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Report by leading options traders analyzes BTC options data over the past four years.

January 24, 2023 /PRNewswire/ -- Amberdata, the leader in digital asset data and analytics for institutional customers, releases the most comprehensive research on BTC options by the leaders in options trading. The report encompasses four years of BTC options market data, focusing on Deribit as the leading options exchange, leveraging Amberdata's analytics. While the report focuses on finding profits in BTC volatility, it also uncovers some interesting ETH trends.

Two key take-aways: 

  • Crypto options are still inefficient and provide an opportunity for outperformance.

  • ETH options will be a major driver of volatility trading throughout 2023 and beyond.


Greg Magadini, Director of Derivatives at Amberdata, shared, "Compiling a report focused on four year of BTC options data has never been done before, and so this release marks a major milestone for the industry, particularly for traders seeking to enhance their trading strategies based on historical data and insights."

Other notable findings include:

  • In 2022, ETH options markets overtook BTC options markets in terms of volume and open interest for the first time ever.

  • Institutional block trading activity in ETH options increased more than 300% in 2022.

  • Monthly volumes have been growing significantly for ETH while BTC hasn’t grown significantly beyond the highs seen in January 2021.

  • In 2022, BTC spot and volatility relationships resembled equity index volatility, whereas in 2021 this relationship resembled scarce commodities.

A who’s who of crypto options trading came together with Greg Magadini and Fabio Bassani of Amberdata Derivatives to complete this first-ever analysis. The team included notable options heavyweights Euan Sinclair, Option Trader and author of several option books, Tony Stewart, Advisor, Trader, Deribit Contributing Analyst and previous Morgan Stanley Managing Director and Head of European Index Derivatives Trading and Samneet Chepal, Crypto Quant Derivatives Trader at LedgerPrime. 

Euan Sinclair shared, "Finding profitable option strategies is typically easy when you're selling the put-leg, but what we've found in crypto vol. is a profitable strategy backtest that allows traders to get long the put-leg. This is a valuable finding."

Tony Stewart added, “Being one of the earliest traditional finance vol. traders to have made the full transition over to the crypto vol. space, it has been extremely helpful to analyze and contextualize the spot/vol. regimes over the past four years. Readers stand to learn a lot from this report."

The team leveraged insights from the data analysis to find significantly profitable strategies, while also reducing risk, demonstrating how crypto options can enhance portfolio performance. The team assessed a variety of systematic volatility trading scenarios (straddle, butterfly) and provided a complete look at the nuances of risk-reversal strategies. 

Click here to download a copy of the report.

Read the official press release HERE.

Download the Report

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