Volatility Weekly

Volatility Update, 10/20/23

BitOoda Crypto Market Report

Michael Tauckus

Key Takeaway #1

The week began on an optimistic note, bolstered by the SEC's decision not to appeal the court ruling on the Grayscale Bitcoin ETF. The rally gained considerable momentum early on Monday following the announcement by a news outlet of the approval of a spot Bitcoin ETF. However, this news was subsequently debunked, causing the rally, which had propelled Bitcoin (BTC) by over $2000 and Ethereum (ETH) by $50, to vanish.

Key Takeaway #2

The correlation between spot and implied volatility remain, particularly in BTC.

Key Takeaway #3

Despite substantial movements in the underlying futures, overall option flows saw a decline of approximately 10% through the week.

Key Takeaway #4

Options selling pressure eased this morning following the significant rally in both products, as we saw the ETH call overwriter exhibit a degree of nervousness, covering some short call positions ahead of the weekend. Currently, week on week, front-end implied volatility has seen an increase of approximately 10% in BTC and 6% in ETH.Purpose This research is only for the clients of BitOoda. This research is not intended to constitute an offer, solicitation, or invitation for any securities and may not be distributed into jurisdictions where it is unlawful to do so. For additional disclosures and information, please contact a BitOoda representative at info@bitooda.io. Analyst Certification Michael Tauckus, the research analyst denoted by an “AC” on the cover of this report, hereby certifies that all of the views expressed in this report accurately reflect his personal views, which have not been influenced by considerations of the firm’s business or client relationships. Conflicts of Interest This research contains the views, opinions, and recommendations of BitOoda. This report is intended for research and educational purposes only. We are not compensated in any way based upon any specific view or recommendation. General Disclosures Any information (“Information”) provided by BitOoda Holdings, Inc., BitOoda Digital, LLC, BitOoda Technologies, LLC or Ooda Commodities, LLC and its affiliated or related companies (collectively, “BitOoda”), either in this publication or document, in any other communication, or on or throughhttp://www.bitooda.io/, including any information regarding proposed transactions or trading strategies, is for informational purposes only and is provided without charge. BitOoda is not and does not act as a fiduciary or adviser, or in any similar capacity, in providing the Information, and the Information may not be relied upon as investment, financial, legal, tax, regulatory, or any other type of advice. The Information is being distributed as part of BitOoda’s sales and marketing efforts as an introducing broker and is incidental to its business as such.BitOoda seeks to earn execution fees when its clients execute transactions using its brokerage services. BitOoda makes no representations or warranties (express or implied) regarding, nor shall it have any responsibility or liability for the accuracy, adequacy, timeliness or completeness of, the Information, and no representation is made or is to be implied that the Information will remain unchanged. BitOoda undertakes no duty to amend, correct, update, or otherwise supplement the Information. The Information has not been prepared or tailored to address, and may not be suitable or appropriate for the particular financial needs, circumstances or requirements of any person, and it should not be the basis for making any investment or transaction decision. The Information is not a recommendation to engage in any transaction. The digital asset industry is subject to a range of inherent risks, including but not limited to: price volatility, limited liquidity, limited and incomplete information regarding certain instruments, products, or digital assets, and a still emerging and evolving regulatory environment. The past performance of any instruments, products or digital assets addressed in the Information is not a guide to future performance, nor is it a reliable indicator of future results or performance. All derivatives brokerage is conducted byOoda Commodities, LLC a member of NFA and subject to NFA’s regulatory oversight and examinations. However, you should be aware that NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians or markets. BitOoda Technologies, LLC is a member of FINRA. “BitOoda”, “BitOoda Difficulty”, “BitOoda Hash”, “BitOoda Compute”, and the BitOoda logo are trademarks of BitOoda Holdings, Inc. Copyright 2023 BitOoda Holdings, Inc. All rights reserved. No part of this material may be reprinted, redistributed, or sold without prior written consent of BitOoda.

