TechFlow News, October 15 — Adam, researcher at Greeks.live, posted on social media that as the cryptocurrency market continued to rise yesterday, the options market saw a surge in large block trades. In the past 24 hours, the total trading volume in crypto options exceeded $1.2 billion, with Bitcoin put options reaching $530 million in volume, accounting for a quarter of the day’s total.
The largest single transaction had a notional value of $66 million, specifically:
-
Sold 500 BTC put options expiring March 28, 2025, strike price $40,000, priced at 0.0130 BTC each, with an implied volatility of 60.50%
-
Bought 500 BTC put options expiring December 27, 2024, strike price $40,000, priced at 0.0042 BTC each, with an implied volatility of 67.85%
This deep out-of-the-money calendar spread trade generated approximately $300,000 in premium for the trader, indicating an overall bullish bias, though the exact intent behind the trade remains difficult to determine. Greeks.live analysis suggests that sellers have been strong in the recent options market, particularly with put options offering favorable pricing. While buying puts is relatively cheap, it also implies that most market participants are not favoring that direction.
