🚨 In-depth analysis of today's cryptocurrency options block trades 🚨 Bitcoin options: put calendar spreads dominate as institutions bet on short-term volatility + long-term stability Core strategy: multiple large trades focused on BTC put options calendar spreads - buying end-April 80,000 strike puts while selling end-June 85,000 strike puts. The notional value accumulated over 21 million, with the largest single trade reaching 11.64 million, highlighting the layout of institutional funds. Greeks Signal: Δ≈0.6-1.0 (mildly bullish/hedge downside risk), Theta significantly negative (-1707 to -2728), suggesting that traders are expecting short-term price volatility or an event-driven market, but need to take profits quickly to avoid time loss. Volatility Expectations: Vega is negative (-1554 to -2492), suggesting a bet on a volatility pullback or an arbitrage volatility term structure (short-term high volatility vs. long-term flattening). Execution details: Spread (SFM) is only 3.0bp, close to the market mid-price, and Screen Size reaches x14, suggesting ample liquidity, or a market maker hedging position. Key findings BTC institutional movement: large calendar spreads may be a hedge against selling pressure after April halving, while selling forward-month puts to reduce hedging costs, implying ‘short-term caution, long-term non-pessimism’ expectations. ETH strategy subtle: multi-legged combination to lock in volatility premium, reflecting market expectations that ETH is difficult to break the previous high in the short term, but the risk of a sharp fall is also limited. Volatility window period: the two major currencies trading implied volatility return to neutral judgement, vigilant major macro events to break the current equilibrium! 📊 Tracking smart money dynamics, insight into market opportunities! #optionsbulk #bitcoin #volatility