Cryptocurrency options analysis company GreeksLive announced in its latest report that the largest block option transaction ever in the Bitcoin market has occurred.
In this transaction, which reached a total notional value of $ 1.19 billion, a position of 11,350 BTC was opened and only $ 7.5 million was paid as a premium.
The block transaction consists of two parts:
- First, with a bullish spread of 3,800 for September maturity, investors are expecting an increase in both price and volatility in the long term.
- Secondly, the sale of June maturity at-the-money (ATM) call options was carried out. This sale, together with the September purchases, creates calendar spreads and shows that the short-term (for June) bullish expectations are limited.
GreeksLive summarized the process as follows:
“This option block transaction of approximately $1.2 billion indicates that the upside movement in June may be limited, while it points to the potential for a strong upside of up to 50% in the third quarter.”
BTC price is trading around 7% lower from its all-time high of $111,970 at the time of writing.
*This is not investment advice.
