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Bitcoin and Ether Options: Renewed Put Skew and Dealer Gamma

Article Amberdata research
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Summary

This market recap describes a shift back toward downside protection in Bitcoin and Ether options after a prior call bid faded alongside weaker spot prices. It reports that Bitcoin’s short-dated options returned to a pronounced put premium, while Ether showed a similar short-end skew. The recap also notes firm near-term Bitcoin volatility and increased front-end interest in Ether options, with selected September maturities described as relatively attractive for gamma exposure.

Reported flows were protection-focused: Bitcoin activity included outright put buying and bearish risk reversals, while Ether block trades included both protection and upside demand, with downside interest concentrated in nearer expiries. Dealer gamma was described as more negative in Bitcoin, with nearby short strikes potentially adding choppiness, especially on declines; Ether gamma remained positive despite easing. These are time-specific market observations and positioning interpretations, not a tested forecast. The recap supplies no full dataset, methodology, or subsequent price outcomes, so its claims should not be generalized beyond the market conditions it describes.

Key ideas

  • Bitcoin and Ether short-dated options showed renewed put preference after earlier call demand faded.
  • The recap describes protection buying in Bitcoin and downside interest in near-dated Ether options.
  • Bitcoin dealer gamma became more negative, with nearby short strikes seen as a possible source of choppy trading.
  • Ether dealer gamma remained positive even as it drifted lower.
  • The observations are a snapshot of market positioning and do not establish future price direction.

Tags

CryptoOptionsVolatilityDerivatives pricing

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