August 7 Crypto Options Market Research Report

It has not stabilized in the short term. How to hedge the risk in the recent high actual volatility position?

Coincall (the first U-based alt options exchange, trading popular alt options such as Sol, Ton, Ordi), a third-party custodial options platform with simple KYC (select HK), invitation link: https://coincall.com/r/19298649

I. Core Views

1- BTC and ETH are still at high levels, ETH has exceeded the 75th percentile, and the long vega strategy was recommended last week. It is currently in the floating profit stage and can be closed at an appropriate time;

2- It is still not possible to say that it has stabilized and rebounded in the short term. Today, a video will be released to explain several option hedging strategies in detail. How to use them?

3- Many option veterans have long held short vega positions to make money, and the current market environment is not suitable for subjective judgment. The term structure of BTC and ETH is near high and far low. It is highly likely that IV will not return so quickly based on event considerations, especially the US election in November. If there are players who have not laid out long vega positions before, they can lay out in November.

4- The implied volatility of the altcoin option sol has risen very quickly, and controlling MM still has a good near-end way to brush theta back and forth;

5- The ordi covered call position will be transferred to the tg group this week

Summary: Both the near-end RV and IV are at high levels, and it is necessary to keep enough MM to control the Gamma risk. The far-end can be combined with the US election long vega

II. Option block trading

BTC has a large position of more than 1,400 pieces, and a bear market spread strategy (betting on a continued sharp drop)

sell BTC-30AUG24-44000-P + buy BTC-30AUG24-48000-P

ETH and sol did not observe abnormal blocks

III. Macro market

US stocks:

Yesterday, the US stock market rose and fell. The weekend observation of qqq 18,000 points was far away, and the key position had great resistance. The panic index VIX fell back to 27.7, and the short vix position made a floating profit and continued to hold. At present, the bears in the US stock market still dominate and have not stabilized.

A shares:

Yesterday, the North Water Fund flowed out 6.2 billion, indicating that the market is still weak in confidence. The internal confidence problem was exposed during the day. It can be seen that GJD still supported the market at the end of the trading day. There is no other way but to wait patiently. The iron must be hard to forge.