Greeks.live: This week, the whales primarily sold call options, and there were also a significant number of put option purchases during the decline

ChainCatcher news, Greeks.live researcher Adam posted on social media that despite the Bitcoin halving being just around the corner, BTC volatility has significantly increased this week, with RV rising sharply. However, the downward trend in implied volatility (IV) across major expirations is very evident, with BTC Dvol dropping to 69% and ETH Dvol dropping to 71%.

It is reported that the margin released from quarterly settlements is gradually shifting to seller positions, with over 10,000 BTC positions at each integer level above $70,000. This week, whale operations have mainly focused on selling calls, while there have also been many put purchases during the downturn. Overall, the market sentiment is relatively subdued due to multiple factors, including high macro interest rates, limited ETF capital inflows, corrections in U.S. stocks and other risk assets, and active U.S. regulatory agencies. The cost-effectiveness of buying short-term options while IV is low is very high.