Bitcoin Options Report | September 23, 2021

BTC Options Trading Report | Thursday, September 23, 2021

HXRO Labs – US residents | Hxro Trade – International 

KEY HEADLINES

Key Takeaways

More than 64,000 bitcoin options contracts are expiring tomorrow with a notional value of $2.8B. Roughly 41,000 contracts are calls vs 22,000 puts. Most of the call contracts are in OTM strikes with the $64,000 strike having the top open interest position with 4,397 outstanding. 

Implied volatility has come down across the board with max pain for options traders now at $44K. Now that September 2021 bitcoin options contracts are expiring, exchanges are listing September 2022 and we have begun to see substantial activity in the $70K and $250K strike. The largest trade to hit the tape yesterday was a buyer of 100 BTC Sep 2022 $70K calls for a total premium outlay exceeding $1m. 

In the past 24 hours, more than $535m in premium has traded in bitcoin options. The put/call ratio for volume across exchanges is .705, with 58.6% calls vs. 41.4% puts. An overview of total crypto options outstanding across strikes is below. Looking into the next expiration, more than 340 of the October $40K puts were bought in the past 24 hours, and 168 of the October $80K calls. The top open interest position in October is still the $100K calls with 3017 contracts outstanding. 

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 12618 contracts outstanding, followed by the 60,000 calls with 8,746 contracts outstanding. The 100,000 calls continue to gain open interest positions.  

Yesterday, we noticed option traders have been closing out their 20K put positions in the December and October expirations and have added to October 40K put contracts with 395 contracts added to open interest.

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 6,790 sold versus 4943 bought. Call sellers have the most volume, with 3890 contracts sold versus 3125 calls bought. Bitcoin puts sold totaled 2900 contracts versus 1817 puts bought. The 44,000 calls sold had the most volume across all strikes, with 805 sold.

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 3423 contracts outstanding.

For the September 25th Bitcoin options expiration, the 44,000 puts have the highest open interest with 35 contracts outstanding, followed by the 42,000puts with 32 contracts outstanding.

For the October 1st Bitcoin options expiration, the 42,000 puts have the highest open interest with 1467 contracts outstanding (almost doubling since last Thursday’s option report) followed by the 48,000 calls with 1390 contracts outstanding.

For the October 8th Bitcoin options expiration, the 50,000 calls have the highest open interest with 557 contracts outstanding, followed by the 54,000 calls with 418 contracts outstanding.

For the October 15th Bitcoin options expiration, the 50,000 calls have the highest open interest with 557 contracts outstanding, followed by the 80,000 calls with 418 contracts outstanding.

For the October 29th Bitcoin options expiration, the 100,000 calls have the highest open interest with 3017 contracts outstanding, followed by the 80,000 calls with 2348 contracts outstanding.

For the November 26th Bitcoin options expiration, the 80,000 calls have the highest open interest with 984 contracts outstanding, followed by the 90,000 calls with 933 contracts outstanding.

For the December 31st Bitcoin options expiration, the 200,000 calls have the highest open interest with 5235 contracts outstanding, followed by the 100,000 calls with 4350 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 1179 contracts outstanding, followed by the 70,000 calls with 979 contracts outstanding.

For the June 24th Bitcoin options expiration, the 100,000 calls have the highest open interest with 995 contracts outstanding, followed by the 20,000 puts with 668 contracts outstanding.

Top Block Trades by Premium Size – September 23, 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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