Daily Bulk Options Broadcast Today's biggest event The largest option block trade today was a Bitcoin Bear Ratio Diagonal Spread block trade, selling 1024 BTC of flat call value for the current month and buying 512 BTC of virtual call value for the following month, with a nominal face value of 130 million US dollars. This is a typical cross period transaction, selling a large amount of near end flat value while buying far end virtual value options as protection, taking advantage of the volatility differences and time value decay characteristics of different maturities to profit. Trader Expectations: Short term volatility is relatively overvalued Bitcoin price will not rise significantly before expiration in the coming months Other bulk trades This week, there has been a lot of activity in the bulk trading of options, mainly through mixed position adjustments. The structure of bulk orders is relatively complex, and it should be due to market makers and large investors adjusting their position structures. Recently, the decline in IV has been very rapid. On the one hand, large investors have taken advantage of the high IV to sell in large quantities. On the other hand, buyers have suddenly reduced their purchasing power, and market makers are also making targeted adjustments.