TechFlow reported, Greeks.live posted on X stating that due to end-of-month adjustments, block trades dominated Bitcoin options trading yesterday.
Block call and block put options each accounted for 30% of trading volume, primarily composed of four clearing block trades and several diagonal spreads.
The margin freed by these large-scale block trades was immediately deployed into diagonal spreads to gain long volatility exposure, while taking on short-term tail risk to reduce costs.
Large traders believe the risk of sharp moves within one month is low, but significant volatility is expected before May.
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