Back in U.S. trading hours, Bitcoin continues to surge past $56,000, just under 20% from its all-time-high, with the rapid rise driving all major term IVs up, with short-term options IVs rising significantly.
The burst has also driven a firestorm in the block market, with more than 50 block orders with notional value higher than $5 million today, and several of the largest of these were active open positions to buy OTM puts.
This market phenomenon is relatively rare, occurring only a few times in history in large spot-driven bull markets where spot holders buy puts for protection.
While holding spot to get the most explosive acceleration of the bull market topped out, while a small portion of the profit will be taken out to buy OTM puts.
The burst has also driven a firestorm in the block market, with more than 50 block orders with notional value higher than $5 million today, and several of the largest of these were active open positions to buy OTM puts.
This market phenomenon is relatively rare, occurring only a few times in history in large spot-driven bull markets where spot holders buy puts for protection.
While holding spot to get the most explosive acceleration of the bull market topped out, while a small portion of the profit will be taken out to buy OTM puts.
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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.