Researcher at Greeks.live: Today, there are more than 50 large orders with a nominal value exceeding $5 million

Greeks.live's macro researcher Adam posted on platform X, stating that during the US trading hours, Bitcoin continued to surge past $56,000. It is now less than 20% away from its historical high. The rapid rise has led to various increases in major term IVs, with a noticeable uptrend in short-term option IVs. The explosive market situation has also fueled a frenzy in the bulk trading market. Today alone, there have been over 50 bulk orders with a nominal value exceeding $5 million, and some of the largest ones were actively opening positions to buy deep out-of-the-money put options.

This kind of market phenomenon is relatively rare and only occurs during several bull markets driven by spot prices historically. Spot holders are purchasing put options for price protection while holding onto their spots to benefit from the most explosive part of the bull market acceleration. By taking out a small portion of profits to buy deep out-of-the-money put options, they can profit both ways during sharp declines in the bull market process. This strategy has been highly recommended over the past two weeks as well.