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Project Overview
Greeks.live is a professional options app that provides popular tools such as "Delta Hedging with One Click," "Automatic Dynamic Hedging," and "Chasing and One-Click Chasing" functions.
Before monthly delivery, a whale bought 500 sets of end-of-month-expiring $90K/$95K bull call spreads
Odaily reports: Adam, a researcher at Greeks.live, posted on X stating that with just over a week until monthly delivery, this small bull market has entered a quiet phase, with a large volume of trades centered around range-bound expectations. This morning, a whale actively bought 500 sets of end-of-month-expiring bull call spreads with strike prices of $90,000 and $95,000. This is a relatively rare directional trade recently, and the whale may be anticipating a final market move this month.
BTC expiration-day IV doubles to 30%, but full-term IV drops 0.5% from a week ago
Odaily News, Greeks.live macro researcher Adam posted on platform X that BTC price has risen to $66,000, with expiration-day IV doubling to an extreme high of 30%. In fact, compared to a week ago, full-term IV has decreased by 0.5%.
Greeks.live：今日 3.2 万张 BTC 期权和 17.7 万张 ETH 期权到期
据期权分析师 [email protected]（@BTC__options）发布的 8月 7 日期权交割数据，3.2 万张 BTC 期权到期，Put Call Ratio 仅为 0.26，最大痛点 64,000 美元，名义价值 20.6 亿美元；17.7 万张 ETH 期权到期，Put Call Ratio 为0.77，最大痛点 1,900 美元，名义价值 3.4 亿美元。 比特币自 5 月以来持续在 64K 附近震荡逾两个月，65K 上方为年初上涨成交密集区，当前热点不在加密领域，投机资金难以流入，方向或偏向下行。加密货币市场已历经 9 个月熊市，整体隐含波动率（IV）维持低位已逾一季度，若 Q3 仍无增量资金流入，市场存在潜在较大风险暴露的隐忧。
Analyst: US Stock Trading Shifts to Coinbase, Expecting Unified Trading Experience After Merger with Deribit
Odaily News, Greeks.live Research Institute Adam posted on the X platform that recently, the IV for selling options has been relatively low and option premiums have thinned out, prompting him to explore other types of trading. He mentioned that he has always done some US stock trading, previously primarily through Chinese-language brokers, but following the tax audit风波, it has become less convenient to use them. After last month's announcement by Coinbase and Deribit, he has moved his US stock trading to Coinbase, aiming to have his margin used for both US stock and options trading after the future merger. He also expressed anticipation for the post-merger user experience, noting that spot liquidity is decent, and Advanced Trading offers products such as spot and perpetual contracts, providing a more unified trading experience without the need to switch between multiple platforms. He added that anyone trying out Coinbase's international exchange INTX ahead of time can reach out to him privately if they encounter issues.
Fee rates have been reduced, and Deribit's adjusted fee schedule has taken effect this month
Odaily News, Greeks.live Research Institute's Adam posted on the X platform, stating that Deribit's adjusted fee schedule has taken effect this month, and institutionalization is expected to become more pronounced moving forward. Overall fee rates have decreased, particularly the cap for deep out-of-the-money options for large traders, which has dropped significantly. Liquidity for deep out-of-the-money options is expected to improve, and activity in daily options is likely to increase. Spot trading will now incur transaction fees in the future, and the rates are not low.
Greeks.live: 149,000 BTC options, with a notional value of $9.6 billion, expire today
Odaily News [email protected] posted on the X platform that the options settlement data for July 31 shows that 149,000 BTC options expired, with a Put Call Ratio of 0.28, the max pain point at $64,000, and a notional value of $9.6 billion; 435,000 ETH options expired, with a Put Call Ratio of 0.63, the max pain point at $1,850, and a notional value of $830 million. Bitcoin fluctuated around $64,000 this week. As mentioned last week, the price range above $65,000 is a high-volume area formed during the early-year rally, and there is some resistance there.The U.S. stock market was quite volatile this week, but when U.S. stocks fell, funds did not flow into the crypto market, and the rebound did not drive the crypto market up either. Currently, capital inflows into crypto are limited, with trading volumes of some crypto-related U.S. stock products even surpassing many crypto assets, so conditions for an upward move are not in place. Looking at the main options data, 30% of options expired this week. On the call side, Gex is relatively dispersed, while on the put side, Gex is relatively concentrated. This month, BTC's PCR is only 0.26, with extremely low put open interest, while Ethereum's put open interest has remained relatively high.Overall IV has remained at a relatively low level for a quarter now. In Q3, we can observe rebounds when capital inflows occur. Crypto has been in an 8-month bear market, and trading attention in U.S. stocks has taken the lead. In the short term, some options can be sold, with the main trading focus placed on U.S. stocks.
