Deribit Options Market Broadcast: 0126—Pricing Power

【Daily Review】

Yesterday in the U.S. stock market, there was a magical scene of retail investors beating institutions. In fact, all market participants have pricing power, and such a market is more playable. There is no doubt that the decentralized nature of digital currency makes the pricing power naturally dispersed, but as institutions enter the market, the pricing power is slowly being concentrated.

BTC historical volatility

【BTC Options】

BTC historical volatility

10d 95%  

30d 98%

90d 78%

1Y   84% 

【Option Trading Volume】

Options volume was $533 million, with current open interest at $7.3 billion. The trading volume on Monday was significantly higher than that on the weekend, and the market was more active.

【IV】

Implied volatility for each normalized term:

Implied volatility for each normalized term:

1/25 ：1m 112.8%, 3m 107.2%, 6m 103.4%

Today: 1m 104.7%, 3m 107.5%, 6m 102.4%

【Option Flows】

Judging from the Option Flows data, Sell Calls accounted for more than half of the trading volume, and Buy Puts accounted for one-third. The bullish power has been consumed time and time again, and the current market tends to be balanced.

【Option position distribution】

【ETH Options】

【ETH Options】

ETH Historical Volatility

10d 173%  

30d 152%

90d 111%

1Y  110%

The trading volume of options on Ethereum today is 159 million US dollars, and the open interest is 1.8 billion US dollars. The trading volume of Ethereum is slightly higher than the average level.

【IV】 

Each standardized period IV:

Each standardized period IV:

1/25  ：1m 145%，3m 143%，6m 136%

Today: 1m 146%, 3m 144%, 6m 141%

【Option Flows】

Judging from the Option Flows data, more than half of the Buy Call turnover is today, and the power to chase more is still very tenacious.

【Option position distribution】

【Option position distribution】