Bitcoin Options Report | September 21, 2021

BTC Options Trading Report | Tuesday, September 21, 2021

HXRO Labs – US residents | Hxro Trade – International 

KEY HEADLINES

Key Takeaways

In the past 24 hours, more than $824m in premium has traded in bitcoin options. The put/call ratio for volume across exchanges is .802, with 55.5% calls vs. 44.5% puts. An overview of total crypto options outstanding across strikes is below. 

Despite the recent volatility and drop in prices, crypto options traders are still positioned heavily in OTM call contracts. The 100,000 calls lead with the highest open interest across all strikes with 12,519 contracts outstanding, followed by the 60,000 calls with 8,414 contracts outstanding. The 100,000 calls have gained open interest since last Thursday, suggesting more traders are positioned towards triple-digit bitcoin prices by December’s expiration, and possibly sooner (at this time) by October 29th expiration. 

On the flip side, there is significant positioning in the 20,000 puts, with 7635 contracts outstanding, and 2264 of those contracts will expire on September 24th. When you consider the 100K calls have almost 3x the open interest as the 20K puts, we are tilted towards a longer-term bull case in options. In the shorter term through October, options are suggesting we could see additional downside pressure (especially considering recent headlines) with an upwards swing through the tail end of October.

Implied volatility has come down significantly across expirations, and the max pain point for bitcoin option traders is $45K at current spot levels.

From a macro perspective, one trader in our community shared his take on the current activity and what’s ahead: “Crypto is being pulled down by the broader macro environment as everyone watches Evergrande and China. Generally, the market seems to be handling it pretty well, vol went unsurprisingly bid in the fronts on the initial downtick but has since settled in and panic seems to be subsiding. I think people also have their eyes on FOMC and Gensler’s talk with WaPo today, so plenty of info to process.”

Let us know what you think and if you’d like to see more information added to the bitcoin options report!

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 11,084 sold versus 9326 bought. Call sellers have the most volume, with 6644 contracts sold versus 4919 calls bought. Bitcoin puts bought totaled 4407 contracts versus 4440 puts sold. The 44,000 calls sold had the most volume across all strikes, with 1218 sold.

For the September 22nd Bitcoin options expiration, the 46,000 calls have the highest open interest with 223 contracts outstanding, followed by the 45,000 calls with 188 contracts outstanding.

For the September 23rd Bitcoin options expiration, the 44,000 calls have the highest open interest with 100 contracts outstanding, followed by the 43,000 calls with 83 contracts outstanding.

For the September 24th Bitcoin options expiration, the 64,000 calls have the highest open interest with 4397 contracts outstanding, followed by the 50,000 calls with 3483 contracts outstanding.

For the October 1st Bitcoin options expiration, the 42,000 puts have the highest open interest with 1473 contracts outstanding (almost doubling since last Thursday’s option report) followed by the 48,000 calls with 1263 contracts outstanding.

For the October 8th Bitcoin options expiration, the 50,000 calls have the highest open interest with 371 contracts outstanding, followed by the 48,000 calls with 335 contracts outstanding.

For the October 29th Bitcoin options expiration, the 100,000 calls have the highest open interest with 2998 contracts outstanding, followed by the 80,000 calls with 2515 contracts outstanding.

For the November 26th Bitcoin options expiration, the 80,000 calls have the highest open interest with 941 contracts outstanding, followed by the 90,000 calls with 928 contracts outstanding.

For the December 31st Bitcoin options expiration, the 200,000 calls have the highest open interest with 5214 contracts outstanding, followed by the 100,000 calls with 4271 contracts outstanding. Both series have seen an uptick in contracts outstanding since last week.

For the March 25th Bitcoin options expiration, the 100,000 calls have the highest open interest with 1168 contracts outstanding, followed by the 70,000 calls with 1071 contracts outstanding.

For the June 24th Bitcoin options expiration, the 100,000 calls have the highest open interest with 1037 contracts outstanding, followed by the 20,000 puts with 668 contracts outstanding.

Top Block Trades by Premium Size – September 21, 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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