options

According to Jin Shi reports, Perli, the manager of the New York Federal Reserve System's open market account, stated that the Federal Reserve has many options to consider for further reducing the balance sheet.

GameStop disclosed that the approximately 4,710 BTC previously transferred to Coinbase Prime was not sold but used as collateral in a covered call strategy to generate option premium income.The company sold short-term call options over-the-counter (OTC), with strike prices ranging from $105,000 to $110,000, generating income while retaining exposure to Bitcoin, but this also limited the upside potential. As a result of this structure, GameStop no longer directly holds Bitcoin assets but records them as "receivable assets," which means the right to recover an equivalent amount of BTC from the counterparty in the future. Since the collateral can be rehypothecated or reused, its position has transformed into a derivative exposure with counterparty risk.The financial report shows that as of the end of the fiscal year, the value of receivable assets related to this strategy was approximately $368.3 million, while an unrealized loss of about $59.7 million was recorded (due to the decline in Bitcoin prices). Additionally, the company confirmed approximately $700,000 in option liabilities and $2.3 million in unrealized gains.

According to Jinshi News, the Chicago Board Options Exchange Volatility Index rose by 1.17 points, closing at 26.5 points.

This Friday, the crypto options market will see quarterly settlements, marking the largest expiration date for current market positions. The value of BTC options is approximately $14.16 billion, with a maximum pain point of $75,000. The value of ETH options is approximately $2.2 billion, with a maximum pain point of $2,350.

According to market news, approximately $16.38 billion worth of Bitcoin and Ethereum options will expire this Friday. Among them, 199,000 Bitcoin options will expire, with a notional value of $14.16 billion, a maximum pain price of $75,000, and a put/call ratio of 0.63.At the same time, Ethereum options with a notional value of $2.22 billion will expire, with a maximum pain price of $2,300 and a put/call ratio of 0.57.

According to the company's press release, HYPE Treasury Company Hyperliquid Strategies Inc announced on Tuesday the launch of options trading for its common stock PURR on the Nasdaq options market in the United States, aimed at improving the liquidity and price discovery mechanism of PURR stock. PURR stock provides investors with a capital-efficient way to access Hyperliquid's native token HYPE. Hyperliquid Strategies primarily accumulates HYPE tokens through staking, yield optimization, and ecosystem participation to maximize shareholder value.Hyperliquid Strategies CEO David Schamis stated, "This is an important milestone for the company. PURR options enable our investors to better manage risk and participate in the rapid growth of the Hyperliquid high-performance ecosystem."Schamis pointed out that at the time of the options launch, Hyperliquid is experiencing record growth, thanks to a surge in trading volume of oil perpetual contracts and other tokenized real-world assets. Just six months after its launch, the total open contract volume for the tokenized traditional asset perpetual futures market HIP-3 on Hyperliquid has reached a new peak of $1.74 billion.

BIT (formerly Matrixport) released a chart today stating that the spot price of Bitcoin has not yet fully reflected this change, but the options market has responded, with implied volatility significantly rising and demand for downside protection continuing to heat up. In the past week, the proportion of bearish buying in Bitcoin options trading reached 29%, while Ethereum was even higher at 37%, indicating a clear shift towards defensive positions.Behind this round of position adjustment is a deep concern among traders regarding geopolitical tensions: inflationary pressures may persist longer as a result, affecting not only oil prices but also spreading to a broader range of growth-sensitive assets. Therefore, continuously tracking changes in market positions remains crucial, especially in the options market.Compared to spot trading, options often reflect changes in the risk appetite of fast-money accounts and tactical funds earlier. Although overall trading volume remains relatively low, market participants have not relaxed their vigilance but are actively managing tail risks. However, it is worth noting that Bitcoin's performance is still outpacing other risk assets.

