TechFlow news, Adam, macro researcher at crypto options platform Greeks.live, posted a tweet stating that today the ETH options market saw massive block trades in call options, with total volume exceeding 140,000 contracts and notional value surpassing $250 million.
Specifically, the activity mainly involved aggressive buying of options expiring on November 24, with strike prices of $1,650, $1,700, and $1,800, reaching volumes of 80,000, 40,000, and 10,000 contracts respectively.
This large-scale active purchase of in-the-money call options is largely indicative of prior short sellers covering their positions to stop losses.
Adam noted that this wave of massive unwinding even caused short-term implied volatility (IV) to surge directly by 3%, indicating that large players hold a positive outlook on future price increases.
