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Bitcoin and Ether Options Market Recap: Volatility, Skew, Flows, and Gamma

Article Amberdata research
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Summary

This midweek derivatives recap describes a subdued Bitcoin market and summarizes changes in implied and realized volatility, term structure, skew, options activity, and dealer gamma. It reports that Bitcoin’s realized volatility fell by about 10 points while spot stayed in a $27,000–$30,000 range. The term structure remained relatively flat, front-end skew returned after a brief call-premium episode, and Bitcoin option volumes and implied volatility declined. Ether option flows became more bearish, while reported dealer positioning remained positive for Ether and more sensitive to spot moves for Bitcoin.

The note is a brief snapshot rather than a full analysis. It gives no precise dates for each observation beyond the recap context, quantitative series, definitions of positioning estimates, or methodology for deriving dealer gamma. These observations describe conditions during the reported week and do not establish a forecast or trading edge.

Key ideas

  • Bitcoin realized volatility declined by about 10 points as spot traded between $27,000 and $30,000.
  • Bitcoin’s term structure was described as slightly lower and still flat, without front-end contango.
  • Bitcoin option volumes and implied volatility continued to decline, while Ether flows turned more bearish.
  • Reported dealer gamma was more spot-sensitive for Bitcoin, while Ether positioning stayed positive.
  • The recap is a short market snapshot without a documented data methodology or evidence of predictive performance.

Tags

CryptoOptionsVolatilityDerivatives pricing

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.