Bitcoin Options Block Daily Report Today's Largest Block Today's largest options block trade was a Bitcoin Put Calendar Spread (Calendar Spread) block trade with a size of 635 sets of BTC and a notional par value of 110 million. This is a typical institutional volatility curve trade that takes advantage of the difference in volatility and the different time decay characteristics of near and far options to profit, both terms being on the shorter-term side. Trader Expectations: Short-term volatility is relatively overvalued Bitcoin price will not fall significantly below 75,000 before near-month expiration Volatility surfaces will flatten out Other Blocks. Today's other Blocks are also largely focused on the short-term, with the current week's spreads taking up the lion's share of the action, and more market makers adjusting their exposures, with not much actual premium involved. This is a common phenomenon after quarterly delivery, with market makers operating relatively cautiously, which also facilitates our ability to identify institutional views by watching Block trading.