The hunt for Green Uptober continues in the crypto markets. The week began on an optimistic note, bolstered by the SEC's decision not to appeal the court ruling on the Grayscale Bitcoin ETF. The rally gained considerable momentum early on Monday following the announcement by a news outlet of the approval of a spot Bitcoin ETF. However, this news was subsequently debunked, causing the rally, which had propelled Bitcoin (BTC) by over $2000 and Ethereum (ETH) by $50, to vanish. Episodes like these serve as a harsh reminder to short options players about the perils of carrying short gamma positions, particularly when implied volatility hovers around the 30% mark. Such round-turn price swings can be extremely costly, forcing delta covering at both the peak and trough to maintain delta neutrality. Remarkably, despite growing geopolitical tensions and an overall risk-averse sentiment across the macroeconomic spectrum, cryptocurrencies managed to preserve their prior gains, building to a rally this morning and currently trading at Monday's highs once more.

The correlation between spot and implied volatility remain, particularly in BTC. This week witnessed a simultaneous uptick in implied volatility, although this was somewhat mitigated by profit-taking in the October upside options. Shrewd traders, anticipating a rally this week, realized substantial profits by selling their spec long calls at gains of up to 10 times their initial investment. Per the usual trend, implied volatilities exhibited a mean reversion over the course of the week before rallying this morning.

Despite substantial movements in the underlying futures, overall option flows saw a decline of approximately 10% through the week. Much of the options trading activity focused on the upside potential in BTC, with significant paper buying calls in the November and December expirations. In contrast, ETH options trading remained relatively subdued for most of the week. It is noteworthy that the ETH call overwriter remained active, particularly in the aggressive sale of November $1650 and December $1700 through $1900 calls through Thursday. This trading activity, in conjunction with existing positions, pushed the BTC/ETH implied volatility spread to a 5% BTC premium.

An interesting development is the shift in skew over the past week. While we had consistently observed positive call skew in the back end of both curves, recent weeks had seen puts more in favor in the front end. This dynamic shifted this week, with skew turning positive toward the calls in every expiration for both majors. Worth noting is the significant skew differential between BTC and ETH in the November through January contracts, likely reflecting the market's anticipation of a spot Bitcoin ETF approval.

Options selling pressure eased this morning following the significant rally in both products, as we saw the ETH call overwriter exhibit a degree of nervousness, covering some short call positions ahead of the weekend. Currently, week on week, front-end implied volatility has seen an increase of approximately 10% in BTC and 6% in ETH. The performance of cryptocurrency assets throughout the week, despite the prevailing macroeconomic risk-off sentiment, is encouraging and bodes well for the space. Options at current levels appear reasonably priced, and following a profitable week of gamma scalping, we recommend reducing front-end positions, either by exiting existing positions or rolling them to longer-dated contracts.

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The hunt for Green Uptober continues in the crypto markets. The week began on an optimistic note, bolstered by the SEC's decision not to appeal the court ruling on the Grayscale Bitcoin ETF. The rally gained considerable momentum early on Monday following the announcement by a news outlet of the approval of a spot Bitcoin ETF. However, this news was subsequently debunked, causing the rally, which had propelled Bitcoin (BTC) by over $2000 and Ethereum (ETH) by $50, to vanish. Episodes like these serve as a harsh reminder to short options players about the perils of carrying short gamma positions, particularly when implied volatility hovers around the 30% mark. Such round-turn price swings can be extremely costly, forcing delta covering at both the peak and trough to maintain delta neutrality. Remarkably, despite growing geopolitical tensions and an overall risk-averse sentiment across the macroeconomic spectrum, cryptocurrencies managed to preserve their prior gains, building to a rally this morning and currently trading at Monday's highs once more.

The correlation between spot and implied volatility remain, particularly in BTC. This week witnessed a simultaneous uptick in implied volatility, although this was somewhat mitigated by profit-taking in the October upside options. Shrewd traders, anticipating a rally this week, realized substantial profits by selling their spec long calls at gains of up to 10 times their initial investment. Per the usual trend, implied volatilities exhibited a mean reversion over the course of the week before rallying this morning.

Despite substantial movements in the underlying futures, overall option flows saw a decline of approximately 10% through the week. Much of the options trading activity focused on the upside potential in BTC, with significant paper buying calls in the November and December expirations. In contrast, ETH options trading remained relatively subdued for most of the week. It is noteworthy that the ETH call overwriter remained active, particularly in the aggressive sale of November $1650 and December $1700 through $1900 calls through Thursday. This trading activity, in conjunction with existing positions, pushed the BTC/ETH implied volatility spread to a 5% BTC premium.

