TechFlow news, April 2 — Adam, macro researcher at Greeks.live, posted today that the largest options block trade was the purchase of BTC put options expiring on April 25, 2025, with a strike price of $60,000. The total volume exceeded 1,000 BTC, representing nearly $100 million in notional value. These deep out-of-the-money options serve as low-cost hedges against extreme risks or high-leverage speculation, requiring a decline of over 30% from current levels to become profitable. The risk-reward ratio of this trade is relatively low; the premium of over a hundred thousand dollars is better suited as an "extreme risk hedge component" within a portfolio rather than as a standalone speculative position.
With quarterly delivery just completed, major block trades currently remain primarily focused on establishing and adjusting positions. Institutional players have clearly increased their positioning in put options this month, indicating skepticism among large holders regarding market performance. There has been a noticeable rise in protective positions using deep out-of-the-money options.
