Bitcoin and Ether Options Signals During the April 2023 Rally
Summary
This brief mid-week recap summarizes Bitcoin and Ether derivatives conditions as spot prices rose ahead of US inflation data in April 2023. It reports Bitcoin 10-day realized volatility reaching 31%, an inverted term structure in both assets, and renewed demand for weekly calls after Bitcoin moved above $30,000. It also notes that Bitcoin options volume declined around a holiday break, while Ether options flows were described as steady amid the Shanghai upgrade.
The recap highlights dealer gamma as a positioning factor: Bitcoin gamma reportedly turned negative during the move higher, while Ether positioning remained more neutral despite call buying. These observations offer a snapshot of volatility, skew, flows, and positioning, rather than a complete trading method. The document does not provide chart evidence, detailed measurement definitions, or subsequent performance, so the signals should be read as contemporaneous market commentary and not as a tested forecast.
Key ideas
- Bitcoin 10-day realized volatility was reported as low as 31% during the period.
- Bitcoin and Ether term structures inverted as spot prices rose ahead of inflation data.
- Weekly Bitcoin call skew strengthened after the price moved above $30,000.
- Bitcoin dealer gamma turned negative, while Ether positioning was described as more neutral.
- The recap is a brief market snapshot and does not test whether these signals predict returns.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.