TechFlow reports that Adam, a macro researcher at Greeks.live, posted on X indicating that the options block trading market has been extremely active recently. A butterfly spread on Bitcoin with a notional value of $20 million was just executed. This large options trade is a newly opened position betting on a slight decline in Bitcoin’s price before its expiry at the end of March, with maximum profit achieved if Bitcoin hits $47,000.
The trade also carries a short implied volatility component, resulting in losses if Bitcoin falls below $44,000 or remains below $49,800, though maximum losses are capped. Whale users have recently continued increasing their short positions, primarily to hedge spot holdings or lock in profits—contrary to the broader market expectation of reaching new highs.
