@BOMBERuss 14 May 2021 more from that month

Bitcoin Options As a result of strong selling pressure BTC recently dropped all the way to $46K. Over the last week call skew never showed levels of excessive greed and option traders were positioned accordingly. Implied volatility is lower than realized. With BTC back at $50K, the Options market is giving $54K and $46K a 48% and 31% chance respectively by the end of June. Last week saw a 40% probability of $60K and $30% of $52K by end of May with spot at $56K. Call skew has has sold off into deeply negative territory from which it hasn't recovered so far. On the downside there is activity in $48K puts while upside in the $50K and $60K strikes is sold. On extremes, OI in $40K puts, $80K and $100K calls need mentioning. Gamma exposure is highest at $50K for both puts and calls. Rallies showed clear signs of exhaustion and option writers didn't hesitate to sell more upside to speculators. Negative call skew now paints a pessimistic picture for the upcoming weeks. #CryptoTrading