An interesting development is the shift in skew over the past week. While we had consistently observed positive call skew in the back end of both curves, recent weeks had seen puts more in favor in the front end. This dynamic shifted this week, with skew turning positive toward the calls in every expiration for both majors. Worth noting is the significant skew differential between BTC and ETH in the November through January contracts, likely reflecting the market's anticipation of a spot Bitcoin ETF approval.

Options selling pressure eased this morning following the significant rally in both products, as we saw the ETH call overwriter exhibit a degree of nervousness, covering some short call positions ahead of the weekend. Currently, week on week, front-end implied volatility has seen an increase of approximately 10% in BTC and 6% in ETH. The performance of cryptocurrency assets throughout the week, despite the prevailing macroeconomic risk-off sentiment, is encouraging and bodes well for the space. Options at current levels appear reasonably priced, and following a profitable week of gamma scalping, we recommend reducing front-end positions, either by exiting existing positions or rolling them to longer-dated contracts.

1 Month Realized Volatility BTC vs ETH

• For the past 3 weeks, 30 day ETH realized volatility had outpaced that of BTC by an average of 2.5%.

• This week’s moves in BTC have outpaced those of ETH, leading to greater realized volatility.

• BTC realized vol for the week is now above ETH by a little more than 1%.

ATM IV Term Structure

• Contango in both majors remains, but has flattened with this week’s rally in underlying price.

• BTC IV rally is outpacing ETH, which is understandable given the outperformance in spot price.

• The belly (Nov-Jan) of both curves snapped back this week after taking a hit amid aggressive selling last Friday.

At-the-Money Front Month Daily Implied Volatility

• Front month IV popped over 8% this morning amid positive news surrounding possible spot bitcoin ETF approvals.

• After inching toward a flat IV spread one week ago, BTC has regained a 5% premium to ETH IV.

• With one week to expiration, we recommend rolling options length from the October contract into November.

‍

BTC & ETH 25 Delta Skew (30 day)

• Skew continues to be much more volatile than outright implied volatility.

• On the heels of the rally in underlying price, skew has reverted back toward the calls.

• This is a strong indication that much of the paper flow in cryptos is currently speculative paper, bidding calls on rallies and puts on selloffs.

• While we may see sustained call skew in BTC, the presence of the ETH call overwriter diminishes the potential for sustained call skew in ETH. As such, we recommend taking profits on this move.

Front Month IV Curves

• 1 week BTC 25 delta puts priced flat vol with ATM, with 25 delta calls priced 4.75 vols over ATM.

• 1 week ETH 25 delta puts priced 1 vol under ATM, with 25 delta calls priced 4.5 vols under ATM.

• Skew has shifted significantly toward the calls this week, particularly in ETH.

• Last Friday, we recommended a strategy to buy call/sell put in ETH, believing the skew had reached an extreme level toward the puts and would likely revert this week. With the rally in underlying price, skew in the ETH October contract has flipped more than 12% since last Friday. We recommend taking profit on this trade with expiration on the horizon next week.

ETH 1x2 Call Spread Expiring March 2024

• We will continue to monitor our past two recommended trade strategies in the ETH March ‘24 contract.

• We suggested selling the $2100/$2500 1 by 2 call spread (selling the $2100 call, buying 2 $2500 calls) at flat premium. Last week, we rolled this strategy closer to at-the-money at flat premium into the $1800/$2100 strikes.

• After rolling, the current position is short 1 March ‘24 $1800 call and long 2 $2100 calls.

• ATM implied volatility in March ’24 stands at 44%, resulting in a current profit of $50 to the two options on the strategy as the market recovered this week.

• We recommend holding the strategy at current levels.

ETH 1x2 Iron Butt

erfly Expiring March 2024

• Monitoring our second recommended strategy of selling one March $1900 Straddle and buying two $1600/$2200 Strangles:

• Similar to the call spread ratio, there was zero outlay of premium.

• Currently this iron butterfly ratio value remains flat.

• We view this as a long-term strategy and recommend rolling the strikes down on a break below $1500 in the underlying.