Options feature goes live: Coinbase INTX's USDC options share liquidity with Deribit
Adam, a researcher at Greeks.live, posted on X that Coinbase INTX has launched options trading. Its USDC options share liquidity with Deribit, and the trading interface is close to the style of US stock trading software, so users familiar with the Coinbase interface can transition to it smoothly. The platform is currently still invite-only, some features are not yet fully ready, and its functional completeness is not on par with Deribit.
Greeks.live: Market enters correction phase, block put option trading volume accounts for one-third
According to an analysis released by Adam, a macro researcher at Greeks.live, the current crypto market has entered a correction phase. Options data shows that block put options now account for one-third of trading volume. The implied volatility (IV) across all major tenors has declined slightly compared to the previous two weeks, with no significant increase observed during the recent price rally, and has now fallen back to approximately 35%.
Coinbase and Deribit Plan September 9 Merger, Integrating Spot, Perpetuals, Options, and Futures into a Unified Trading System
Odaily News: Greek.live Research Institute's Adam stated on the X platform that Deribit has been continuously rolling out updates more than once a week recently. Spot liquidity has now been merged into Coinbase, and the majority of reserve assets have been custodied with Coinbase. These arrangements are aimed at preparing for the merger on September 9.Adam stated that Coinbase may deserve more attention than many expect, as this merger is not a simple brand integration. Coinbase's spot trading, global user base, and institutional framework will be integrated with Deribit's options, derivatives liquidity, and trading infrastructure.For traders, spot, perpetual, and options trading were previously spread across different platforms. After the merger, Coinbase will consolidate spot, perpetuals, options, and futures into a single trading system. The derivatives layer will leverage a new-generation matching engine and further consolidate previously fragmented liquidity.
Greeks.live：今日 3.2 万张 BTC 期权和 17.7 万张 ETH 期权到期
据期权分析师 [email protected]（@BTC__options）发布的 8月 7 日期权交割数据，3.2 万张 BTC 期权到期，Put Call Ratio 仅为 0.26，最大痛点 64,000 美元，名义价值 20.6 亿美元；17.7 万张 ETH 期权到期，Put Call Ratio 为0.77，最大痛点 1,900 美元，名义价值 3.4 亿美元。 比特币自 5 月以来持续在 64K 附近震荡逾两个月，65K 上方为年初上涨成交密集区，当前热点不在加密领域，投机资金难以流入，方向或偏向下行。加密货币市场已历经 9 个月熊市，整体隐含波动率（IV）维持低位已逾一季度，若 Q3 仍无增量资金流入，市场存在潜在较大风险暴露的隐忧。
Greeks.live: Bitcoin and Ethereum Options with $1.43 Billion Notional Value Expire and Settle Today
According to options expiry data released by [email protected] (@BTC__options), a total of 19,000 BTC options expired this week, with a Put Call Ratio of 0.89, Max Pain at $64,500, and a notional value of $1.2 billion; 125,000 ETH options expired, with a Put Call Ratio of 1.25, Max Pain at $1,875, and a notional value of $230 million. In terms of market conditions, BTC briefly broke through 66K this week but failed to hold. The 65K to 80K range is a high-volume trading zone from the early year's rally, indicating significant upside pressure. Overall IV has retreated to the 35% level, leaving fewer trading opportunities. Notably, the ETH put option ratio has exceeded 1 for 6 consecutive weeks, the longest duration on record, indicating sustained high bearish sentiment in the market. However, some traders are also taking the opportunity to sell Puts to buy the dip. Cryptocurrencies have experienced an 8-month bear market. From a cyclical perspective, the second half of the year may see a certain rebound.
Greeks.live Macro Researcher: The decline has not caused market concern; the current market does not support chasing short positions
, Greeks.live macro researcher Adam posted on platform X stating that through Options Terminal analysis of the weekend market, it was found that large funds mainly engaged in three types of operations:Selling near-term gamma and near-month volatility;Buying downside protection for medium-to-long-term tenors, or constructing defensive structures such as put fly and collar;Conducting pin and roll operations around the $79,000 to $80,000 range.He stated that the current market does not support chasing short positions, and the decline has not caused market concern, with whales expecting short-term consolidation.
