PANews reported on April 3 that according to the cryptocurrency options block trade daily report released by Greeks.live macro researcher Adam, today's largest options block trade was a Bitcoin bearish calendar spread (Calendar Spread) block trade, with a scale of 635 groups of BTC and a nominal face value of $110 million. This is a typical institutional volatility curve transaction, which takes advantage of the difference in volatility between near-term and far-term options and different time decay characteristics to make profits, both of which are short-term. Traders expect: short-term volatility is relatively overestimated; Bitcoin prices will not fall significantly below 75,000 before the near-month expiration; the volatility curve will flatten.

Today, other major contracts are basically concentrated in the short term, and the spread of the week accounts for the vast majority. It is more that market makers are adjusting their risk exposure, and the actual premium involved is not large. This is also a common phenomenon after quarterly delivery. Market makers are relatively cautious in their operations, which also provides convenience for us to identify institutional views by observing major transactions.