🚨 Today's in-depth analysis of bulk trading of cryptocurrency options 🚨 Bitcoin Options: Put Calendar Spread Dominates, Institutions Bet on Short term Fluctuations+Long term Stability Maintenance Core strategy: Multiple large trades focus on BTC put option calendar spread - buy 80000 strike price put options at the end of April, while selling 85000 strike price put options at the end of June. The cumulative nominal value exceeds 21 million US dollars, with the highest single transaction reaching 11.64 million US dollars, highlighting the institutional fund layout. Greece signal: Δ ≈ 0.6-1.0 (mild bullish/hedging downside risk), Theta is significantly negative (-1707 to -2728), indicating that traders expect short-term price fluctuations or event driven market trends, but need to quickly take profits to avoid time loss. Volatility expectation: Vega is negative (-1554 to -2492), indicating a bet on a decline in volatility or an arbitrage volatility term structure (short-term high volatility vs. long-term flat). Execution details: The spread (SFM) is only 3.0bp, close to the market middle price, and the Screen Size is x14, indicating sufficient liquidity or a hedge position for market makers. Key conclusions BTC institutional trend: Large calendar spreads may be used to hedge against selling pressure after the halving in April, while reducing hedging costs by selling far month put options, implying a "cautious in the short term and not pessimistic in the long term" expectation. The ETH strategy is ingenious: multi leg combinations lock in volatility premiums, reflecting market expectations that ETH will not break through its previous high in the short term, but the risk of a sharp decline is also limited. Volatility Window Period: Both major currencies imply a return to neutral volatility in trading, and caution should be exercised against major macroeconomic events that disrupt the current balance! 📊 Track the dynamics of smart money and gain insights into market opportunities! Options bulk Bitcoin volatility trading