June 20 Crypto Option Volatility Research Report

The market is as expected, can ETH's upward trend continue?

I. Core Views

1- ETH / BTC exchange rate continues to rise as expected, just continue to hold

2- ETH implied volatility is being pushed up by large-scale purchases. Unless there is further event-driven information, I have doubts about its sustainability. It has begun to decline

3- BTC volatility continues to remain low. I have no subjective plan to go long on volatility. It is better to continue waiting. If you have nothing to do, you can do short call spread or ratio spread on the currency side

4- There is no obvious abnormality in the cottage targets we have deeply cultivated, and the fundamentals are also developing normally. The targets with advantages in implied volatility are#Tonand #Ordi. Players who want to short volatility can continue.

Summary: Be patient and wait. We are currently in the holding period of this round of crypto bull market, and there is a period of buying and selling. Of course, it is always right to keep more cash flow as I said before.

2. Block trades

BTC block trades in opposite directions, one short September call spread, one long July call spread. At present, the block trades collectively judge that there will be no market at the end of June

buy BTC-27DEC24-90000-C + sell BTC-28JUN24-65000-C

buy BTC-26JUL24-70000-C + sell BTC-26JUL24-75000-C

ETH yesterday had the largest naked buy position of more than 30,000 positions, which raised the far-end implied volatility. Such a large amount is rare

buy ETH-27SEP24-4000-C

When the basic news was released, the implied volatility had already been raised. If retail investors have large positions and naked position options, there is no advantage, and they will definitely lose money in the long run

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3. Macro market:

No opinions or information updates, a research report from JPMorgan was shared in the planet, with clear and sharp opinions.

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