Greeks.live: The BTC and ETH options block market is extremely active, signaling a strengthening market.

TechFlow News, Adam, macro researcher at Greeks.live, posted on X indicating that the market has turned bullish, with significant activity in the BTC and ETH options block trading markets, and large traders beginning to show divergence in positioning.

Yesterday's largest single block trade in ETH was a roll-over transaction with a notional value of $17 million: selling 3,000 contracts of ETH-29MAR24-2800-C and simultaneously buying 3,000 contracts of ETH-29MAR24-3000-C, maintaining a long position on Ethereum.

According to previously tracked Twitter records of this block order, the initial position at the beginning of the month cost approximately $200,000. Through this roll-over trade, the whale successfully recovered the entire principal and is now holding a long position worth three times the original capital as profit.