Options block trades have been very hot lately, and a Bitcoin butterfly spread with a notional value of $20 million was just traded.
This single block trade was a newly opened options position betting that Bitcoin will fall slightly before 29March24, with $47,000 as the maximum profit point. It also carries a short implied volatility component, with a loss below $44,000 or not below $49,800, but with a limited maximum loss.
Whales have continued to add to their short positions, generally in a mindset of protecting the spot or taking profits, which is different from most people's expectations of hitting new highs.
This single block trade was a newly opened options position betting that Bitcoin will fall slightly before 29March24, with $47,000 as the maximum profit point. It also carries a short implied volatility component, with a loss below $44,000 or not below $49,800, but with a limited maximum loss.
Whales have continued to add to their short positions, generally in a mindset of protecting the spot or taking profits, which is different from most people's expectations of hitting new highs.
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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.
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.