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

Summary

This market recap describes a rally-era snapshot of Bitcoin and Ether options. It reports realized volatility settling in the mid-30s after a rise, while both assets’ volatility term structures steepened: nearer maturities softened and parts of the longer curve firmed. Skew shifted toward call premiums across much of Bitcoin’s curve, while Ether’s shorter expiries remained closer to flat or slightly put-heavy. These observations describe the cited week, not a persistent market pattern.

The recap also summarizes reported option activity, including call buying and overwriting, put flows, and calendar or spread trades. It characterizes Bitcoin dealer gamma as moving from short to briefly long and back toward short; Ether dealer positioning was described as long around selected strikes, potentially constraining price movement near expiry. These are interpretations of market positioning, not a quantified forecast. The document gives no underlying dataset, methodology, or subsequent outcome, and its dated strike and expiry references limit how directly the snapshot applies to other periods.

Key ideas

• The recap reports softer short-dated and firmer longer-dated volatility for BTC and ETH.
• Bitcoin skew shifted toward call premium across most maturities, while short-dated ETH skew stayed nearer neutral.
• Reported option flows included calls, puts, calendars, and spreads across both assets.
• Dealer gamma was characterized as short in BTC and long near selected ETH strikes.
• The positioning commentary is a time-specific interpretation without a disclosed dataset or forecast test.

Tags

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