The whale is likely trying to hold spot while using put to hedge
With the current rally gradually slowing down, options implied volatility has declined slightly across all major terms, with short-term BTC IV currently around 45% and long- term ATM IV also generally below 60%, and short-term ETH IV around 54% and long- term ATM IV near 67%.
On the block trade side, there were more Block puts traded today, accounting for nearly a quarter of the total volume, with nearly $300 million traded.
Just one contract, BTC-25OCT24-55000-P, traded $90 million, dominated by active buying, apparently laying out a protective put for the US election.
The whale is likely trying to hold spot while using puts to hedge downside risk.
On the block trade side, there were more Block puts traded today, accounting for nearly a quarter of the total volume, with nearly $300 million traded.
Just one contract, BTC-25OCT24-55000-P, traded $90 million, dominated by active buying, apparently laying out a protective put for the US election.
The whale is likely trying to hold spot while using puts to hedge downside risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.