Bitcoin Option Report | September 30, 2021

BTC Options Trading Report | Thursday, September 30, 2021

HXRO Labs – US residents | Hxro Trade – International 

Key Headlines

Key Takeaways

The market has made a rebound, and traders are seeing some front dated vol selling and back-dated put buying. Front month implied volatility has dropped by a few points and options trading is still relatively quiet compared to recent weeks activity. Traders are currently digesting a statement from Jerome Powell this morning where he said he has “no intention to ban” crypto and “it’s appropriate they be regulated”. 

In the past 24 hours, approximately $540m in premium has traded in bitcoin options, almost $200m more than we saw a couple days ago but still lower compared to past weeks. The put/call ratio for volume traded is .487 with 67.2% calls vs 32.8% puts traded. Realized volatility for BTC the past 7 days is averaging 55.53 compared to 30 day realized vol at 66.7. 

In terms of volume, a notable trade in the last 24 hours has been a buyer of the Bitcoin November $70,000 calls and seller of the November $90,000 calls. This trade appears to be a call spread as it was reported on chain with the same timestamps. The trade has a breakeven price around $85,000 in November. 

In terms of contracts outstanding, the December $200,000 calls have the highest open interest with 5266 contracts outstanding, followed by the $100,000 calls with 4668 contracts outstanding. The $41,000 and $42,000 puts expiring on October 10th are also seeing considerable volume, so the weeks ahead seem to still be giving traders caution as headline risks are always on the radar. Looking at the total landscape of options outstanding, it does appear that option traders may be expecting a sizable rally to follow the October 22nd expiration. 

As always, make sure you do your own research as things change quickly in cryptocurrencies. We’ll be keeping you updated of large trades on the Hxro Labs Twitter, Discord, and YouTube channels so make sure you subscribe and tune in!

Bitcoin Options Volume

In total, during the last 24 hour period, crypto traders and hedgers have sold more crypto option contracts than they have bought. Premium sellers totaled 7040 contracts sold versus 5737 bought. Call sellers have the most volume, with 4791 contracts sold versus 4008 calls bought. Bitcoin puts sold totaled 2249 contracts versus 1728 puts bought.

For the October 1st Bitcoin options expiration, the 42,000 puts still have the highest open interest with 1681 contracts outstanding followed by the 48,000 calls with 1360 contracts outstanding.

For the October 2nd Bitcoin options expiration, the 44,000 calls have the highest open interest with 59 contracts outstanding followed by the 42,000 puts with 52 contracts outstanding.

For the October 8th Bitcoin options expiration, the 38,000 puts still have the highest open interest with 970 contracts outstanding, followed by the 42,000 puts with 889 contracts outstanding.

For the October 15th Bitcoin options expiration, the 44,000 calls have the highest open interest (replacing the 52,000 calls from Tuesday) with 433 contracts outstanding, followed by the 46,000 calls with 358 outstanding.

For the October 22nd Bitcoin options expiration, the 50,000 calls have the highest open interest with 210 contracts outstanding, followed by the 48,000 calls with 52 contracts outstanding.

For the October 29th Bitcoin options expiration, the 100,000 calls have the highest open interest with 3004 contracts outstanding, followed by the 50,000 calls with 2439 contracts outstanding.

For the November 26th Bitcoin options expiration, the 70,000 calls have the highest open interest with 1419 contracts outstanding followed by the 80,000 calls with 804 contracts outstanding. 

For the December 31st Bitcoin options expiration, the 200,000 calls have the highest open interest with 5266 contracts outstanding, followed by the 100,000 calls with 4668 contracts outstanding.

For the March 25th Bitcoin options expiration, the 100,000 calls have the highest open interest with 1390 contracts outstanding, followed by the 20,000 puts with 1040 contracts outstanding.

For the June 24th Bitcoin options expiration, the 100,000 calls have the highest open interest with 1007 contracts outstanding, followed by the 20,000 puts with 688 contracts outstanding.

For the Sep 30th, 2022 Bitcoin options expiration, the 250,000 calls have the highest open interest with 894 contracts outstanding, followed by the 70,000 calls with 430 contracts outstanding.

Top Block Trades by Premium Size – September 30, 2021

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Disclaimer:

This commentary is provided as general information only and is in no way intended as investment advice, investment research, a research report, or a recommendation. Any decision to invest or take any other action with respect to the digital assets and/or securities discussed in this commentary may involve risks not discussed herein, and such decisions should not be based solely on the information contained in this report. Option data generated from Gvol, crypto traders, and trades on Deribit. Past performance is not indicative of future results.

©2021 Hxro Labs

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