$BTC
On Friday, BTC and ETH options with a notional value of about $18.1 billion are set to expire and settle all at once, yet the trading activity of on-exchange funds shows something close to one-way frenzy.
Data from Coinbase Markets shows that the 24-hour BTC put-to-call ratio is as low as 0.37, and the total open interest put-to-call ratio is only 0.66.
With a settlement window on the order of hundreds of millions (or billions) in size, there are hardly any decent put-spreading hedges or defensive positions on the order book. Funds are all rushing to buy call options to get ahead. This posture—treating massive settlement as a one-way bet trial ground—can only mean that the big players’ calculations are truly spot on.
On Friday, BTC and ETH options with a notional value of about $18.1 billion are set to expire and settle all at once, yet the trading activity of on-exchange funds shows something close to one-way frenzy.
Data from Coinbase Markets shows that the 24-hour BTC put-to-call ratio is as low as 0.37, and the total open interest put-to-call ratio is only 0.66.
With a settlement window on the order of hundreds of millions (or billions) in size, there are hardly any decent put-spreading hedges or defensive positions on the order book. Funds are all rushing to buy call options to get ahead. This posture—treating massive settlement as a one-way bet trial ground—can only mean that the big players’ calculations are truly spot on.
