Deribit Options Market Report: 1119—Rising stagnation
After Bitcoin experienced a wave of spectacular rises in the first three days of this week, the upward trend has stalled. The market has fluctuated greatly in the past two days, and the intraday RV is very large. The seller is very painful in hedging, while the buyer's long gamma can almost earn more than half of the month's option premium.
【Option Trading Volume】
【BTC Options】 BTC historical volatility 10d 59% 30d 63% 90d 51% 1Y 78% 【Option Trading Volume】 Implied volatility for each normalized term: 【IV】 Implied volatility for each normalized term: Today: 1m 64.9%, 3m 68.2%, 6m 68.5% 11/18：1m 67.8%, 3m 69.5%, 6m 70.4% Previous highs: 1m 65%, 3m 70%, 6m 74% Bitcoin IV rose sharply last night. The surge in RV within the day drove the short-term IV to break through the previous high, and the medium- and long-term IV was also significantly higher than the average level. The surface finally ushered in an overall rise. Today's market fluctuates greatly, but the upward trend has stagnated, and the callback has driven the sales volume of the sell side to increase, driving the short-term IV to fall rapidly. 【Option Flows】 【Option position distribution】 【Option position distribution】 ETH Historical Volatility 【ETH Options】 ETH Historical Volatility 10d 58% 30d 66% 90d 80% 1Y 102% Each standardized period IV: 【IV】 Each standardized period IV: Today: 1m 71%, 3m 70%, 6m 69% 11/18 ：1m 70%，3m 70%，6m 68% The ultra-short-term IV of Ethereum has risen, but it is far less than the increase of Bitcoin, and it is also far below the level of previous months. Skew shifts by 15% to 25%. The current suitable strategy is still to hold the spot call or make a bull market spread. It may be a good way. 【Option Flows】 【Option position distribution】 【Option position distribution】 At the end of the year, Ethereum held a position of 563,700 ETH, and the month's option position was 233,300 ETH.
