May 31 Crypto Option Volatility Research Report

Monthly option delivery date, the implied volatility of the doomsday put option is slightly up, does the ETH remote strategy need to be adjusted?

I. Core Views

1- Recently, the Coincall web terminal has been much smoother. Yesterday, I traded more than 1,000 Calls in a rapid transaction

2- ETH remote July bull spread strategy, long call has a 30% floating loss, continue to lie flat, and adjust the short call strike price

3- The overall volatility reduction cycle can use the option seller + grid idea to reduce the long position cost (Sol, Ton, Doge, Kas are all applicable); Ton and Doge have relatively high implied volatility, and more trading opportunities

4- U-based and fighting and retreating, currently 30% of U, prepare to gradually reduce spot holdings in the mid-term of the bull market, use options to do + delta, and after the spot is reduced to a certain position, the black swan protection cost of the bearish side can be reduced, and the fish tail can be concentrated.

2. Option block trading

BTC block trading continues to use collar strategy (500 positions)

buy BTC-28JUN24-64000-P + sell BTC-28JUN24-80000-C

Tip: Don’t think that this type of block will fall sharply. The collar strategy is the most profitable for bullish players. Hedge funds like to use this strategy. You should look at it dialectically and don’t think it is a synthetic short strategy

ETH June bullish difference strategy more than 10,000, bet on ETF through the market

buy ETH-28JUN24-4000-C + sell ETH-28JUN24-5000-C

buy ETH-28JUN24-3400-P + sell ETH-28JUN24-4500-C

Sol See the planet

III. Macro market

The Asian market has been very weak recently. I am not going to participate in the Hong Kong stock market in the short term. It is a low-liquidity market. If you are not very knowledgeable about individual targets, it is not worthwhile to participate. It is better to invest in the A-share market, which has abundant liquidity.

Yesterday, the A-share market was weak again. I saw that the northbound capital inflow was 1 billion at night, which shows that it is not the fault of foreign capital.

Fundamentally, there is still a lack of GJD institutions and foreign institutions buying orders, and then the market continues to roll in. The logic has not reversed, but there is a lack of active pricing power. There is nothing to say, wait. Those who sold high before should take back their positions when the price drops.

The next relay of the recovery story may be when the meeting story is brewing in mid-June.

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