Notable Headlines

Bitcoin Jumps to $30K, Then Dumps, as False Spot ETF Approval Report Circulates: https://www.coindesk.com/markets/2023/10/16/bitcoin-momentarily-hits-30k-on-false-spot-etf-approval-report-leads-to-100m-liquidations/

Bitcoin Mining Activity Surges as Difficulty Soars to New Peak: https://decrypt.co/201821/bitcoin-mining-activity-surges-difficulty-soars-new-peak

Why Crypto and Wall Street Are Longing for Spot Bitcoin ETFs: https://www.bloomberg.com/news/articles/2023-10-17/spot-bitcoin-etf-what-to-know-about-grayscale-blackrock-ishares-funds?leadSource=uverify%20wall

Bitcoin holds onto momentum after 'dress rehearsal' for possible spot ETF approval: https://www.theblock.co/post/257930/bitcoin-holds-onto-momentum-after-dress-rehearsal-for-possible-spot-etf-approval

Spot Bitcoin ETF Excitement Hits Main Street, Google Search Indicates: https://www.coindesk.com/markets/2023/10/20/spot-bitcoin-etf-excitement-hits-main-street-google-search-indicates/

Bitcoin price flirts with $30,000 mark during sustained rally: https://www.theblock.co/post/258675/bitcoin-price-flirts-with-30000-mark-during-sustained-rally

SEC Retreats From High-Stakes Lawsuit Over XRP Cryptocurrency: https://www.wsj.com/finance/regulation/sec-retreats-from-high-stakes-lawsuit-over-xrp-cryptocurrency-e81f6a8c

Grayscale ETF Case's Final Word Coming in Federal Court as SEC Loss Formalized: https://www.coindesk.com/policy/2023/10/19/grayscale-etf-cases-final-word-coming-in-federal-court-as-sec-loss-formalized/

Why JP Morgan and BlackRock are All In on Bitcoin Mining? https://www.altcoinbuzz.io/bitcoin-and-crypto-guide/why-jp-morgan-and-blackrock-are-all-in-on-bitcoin-mining/

SEC drops charges against Ripple executives Brad Garlinghouse and Chris Larsen in ongoing XRP litigation: https://fortune.com/crypto/2023/10/19/sec-drops-charges-ripple-xrp-garlinghouse-larsen/

‍

Disclosures

Purpose

This research is only for the clients of BitOoda. This research is not intended to constitute an offer, solicitation, or invitation for any securities and may not be distributed into jurisdictions where it is unlawful to do so. For additional disclosures and information, please contact a BitOoda representative at info@bitooda.io.

Analyst Certification

Michael Tauckus, the research analyst denoted by an “AC” on the cover of this report, hereby certifies that all of the views expressed in this report accurately reflect his personal views, which have not been influenced by considerations of the firm’s business or client relationships.

Conflicts of Interest

This research contains the views, opinions, and recommendations of BitOoda. This report is intended for research and educational purposes only. We are not compensated in any way based upon any specific view or recommendation.

General Disclosures

Any information (“Information”) provided by BitOoda Holdings, Inc., BitOoda Digital, LLC, BitOoda Technologies, LLC or Ooda Commodities, LLC and its affiliated or related companies (collectively, “BitOoda”), either in this publication or document, in any other communication, or on or throughhttp://www.bitooda.io/, including any information regarding proposed transactions or trading strategies, is for informational purposes only and is provided without charge. BitOoda is not and does not act as a fiduciary or adviser, or in any similar capacity, in providing the Information, and the Information may not be relied upon as investment, financial, legal, tax, regulatory, or any other type of advice. The Information is being distributed as part of BitOoda’s sales and marketing efforts as an introducing broker and is incidental to its business as such.BitOoda seeks to earn execution fees when its clients execute transactions using its brokerage services. BitOoda makes no representations or warranties (express or implied) regarding, nor shall it have any responsibility or liability for the accuracy, adequacy, timeliness or completeness of, the Information, and no representation is made or is to be implied that the Information will remain unchanged. BitOoda undertakes no duty to amend, correct, update, or otherwise supplement the Information.

The Information has not been prepared or tailored to address, and may not be suitable or appropriate for the particular financial needs, circumstances or requirements of any person, and it should not be the basis for making any investment or transaction decision. The Information is not a recommendation to engage in any transaction. The digital asset industry is subject to a range of inherent risks, including but not limited to: price volatility, limited liquidity, limited and incomplete information regarding certain instruments, products, or digital assets, and a still emerging and evolving regulatory environment. The past performance of any instruments, products or digital assets addressed in the Information is not a guide to future performance, nor is it a reliable indicator of future results or performance.

