July 8 Crypto Options Market Research Report

Spot rebounded and continued to fall. Short-term put option buying volume was large. What will happen next?

I. Core Views

1- Spot rebounded weakly. Short-term (this Friday) to the end of the month, put option buying volume was large, and option implied volatility was high;

2- ETF buying volume advanced to 3 billion US dollars last Friday, a recent high. From the analysis of the spot market and ETF trading logic, it is not ruled out that ETFs absorb chips and sell chips at the crypto spot level. Long-term players can ignore it.

3- Top 10 targets Sol and Ton are anti-falling. Observing their strength can be used as a short-term judgment perspective.

Summary: ETF spot buying is a positive signal. Long-term players can pay less attention to short-term long and short noise. Those who want to buy option insurance can make partial configurations. The implied volatility of disconnected puts is rising. The U-based put of BTC sold on Coincall at the end of the month has an APR of more than 30% for 5W, a recent high.

2. Options bulk trading

BTC bulk took advantage of the spot price correction to buy more than 500 long-term leaps, and some collar positions for short-term speculation

buy BTC-28MAR25-65000-C

buy BTC-19JUL24-50000-P + sell BTC-19JUL24-60000-C

ETH bulk made a 3-leg strategy with 2,000 positions. Short-term bearish, bullish ETF event on the 19th (using short-term premium to make up for long call spread)

sell ETH-12JUL24-3200-C + buy ETH-19JUL24-3200-C + sell ETH-19JUL24-3400-C

sol Bulk Planet prompts, a large number of long gamma positions

3. Macro market

A shares

Friday's theme is stronger than blue chips. At present, we have seen GJD's willingness to cover the bottom, so everyone is really not afraid of falling at 300 and 50.

It is recommended that volatility bulls continue to be patient. To be honest, many people say that this is an emotional despair zone and an opportunity. I personally think that it is a self-exile zone that is lower than despair. At this time, the market has almost no positive pricing, which can be called "no man's land".

At this time, most people have turned a blind eye and do not believe it. We should pay more attention, be restrained, be rational, and patiently prepare and lay out in the direction of positive pricing.

For the bulls at 300 and 50, the stage decision point is coming soon, so be restrained and patient at this moment.