ETH implied volatility has resumed a slow rise mode. What options strategy should be used in the future?

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I. Core Views

1- ETH event-driven trading has come to an end, and the far-end implied volatility has dropped to 50 Vol. Continue to deploy bullish strategies after the event in July and August. (Ratio spread or Jade Lizard strategy is preferred)

2- BTC's Wyckoff bottom pattern is obvious, and some long gamma strategies can be deployed for Call in the next two weeks

3- Sol's volatility reduction is obvious, and the monthly ATM IV has reached 80; Ton and Doge are still in a relatively high volatility position, and short vol can be used

4- Kas pays attention to the event-driven in June

II. Option block trading

BTC has a large player deploying a bull spread strategy in mid-June (530 positions and 300 collar strategies at the end of July)

buy BTC-14JUN24-78000-C + sell BTC-14JUN24-82000-C

sell BTC-26JUL24-100000-C + buy BTC-26JUL24-50000-P

ETH has a player deploying 6,000 coins on the call side to deploy a bear spread strategy and short call End hidden wave

sell ETH-31MAY24-3600-C + buy ETH-31MAY24-4000-C

sell ETH-28JUN24-4000-C

Sol bulk has no obvious guiding significance

3. Macro market

Analysis next week