All derivatives brokerage is conducted byOoda Commodities, LLC a member of NFA and subject to NFA’s regulatory oversight and examinations. However, you should be aware that NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians or markets.

BitOoda Technologies, LLC is a member of FINRA.

“BitOoda”, “BitOoda Difficulty”, “BitOoda Hash”, “BitOoda Compute”, and the BitOoda logo are trademarks of BitOoda Holdings, Inc.

The hunt for Green Uptober continues in the crypto markets. The week began on an optimistic note, bolstered by the SEC's decision not to appeal the court ruling on the Grayscale Bitcoin ETF. The rally gained considerable momentum early on Monday following the announcement by a news outlet of the approval of a spot Bitcoin ETF. However, this news was subsequently debunked, causing the rally, which had propelled Bitcoin (BTC) by over $2000 and Ethereum (ETH) by $50, to vanish. Episodes like these serve as a harsh reminder to short options players about the perils of carrying short gamma positions, particularly when implied volatility hovers around the 30% mark. Such round-turn price swings can be extremely costly, forcing delta covering at both the peak and trough to maintain delta neutrality. Remarkably, despite growing geopolitical tensions and an overall risk-averse sentiment across the macroeconomic spectrum, cryptocurrencies managed to preserve their prior gains, building to a rally this morning and currently trading at Monday's highs once more.

The correlation between spot and implied volatility remain, particularly in BTC. This week witnessed a simultaneous uptick in implied volatility, although this was somewhat mitigated by profit-taking in the October upside options. Shrewd traders, anticipating a rally this week, realized substantial profits by selling their spec long calls at gains of up to 10 times their initial investment. Per the usual trend, implied volatilities exhibited a mean reversion over the course of the week before rallying this morning.

Despite substantial movements in the underlying futures, overall option flows saw a decline of approximately 10% through the week. Much of the options trading activity focused on the upside potential in BTC, with significant paper buying calls in the November and December expirations. In contrast, ETH options trading remained relatively subdued for most of the week. It is noteworthy that the ETH call overwriter remained active, particularly in the aggressive sale of November $1650 and December $1700 through $1900 calls through Thursday. This trading activity, in conjunction with existing positions, pushed the BTC/ETH implied volatility spread to a 5% BTC premium.

An interesting development is the shift in skew over the past week. While we had consistently observed positive call skew in the back end of both curves, recent weeks had seen puts more in favor in the front end. This dynamic shifted this week, with skew turning positive toward the calls in every expiration for both majors. Worth noting is the significant skew differential between BTC and ETH in the November through January contracts, likely reflecting the market's anticipation of a spot Bitcoin ETF approval.

Options selling pressure eased this morning following the significant rally in both products, as we saw the ETH call overwriter exhibit a degree of nervousness, covering some short call positions ahead of the weekend. Currently, week on week, front-end implied volatility has seen an increase of approximately 10% in BTC and 6% in ETH. The performance of cryptocurrency assets throughout the week, despite the prevailing macroeconomic risk-off sentiment, is encouraging and bodes well for the space. Options at current levels appear reasonably priced, and following a profitable week of gamma scalping, we recommend reducing front-end positions, either by exiting existing positions or rolling them to longer-dated contracts.

1 Month Realized Volatility BTC vs ETH

• For the past 3 weeks, 30 day ETH realized volatility had outpaced that of BTC by an average of 2.5%.

• This week’s moves in BTC have outpaced those of ETH, leading to greater realized volatility.

• BTC realized vol for the week is now above ETH by a little more than 1%.

ATM IV Term Structure

• Contango in both majors remains, but has flattened with this week’s rally in underlying price.

• BTC IV rally is outpacing ETH, which is understandable given the outperformance in spot price.

• The belly (Nov-Jan) of both curves snapped back this week after taking a hit amid aggressive selling last Friday.

At-the-Money Front Month Daily Implied Volatility

• Front month IV popped over 8% this morning amid positive news surrounding possible spot bitcoin ETF approvals.

• After inching toward a flat IV spread one week ago, BTC has regained a 5% premium to ETH IV.

