- Whales are positioning for a short-term decline in Bitcoin without expecting a major drop.
- A large calendar spread trade shows a neutral outlook on Bitcoin’s direction.
- A buy-put ratio spread targets a rapid decline in Bitcoin’s price to $80,000–$85,000.
Giant crypto whales have re-entered the Bitcoin derivatives space with structured option strategies. Their trades indicate positioning for a short-term decline but show no signs of anticipating a major market drop. Recent block trades reflect expectations of a fluctuating environment, supported by targeted volatility plays and precise strike range setups. Data from March 25 and 26 reveals calculated moves by institutional players using complex spread techniques.
Calendar Spreads Reflect Neutral Price Outlook
According to a recent post on X by Greeks.live on block daily trading report, the largest block trade reported involved a call calendar spread strategy. This trade structure involved selling far-month BTC call options while buying near-month calls. The approach seeks to profit from faster time decay in near-month options as well as relative implied volatility differences between the two expiries.
Traders executing this spread appeared neutral on Bitcoin’s direction. The trade relies on near-month implied volatility declining or converging with far-month levels. The setup is designed for an oscillating market, where price movement remains limited within a tight range. Monitoring of volatility and the underlying BTC price remains crucial to the success of the spread.
March 25 Sees Single Major Block Trade
Activity on March 25 included only one major block trade. The structure involved a non-standard calendar spread using straddle components. Traders sold near-month calls while buying far-month calls. A total of 400 such spreads were executed with a combined notional value of $104 million.
This particular setup signals positioning for implied volatility movement. Profits could result if near-month volatility declines or if far-month volatility increases. The straddle spread also allows gains in the event of BTC hovering between $95,000 and $100,000.
Put Ratio Spread Targets Rapid BTC Drop
On March 26, activity resumed with two significant trades. One notable structure was the Buy Put Ratio Spread. In this setup, traders bought one high strike put and sold two lower strike puts. A total of 300 spreads were placed with a notional exposure of $78 million.
This strategy anticipates a sharp and rapid decline in BTC’s price toward the $80,000 to $85,000 range. The trade benefits from increased gamma in the lower strike puts, which enhances profits during swift price drops. The asymmetric nature of the spread allows traders to position for large downside moves while managing risk on premium outlay.
The block trading activity reported aligns with current market conditions showing instability without large directional moves. Whales appear focused on volatility structures rather than outright directional bets. The use of spreads based on time decay and gamma positioning reflects a cautious but active approach to Bitcoin’s short-term movement.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed