Substantial selling activity observed for $50,000 BTC call options expiring in late April...indicating a bearish sentiment."
Adam, a macro researcher associated with Greeks.live, a cryptocurrency options analysis firm, conveyed this observation involving a transaction valued at $43 million. The transaction is interpreted as a 'covered call' strategy deployed for hedging spot purchase positions. Despite the relatively low Bitcoin implied volatility (IV), a significant volume of calls was executed at a strike price exceeding the current market value by more than 15%. The decision to sell options implies a pessimistic outlook from the trader, especially considering the approaching BTC halving.