• With one week to expiration, we recommend rolling options length from the October contract into November.

‍

BTC & ETH 25 Delta Skew (30 day)

• Skew continues to be much more volatile than outright implied volatility.

• On the heels of the rally in underlying price, skew has reverted back toward the calls.

• This is a strong indication that much of the paper flow in cryptos is currently speculative paper, bidding calls on rallies and puts on selloffs.

• While we may see sustained call skew in BTC, the presence of the ETH call overwriter diminishes the potential for sustained call skew in ETH. As such, we recommend taking profits on this move.

Front Month IV Curves

• 1 week BTC 25 delta puts priced flat vol with ATM, with 25 delta calls priced 4.75 vols over ATM.

• 1 week ETH 25 delta puts priced 1 vol under ATM, with 25 delta calls priced 4.5 vols under ATM.

• Skew has shifted significantly toward the calls this week, particularly in ETH.

• Last Friday, we recommended a strategy to buy call/sell put in ETH, believing the skew had reached an extreme level toward the puts and would likely revert this week. With the rally in underlying price, skew in the ETH October contract has flipped more than 12% since last Friday. We recommend taking profit on this trade with expiration on the horizon next week.

ETH 1x2 Call Spread Expiring March 2024

• We will continue to monitor our past two recommended trade strategies in the ETH March ‘24 contract.

• We suggested selling the $2100/$2500 1 by 2 call spread (selling the $2100 call, buying 2 $2500 calls) at flat premium. Last week, we rolled this strategy closer to at-the-money at flat premium into the $1800/$2100 strikes.

• After rolling, the current position is short 1 March ‘24 $1800 call and long 2 $2100 calls.

• ATM implied volatility in March ’24 stands at 44%, resulting in a current profit of $50 to the two options on the strategy as the market recovered this week.

• We recommend holding the strategy at current levels.

ETH 1x2 Iron Butt

erfly Expiring March 2024

• Monitoring our second recommended strategy of selling one March $1900 Straddle and buying two $1600/$2200 Strangles:

• Similar to the call spread ratio, there was zero outlay of premium.

• Currently this iron butterfly ratio value remains flat.

• We view this as a long-term strategy and recommend rolling the strikes down on a break below $1500 in the underlying.

Notable Headlines

Bitcoin Jumps to $30K, Then Dumps, as False Spot ETF Approval Report Circulates: https://www.coindesk.com/markets/2023/10/16/bitcoin-momentarily-hits-30k-on-false-spot-etf-approval-report-leads-to-100m-liquidations/

Bitcoin Mining Activity Surges as Difficulty Soars to New Peak: https://decrypt.co/201821/bitcoin-mining-activity-surges-difficulty-soars-new-peak

Why Crypto and Wall Street Are Longing for Spot Bitcoin ETFs: https://www.bloomberg.com/news/articles/2023-10-17/spot-bitcoin-etf-what-to-know-about-grayscale-blackrock-ishares-funds?leadSource=uverify%20wall

Bitcoin holds onto momentum after 'dress rehearsal' for possible spot ETF approval: https://www.theblock.co/post/257930/bitcoin-holds-onto-momentum-after-dress-rehearsal-for-possible-spot-etf-approval

Spot Bitcoin ETF Excitement Hits Main Street, Google Search Indicates: https://www.coindesk.com/markets/2023/10/20/spot-bitcoin-etf-excitement-hits-main-street-google-search-indicates/

Bitcoin price flirts with $30,000 mark during sustained rally: https://www.theblock.co/post/258675/bitcoin-price-flirts-with-30000-mark-during-sustained-rally

SEC Retreats From High-Stakes Lawsuit Over XRP Cryptocurrency: https://www.wsj.com/finance/regulation/sec-retreats-from-high-stakes-lawsuit-over-xrp-cryptocurrency-e81f6a8c

Grayscale ETF Case's Final Word Coming in Federal Court as SEC Loss Formalized: https://www.coindesk.com/policy/2023/10/19/grayscale-etf-cases-final-word-coming-in-federal-court-as-sec-loss-formalized/

Why JP Morgan and BlackRock are All In on Bitcoin Mining? https://www.altcoinbuzz.io/bitcoin-and-crypto-guide/why-jp-morgan-and-blackrock-are-all-in-on-bitcoin-mining/

SEC drops charges against Ripple executives Brad Garlinghouse and Chris Larsen in ongoing XRP litigation: https://fortune.com/crypto/2023/10/19/sec-drops-charges-ripple-xrp-garlinghouse-larsen/

‍

Disclosures

Purpose

This research is only for the clients of BitOoda. This research is not intended to constitute an offer, solicitation, or invitation for any securities and may not be distributed into jurisdictions where it is unlawful to do so. For additional disclosures and information, please contact a BitOoda representative at info@bitooda.io.

