Skip to content
All library documents

BTC and ETH Options: Volatility, Skew, Flows, and Dealer Gamma

Article Amberdata research
Read the original

Summary

This weekly market recap reviews Bitcoin and Ether derivatives conditions, including realized volatility, implied-volatility term structure, skew, option flows, and dealer gamma. It describes weak spot prices alongside subdued realized volatility, while noting that Ether broke a cited support area. Bitcoin volatility firmed across maturities, with short-dated protection demand, whereas Ether's curve lagged in the middle maturities. Both assets showed put-skew preferences near term, with differences farther along the curve.

The recap also reports put buying and put spreads in Bitcoin and protective put activity in Ether, then summarizes dealer positioning as negative gamma in nearby Bitcoin strikes and approximately flat in Ether. These observations provide a snapshot of market pricing and positioning, not a forecast or tested strategy. They are time-specific, and the document gives no methodology for the underlying data, no trade recommendations, and no evidence about subsequent outcomes.

Key ideas

  • The recap compares realized volatility and implied-volatility term structures for Bitcoin and Ether.
  • Near-term put skew indicates demand for downside protection in both assets, with differences across maturities.
  • Reported option flows include protective puts and put spreads in Bitcoin and protective puts in Ether.
  • Dealer gamma is described as negative near-term for Bitcoin and close to flat for Ether.
  • The observations are a time-specific market snapshot without a stated forecasting method or outcome analysis.

Tags

CryptoOptionsVolatilityDerivatives pricing

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