According to The Block, NYSE Arca and NYSE American, subsidiaries of the New York Stock Exchange, have submitted rule changes to the SEC to eliminate the 25,000 contract position and exercise limits for spot Bitcoin and Ethereum ETF options.The U.S. Securities and Exchange Commission (SEC) waived the standard 30-day waiting period for these two documents, allowing the changes to take effect immediately upon submission, marking the completion of this adjustment by all major options exchanges in the United States. The rule change covers 11 cryptocurrency ETF products, including BlackRock IBIT, Fidelity FBTC, ARK 21Shares ARKB, Grayscale Bitcoin and Ethereum Trusts, and Bitwise's Bitcoin and Ethereum ETFs. These products can now determine position limits according to the standard framework of each exchange, with large liquidity ETFs eligible for limits of 250,000 or higher.This move helps institutional investors implement hedging strategies and basis trading more efficiently. Additionally, the Nasdaq ISE has submitted a proposal to increase the IBIT exclusive options position limit to 1 million contracts, which is currently under review by the U.S. SEC. If approved, this proposal will bring the position size of IBIT closer to that of the largest stock ETFs. The comment period for the related documents will end on April 13.

Greeks.live macro researcher Adam posted on platform X that today 23,000 BTC options are expiring, with a Put Call Ratio of 0.88, a maximum pain point of $70,000, and a nominal value of $1.6 billion. 176,000 ETH options are expiring, with a Put Call Ratio of 1.04, a maximum pain point of $2,150, and a nominal value of $370 million.The current rebound in the crypto market has been declared over, with Bitcoin briefly falling below the $70,000 threshold. In the past week, $75,000 has often been mentioned as a key resistance level, with 5% of options expiring at this price by the end of the month. The final breakthrough failed, falling back to around $70,000. Next Friday is the quarterly settlement, and from the options market data, $75,000 is the price with the most concentrated positions, making it an absolute resistance level. The lower levels of $65,000/$62,000/$60,000 are all areas of dense positions and can be considered as support for a decline.This week, the implied volatility (IV) and realized volatility (RV) of major expiration options have remained basically unchanged, with the main expiration IV for BTC at 50% and for ETH at 70%. The RV continues to decline, causing the volatility risk premium (VRP) to rise continuously. Only options accounting for 5% of the total positions are expiring, continuing to hit record lows. Despite the volatility, Bitcoin's trading activity remains at extremely low levels. Due to the price decline, the skew has decreased across the board, and the market is still in a bear phase, with bullish forces being very weak.

Matthew Sigel, Head of Digital Asset Research at VanEck, stated on social media that the average price of Bitcoin dropped by 19% on the 30th, but the spot price has stabilized. Market volatility has significantly decreased, with realized volatility falling from 80% to 50%, and the futures funding rate dropping from 4.1% to 2.7%. On-chain activity has cooled down, with transaction volume decreasing by 31%, daily average fees reducing by 27%, and the distribution speed of long-term holders slowing down.On the miner side, they have largely maintained a "mine and sell" strategy, selling almost all newly issued Bitcoins. Defensive sentiment in the options market has peaked, with the ratio of put/call open interest averaging 0.77, reaching a new high since June 2021; the premium of put options relative to spot trading volume has reached a historical high of 4 basis points.

According to VanEck's latest Bitcoin on-chain report, Bitcoin options traders' bearish sentiment has risen to its highest level in five years, with the put/call ratio peaking at 0.84 last month, an average of 0.77, placing it in the most bearish 9% range since mid-2019. The total size of open interest in options has surpassed $33 billion.At the same time, the premium for put options has also reached an all-time high, indicating that institutional investors are buying significant amounts of downside protection. Analysts point out that the current extreme defensive posture may stem from macro factors such as the escalation of the situation in the Middle East, regulatory risks, and liquidity concerns, but there are also views suggesting that historically, peaks in bearish sentiment often signal a market bottom.

According to CoinDesk, before the expiration of Deribit Bitcoin quarterly options, the $20,000 put options have become the third most popular strike price, with a nominal value of approximately $596 million, reflecting traders' positioning for extreme downside scenarios amid geopolitical tensions in the Middle East.In terms of open interest distribution, the three main strike prices are: $125,000 call options ($740 million), $75,000 ($687 million), and $20,000 put options ($596 million), showing a wide distribution of expectations for both upward and downward movements. The total nominal value of this Deribit Bitcoin options expiration is $13.5 billion, with a total open interest of 195,719 BTC, including 120,236 BTC in call contracts and 75,482 BTC in put contracts.With the current BTC price below $70,000, the $20,000 strike price is considered deeply out-of-the-money, only profitable if the market drops more than 70% from the current price. A significant amount of such activity is likely traders collecting premiums by selling these deeply out-of-the-money put options, reflecting a low probability expectation of a drop to $20,000, rather than directly hedging against crash risks— in other words, this is more of a yield enhancement or volatility strategy rather than a direct bearish bet.Overall sentiment indicates that despite the market being in extreme fear, the put/call ratio in the options market remains at 0.63, meaning there are more call options than put options, and the overall sentiment is still slightly bullish. The maximum pain point is at $75,000, which may create a magnetic effect on Bitcoin prices before expiration.