Analyst Certification

Michael Tauckus, the research analyst denoted by an “AC” on the cover of this report, hereby certifies that all of the views expressed in this report accurately reflect his personal views, which have not been influenced by considerations of the firm’s business or client relationships.

Conflicts of Interest

This research contains the views, opinions, and recommendations of BitOoda. This report is intended for research and educational purposes only. We are not compensated in any way based upon any specific view or recommendation.

General Disclosures

Any information (“Information”) provided by BitOoda Holdings, Inc., BitOoda Digital, LLC, BitOoda Technologies, LLC or Ooda Commodities, LLC and its affiliated or related companies (collectively, “BitOoda”), either in this publication or document, in any other communication, or on or throughhttp://www.bitooda.io/, including any information regarding proposed transactions or trading strategies, is for informational purposes only and is provided without charge. BitOoda is not and does not act as a fiduciary or adviser, or in any similar capacity, in providing the Information, and the Information may not be relied upon as investment, financial, legal, tax, regulatory, or any other type of advice. The Information is being distributed as part of BitOoda’s sales and marketing efforts as an introducing broker and is incidental to its business as such.BitOoda seeks to earn execution fees when its clients execute transactions using its brokerage services. BitOoda makes no representations or warranties (express or implied) regarding, nor shall it have any responsibility or liability for the accuracy, adequacy, timeliness or completeness of, the Information, and no representation is made or is to be implied that the Information will remain unchanged. BitOoda undertakes no duty to amend, correct, update, or otherwise supplement the Information.

The Information has not been prepared or tailored to address, and may not be suitable or appropriate for the particular financial needs, circumstances or requirements of any person, and it should not be the basis for making any investment or transaction decision. The Information is not a recommendation to engage in any transaction. The digital asset industry is subject to a range of inherent risks, including but not limited to: price volatility, limited liquidity, limited and incomplete information regarding certain instruments, products, or digital assets, and a still emerging and evolving regulatory environment. The past performance of any instruments, products or digital assets addressed in the Information is not a guide to future performance, nor is it a reliable indicator of future results or performance.

All derivatives brokerage is conducted byOoda Commodities, LLC a member of NFA and subject to NFA’s regulatory oversight and examinations. However, you should be aware that NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians or markets.

BitOoda Technologies, LLC is a member of FINRA.

“BitOoda”, “BitOoda Difficulty”, “BitOoda Hash”, “BitOoda Compute”, and the BitOoda logo are trademarks of BitOoda Holdings, Inc.

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Markets are higher again today with Bitcoin leading the charge, up 2.7% to $45,385 while ETH is lagging a bit, up 1.1% to $2,453. We’re seeing the oft-mentioned ETH call overwriter covering some short calls overnight into this morning, with ~25k Feb calls bought. This is a small part of the book, and we expect more buying from this entity as the market pushes up to avoid auto-liquidation

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Premium Content

Table of contents

Research By

Key Metrics

1 Month Realized Volatility BTC vs ETH

ATM IV Term Structure

At-the-Money Front Month Daily Implied Volatility

BTC & ETH 25 Delta Skew (30 day)

Front Month IV Curves

ETH 1x2 Call Spread Expiring March 2024

ETH 1x2 Iron Butt

erfly Expiring March 2024

Notable Headlines

Disclosures

Table of contents

Research By

Key Metrics

1 Month Realized Volatility BTC vs ETH

ATM IV Term Structure

At-the-Money Front Month Daily Implied Volatility

BTC & ETH 25 Delta Skew (30 day)

Front Month IV Curves

ETH 1x2 Call Spread Expiring March 2024

ETH 1x2 Iron Butt

erfly Expiring March 2024

Notable Headlines

Disclosures

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