Related news
Options feature goes live: Coinbase INTX's USDC options share liquidity with Deribit
Adam, a researcher at Greeks.live, posted on X that Coinbase INTX has launched options trading. Its USDC options share liquidity with Deribit, and the trading interface is close to the style of US stock trading software, so users familiar with the Coinbase interface can transition to it smoothly. The platform is currently still invite-only, some features are not yet fully ready, and its functional completeness is not on par with Deribit.
Before monthly delivery, a whale bought 500 sets of end-of-month-expiring $90K/$95K bull call spreads
Odaily reports: Adam, a researcher at Greeks.live, posted on X stating that with just over a week until monthly delivery, this small bull market has entered a quiet phase, with a large volume of trades centered around range-bound expectations. This morning, a whale actively bought 500 sets of end-of-month-expiring bull call spreads with strike prices of $90,000 and $95,000. This is a relatively rare directional trade recently, and the whale may be anticipating a final market move this month.
Greeks.live: 18,000 BTC options expire today, max pain at $83,000, notional value $1.47 billion.
According to a post by Adam (@BTC__options), a macro researcher at Greeks.live, a total of 18,000 BTC options expired on October 16, with a Put Call Ratio of 1, a max pain of $83,000, a notional value of $1.47 billion, accounting for 4.5% of total BTC option open interest. This week's macroeconomic data came in weak, US stocks corrected sharply, and the crypto market followed lower for most of the session, reflecting an overall soft tone. In terms of options data, the implied volatility (IV) for major tenors is around 35%, already at low levels with limited room for further decline, indicating that expected future market volatility remains at extremely low levels. Although the crypto market experienced a roughly two-month rebound earlier this summer, IV for major tenor options has stayed subdued throughout, with option buyers generally exercising caution and unwilling to pay high premiums to speculate on direction. Gamma exposure (GEX) is gradually clustering around the $90,000 round number, while additional gamma is also beginning to build near $80,000 below. Adam noted that he highlighted last week how monthly out-of-the-money option IV was relatively low, presenting a favorable environment for establishing downside protection; with prices having pulled back this week, he maintains that these hedging positions still warrant rolling.
$2.16 Billion in Notional Value Options Expiring, 22,000 BTC Options and 123,000 ETH Options to Settle on October 9
Odaily reports: Greeks.live researcher Adam posted on X platform that on October 9, 22,000 BTC options will expire, with a put/call ratio of 1.12, a max pain point of $84,000, and a notional value of $1.84 billion; 123,000 ETH options will expire, with a put/call ratio of 0.71, a max pain point of $2,650, and a notional value of $320 million. Tomorrow's settlement date will see 6% of Bitcoin options positions and 9% of Ethereum options expire. The market has been in a pullback for most of this week, and it remains to be seen which direction BTC will choose; based on major options data, current implied volatility is at a relatively low level, with implied volatility across major tenors continuing to decline, as market buyers are unwilling to bet on future price movements at higher prices. GEX is concentrated around $90,000, $95,000, and $100,000, with less accumulation at $80,000 and $85,000 near the settlement price.
This week, the total notional value of expiring BTC and ETH options is $2.95 billion
Adam, a researcher at Greeks.live, posted on X that on October 2, 30,500 BTC options expired, with a Put Call Ratio of 1.07, a max pain point of $82,000, and a notional value of $2.63 billion; 116,000 ETH options expired, with a Put Call Ratio of 1.17, a max pain point of $2,660, and a notional value of $320 million. On the first weekly expiry day after the quarterly delivery, the BTC price rebounded significantly on the delivery day, block trades in call options were active, and BTC has been fluctuating around $85,000 for more than a week.Adam said that this week, implied volatility across major tenors declined compared with last week and rebounded compared with two weeks ago, and is currently at a low since the start of this bull market; the trend in monthly realized volatility was similar, and the volatility risk premium across major tenors all declined. The peak Gex is at and above $90,000, and Gex in the downside direction has become dispersed again. After cryptocurrency experienced a 10-month bear market, this cycle has already seen a small bull market lasting more than a month, and it is currently in a sideways correction phase, with market sentiment having improved somewhat.
Greeks.live: Market enters correction phase, block put option trading volume accounts for one-third
According to an analysis released by Adam, a macro researcher at Greeks.live, the current crypto market has entered a correction phase. Options data shows that block put options now account for one-third of trading volume. The implied volatility (IV) across all major tenors has declined slightly compared to the previous two weeks, with no significant increase observed during the recent price rally, and has now fallen back to approximately 35%.