Option Flow: BTC Options Action Intensifies

From deribit insights by Tony Stewart

In this week’s edition of Option Flows, Tony Stewart is commenting on the recent market movements.

With the efficacy of the MSTR BO period still debated, BTC started the year strongly with robust ETF inflows.

A/The buyer of Mar upside accumulated exposure via spending $12m on Mar 100k (part short-cover), 115k+120k Calls (fresh funds).

Fast money bought Jan 98+100k Calls.

2) Illustration of the large buys of Jan98+100k, Mar 100, 115k, 120k Calls outright, all executed on DSOB, not blocks.

Then Mar 120-140k Call spread bought adding to the vibrancy of the 120k Strike.

Hidden away was a small notional sale of Sep 70k Calls x300, if singular =$11.3m!

3) Nothing worth discussing on ETH option flows.

But due to volatility, ETH Dvol remains at a 10% premium to BTC.

BTC IV (pictured) show a tight range for the most part, with Mar+ nudging up on Friday with the Mar Call purchases, and very near-dated drifting lower ahead of wknd.