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March 15, 2023 Crypto Options Volatility and Positioning Recap

Article Amberdata research
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Summary

This short market recap highlights how the SVB news affected Bitcoin and Ethereum derivatives. It reports that realized volatility rose sharply, both assets’ volatility term structures moved into backwardation, and downside skew increased before retreating. The recap also points to substantial options activity, reporting notional flows of $5 billion in BTC options and $3 billion in ETH options.

The topics—realized volatility, term structure, skew, options flows, and gamma positioning—offer a snapshot of the market conditions discussed for that week. However, the document gives only headline observations. It does not explain the data sources, measurement windows, strike or expiry details, or how to translate the observations into a trading strategy. Treat the figures as a brief dated recap, not as a complete analysis or evidence of future market behavior.

Key ideas

  • The recap says crypto realized volatility surged following news about SVB.
  • Bitcoin and Ethereum volatility term structures shifted into backwardation.
  • Put skew rose by about ten volatility points before falling back.
  • The recap reports $5 billion in BTC options flow and $3 billion in ETH options flow.

Tags

CryptoOptionsVolatilityDerivatives pricing

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