BTC Option Flow Shows Bearish Call Supply and Put Demand
Summary
This market commentary interprets a week of Bitcoin options activity as bearish. It describes call selling around the 90,000–105,000 strikes and continued put buying around 80,000–85,000, alongside March call selling in the 90,000–110,000 range and buying of March puts at 80,000–85,000. It also notes that March 75,000 puts were rolled to June, extending downside protection farther out in time.
The author connects the flow to a sharp volatility repricing: after traders sold gamma ahead of the weekend, realized movement surged as Bitcoin touched 80,000, with one-month implied volatility and very short-dated implied volatility rising. The piece is a brief interpretation of observed trades and market conditions, not a systematic study. It provides no full dataset, trade-size context beyond the described activity, or evidence that the positioning predicts subsequent prices; the figures are a snapshot tied to the period discussed.
Key ideas
- Call selling was concentrated in upper Bitcoin strike ranges while puts were bought at lower strikes.
- Some March downside protection was shifted from 75,000 puts expiring in March to June.
- The commentary interprets the option flow as bearish despite Bitcoin’s broader market narrative.
- Selling gamma ahead of the weekend preceded a sharp rise in realized and implied volatility.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.