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

Article Amberdata research
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Summary

This mid-week recap summarizes derivatives conditions in Bitcoin and Ether as of April 21, 2023. It reports stable Bitcoin 10-day realized volatility in the low 30s while attention shifted toward Ether, and describes term structures for both assets as moving into contango, particularly for Bitcoin. Bitcoin’s short-dated call skew reached as high as five volatility points but did not hold that level. The recap also gives weekly options volume figures and characterizes dealer gamma positioning around neutral for Bitcoin and fragile on the upside for Ether.

These observations provide a snapshot of implied and realized volatility, maturity structure, option demand, and dealer exposure. They may help derivatives traders frame market conditions, but the document is a brief commentary rather than a systematic analysis. It gives no methodology, comparison with longer-term norms, detailed flow breakdown, or evidence linking the reported positioning to subsequent returns. The figures are tied to that week and should not be treated as a durable forecast or standalone trading signal.

Key ideas

  • Bitcoin’s reported 10-day realized volatility stayed in the low 30s during the week.
  • The recap describes Bitcoin and Ether term structures as moving into contango, especially for Bitcoin.
  • Bitcoin front-end call skew briefly reached five volatility points but did not sustain that level.
  • Weekly options volumes were just under $5 billion for Bitcoin and above $3 billion for Ether.
  • Dealer gamma was near zero for Bitcoin, while Ether positioning was described as fragile on the upside.

Tags

CryptoOptionsVolatilityDerivatives pricing

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