Bitcoin has been relatively quiet lately, and bitcoin options block trades have been relatively uneventful.
But a huge block was traded that could lead the next leg of the market. Buy 1,500 sets of February wide straddles while selling 1,500 sets of March wide straddles to amortize the cost. The entire portfolio had a notional value of $260 million, and this order alone accounted for over 30% of today's volume.
As we can see from the PNL chart, the whale bet big on February to see a big shock of 10% or more, but not sure of the direction, which is relatively rare in whale investment.
After analyzing the transaction data, the whale previously held the end of February sold 45,000Call, also verified that the whale from the past short volatility to long volatility.
Comprehensive analysis of the above, this huge block trade worth $260 million to remind traders to be cautious short volatility, the market could be in for a big 10% swing this month.
But a huge block was traded that could lead the next leg of the market. Buy 1,500 sets of February wide straddles while selling 1,500 sets of March wide straddles to amortize the cost. The entire portfolio had a notional value of $260 million, and this order alone accounted for over 30% of today's volume.
As we can see from the PNL chart, the whale bet big on February to see a big shock of 10% or more, but not sure of the direction, which is relatively rare in whale investment.
After analyzing the transaction data, the whale previously held the end of February sold 45,000Call, also verified that the whale from the past short volatility to long volatility.
Comprehensive analysis of the above, this huge block trade worth $260 million to remind traders to be cautious short volatility, the market could be in for a big 10% swing this month.