According to a report by Reuters, a U.S. official and three informed sources stated that the Trump administration is considering deploying thousands of U.S. troops to strengthen its military operations in the Middle East. These deployments could provide Trump with more options as he weighs expanding operations.Sources indicated that ensuring the security of the Strait of Hormuz could mean deploying U.S. ground forces along the Iranian coast. The Trump administration has also discussed the possibility of deploying ground troops to Iran's Qeshm Island and sending U.S. forces to ensure the safety of Iran's highly enriched uranium reserves.A White House official stated, "No decision has been made yet to send ground troops. The president is focused on achieving all the established goals of Operation 'Epic Fury'." Sources noted that discussions about increasing troop levels are not limited to an amphibious readiness group and its attached Marine Expeditionary Unit (about 2,000 Marines) that will arrive in the Middle East next week. However, one source pointed out that due to the fire on the USS Ford, which has been sent to Greece for repairs, the U.S. military will lose some troop strength.

According to Jinshi reports, the Chicago Board Options Exchange Volatility Index (VIX) briefly touched a low not seen in over a week, recently falling by 0.5 points to 23.01.

According to independent analyst Markus Thielen, Ethereum has accumulated a decline of about 63% in this cycle, reaching a low of $1837, and the current price is testing the technical resistance level at the upper edge of the downward channel.The recent price recovery has been primarily driven by options capital flow and the Gamma hedging mechanism, with no significant changes in the fundamentals. Although ETF demand has shown some signs of recovery, derivative positions remain the core factor affecting recent trends. Analysts point out that the financial asset attributes of Ethereum are becoming increasingly apparent, and its price movement has begun to decouple from traditional major asset classes. The traditional risk-on/risk-off framework has limited explanatory power, and the crypto market may be forming a more independent pricing logic, with the position structure and capital flow worthy of continuous tracking.

According to data released by Deribit officials, next Friday will see the expiration date of BTC quarterly options, while the largest options position in the current market will also expire. The maximum pain point for BTC is $75,000, with the current price at $75,000; the maximum pain point for ETH is $2,350, with the current price at $2,350.

According to CoinDesk, 10x Research founder Markus Thielen stated that the recent rise in Bitcoin is primarily driven by a large number of put option sell-offs with strike prices around $55,000 and $60,000.As these options approach expiration and become less likely to be exercised, traders are closing these positions, forcing market makers to buy Bitcoin to rebalance their exposure, creating buying pressure that supports the price increase.Thielen pointed out that there has not yet been a significant buying of call options, indicating that the rise is mainly driven by hedging closures rather than proactive bullish sentiment. Bitcoin briefly broke through $76,000 this morning, effectively breaking the long-term resistance range of $73,750-$74,400 for the first time since 2024, driving the overall cryptocurrency market higher.

According to Jinshi News, the significant rise in oil prices this month and the market's adjustment of expectations for the Federal Reserve's easing policy have resulted in a $10 million profit from a short-term interest rate options trade.This bet was placed in January in the form of options related to the secured overnight financing rate, which is closely tied to the Federal Reserve's policy direction. Last week, this bet gained traction as conflicts in the Middle East caused crude oil prices to rise to their highest level since 2022, raising concerns about inflation and prompting traders to expect the Federal Reserve to maintain higher interest rates for a longer period.

Glassnode posted on social media that there is currently a large amount of negative gamma positions concentrated around the $75,000 strike price in the Bitcoin options market. Market makers seem to generally hold structural bullish options shorts at this price level. As the spot price approaches this area, hedging operations may intensify, potentially amplifying upward price volatility.