May 8 Crypto Options Market Volatility Research Report

Volatility reduction time, leaving good hunters with sufficient waiting time

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I. Core Views

1-Spot ETF maintains net inflow, stablecoin increment is limited, market fluctuates sideways

2-BTC and mainstream cottage option targets continue to reduce volatility, short volatility players continue YYDS

3-BTC recommended a diagonal spread strategy yesterday, earning 20% ​​volatility spread at the far end; losing about 25% delta and gamma income at the near end; my personal BTC account will continue to polish and layout this strategy during the bullish to post-bull period

4-ETH currently still has a good volatility premium in May, I personally simply do CC Strategy, prepare to gradually adjust positions to other core assets

5-Continue to cultivate several copycat targets, gradually pile some fragmented assets and targets on the core targets, the crypto options market does not cover more than 5 key targets, less is more.

2. Options Block Trading

BTC has 2 block positions (diagonal spreads, similar to what I did yesterday; vertical spreads are mostly for September)

buy BTC-28JUN24-80000-C + sell BTC-28JUN24-90000-C

sell BTC-27SEP24-110000-C + buy BTC-27SEP24-65000-C

ETH has 1 position of 4,000, and made a diagonal spread strategy:

sell ETH-26JUL24-5500-C + buy ETH-28JUN24-4000-C

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3. Other altcoins

As shown below

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, in the past week, I traded altcoin options in BIT, and the income was relatively stable. The net value has been steadily increasing in the past 6 months, and the income this week was 23%.

Take it slow. The sharp and Kama of this strategy are suitable for my personality and asset management strategy.

4. Other macro markets

U.S. stocks continue to do 3 target option strategies, no new ones, less is more

U.S. economic data is significantly lower than expected. Including the latest U.S. non-farm payrolls data, and the unemployment rate hit the worst in the past 6 months, and the latest U.S. manufacturing PMI data fell below the 50 prosperity line.

The latest Fed meeting was passively dovish due to economic pressure. Powell clearly released the signal that he would not raise interest rates again, and the overseas market's expectations for the first interest rate cut for the U.S. dollar were readjusted to September.

The yen has been heavily intervened several times, and the Fed has been dovish, causing the US dollar index to fall sharply, and the RMB has accelerated its appreciation to 7.19. Moreover, unlike the active intervention of the yen, the appreciation of the RMB has already started in mid-April.