May 17, 2023
Weekly Mid-week Crypto Derivatives Market Recap where Imran Lakha of Options Insight gives brief yet concise breakdowns of BTC's & ETH's Volatility, Term-structure, Skew, Crypto Option Flows, and Gamma positioning.
This week Imran walks us through some key points.
1. BTC realized vol has been stable in the low to mid 40s as spot tested a $25k handle on Friday
2. BTC Term Structure remains flat after a brief visit into contango over the weekend
3. Skew - Up until yesterday put skew has been expanding as crypto market was showing weakness
4. BTC Option Volumes stable to slightly higher with puts accounting for around 30% of block flows / ETH Option flows remained more bearish as short dated call sellers and put buyers were seen
5. BTC dealer gamma spiked into positive when the market dropped but has since flipped negative / ETH positioning stayed positive all week even as spot was stuck around $1800
