http://Greeks.live Block Daily Trading Report Giant whales are once again starting to lay out a mild decline, but are not worried about a major drop and expect the market to be in a shaky market. Today's largest Block Trade Analysis: Sell Call Calendar Spread (BTC Options) Order Structure: Expect near-month IV to decline relative to far-month, direction neutral. Time Decay Profit Taking: Near-month options time decay faster, spreads may converge. This trade takes advantage of time decay and volatility differences by selling forward month calls and buying near month calls to profit, suitable for neutral to oscillating market environment, but the underlying price and volatility changes need to be closely monitored. More Block Trades There was only one larger Block trade throughout the day on the 25th, and two larger Block trades on the morning of the 26th 1. Straddle spread: sell near-month calls + buy far-month calls (non-standard calendar spread) 400 sets of straddle spreads with a notional par of 104 million, betting on either Forward IV rising or Near Month IV falling, or BTC oscillating between 95,000-100,000. 2. Buy Put Ratio Spread: Buy 1 High Strike Put + Sell 2 Low Strike Puts 300 sets of Buy Put Ratio Spreads with a notional value of 78 million, betting on BTC to fall rapidly to the 80,000-85,000 range, taking advantage of the high Gamma.