Greeks.live: The encrypted options market has a 24-hour trading volume exceeding 1.2 billion US dollars, with Bitcoin put options accounting for a quarter of the total trading volume

In a message from ChainCatcher, Adam, a researcher at Greeks.live, posted on social media that with the continued rise of the cryptocurrency market yesterday, there was a large amount of block trading in the options market.

In the past 24 hours, the total turnover of the crypto options market exceeded $1.2 billion. Among them, Bitcoin put options had the highest turnover at $530 million, accounting for one quarter of total daily volume.

The largest single transaction had a nominal value of $66 million and specifically involved:

Selling 500 Bitcoin put options expiring on March 28th, 2025 with an exercise price of $40,000 each and implied volatility at 60.50%. Each option is worth 0.0130 BTC.

Buying 500 Bitcoin put options expiring on December 27th ,2024 with an exercise price of $40k each and implied volatility at 67.85%. Each option is worth .0042 BTC.

This deep out-of-the-money calendar spread trade shows that traders collected approximately $300k in premiums overall leaning bullish but it's hard to accurately judge specific trading intentions. According to Greeks.live analysis,the recent strength in sellers especially for puts has been advantageous pricing-wise even though buying puts costs less which suggests most participants are not optimistic about this direction.