The OrderX $ETH Report: 1⃣ The 7% Vol Premium: The ETH-BTC volatility spread has widened to 7.13%. With front-end ETH Fly box-plots sitting at local highs, market makers are pricing in extreme fat tails. The market isn't looking for a slow drift; it's pricing a violent expansion. 2⃣ The ETH Gamma Vacuum: Spot is $2.29k, sitting right above a negative gamma wall. But look higher—the runway past $2.32k is structurally empty until the $2.5k call wall. If $ETH clears $2.35k, dealer short-call covering will act as a catalyst for price expansion. The OrderX Verdict: Longing the ETH June $2.4k/$2.5k Call Spreads allows you to front-run the dealer delta-chase for pennies before the IVs eventually catch up. Data: @laevitas1 #ETH# #Options# #Trading# #Volatility# #OrderXAI# #Gamma#

May 8 Options Expiration Data 20,000 BTC options are expiring, with a put-call ratio of 0.73, a max pain point of $79,500, and a notional value of $1.6 billion. 182,000 ETH options are expiring, with a put-call ratio of 0.93, a max pain point of $2,350, and a notional value of $410 million. This week, Bitcoin rose steadily from $75,000 to $82,000 before pulling back last night. Despite the positive price action, market sentiment has remained relatively calm. Major-term options and short-term implied volatility (IV) remained unchanged from last week, while short-term IV saw a slight increase. Bitcoin’s primary short-term IV hovers around 35%, while ETH’s primary short-term IV is near 50%; both medium- and long-term IVs have also seen modest declines. Looking at key options data, Skew remains relatively stable with a very slight increase, and the market’s directional sentiment remains neutral. Only 5% of options expire this week, with extremely low options activity and futures trading volume at historic lows. Open interest stood at approximately 20% at the end of May and 30% at the end of June, while block trades have been relatively inactive—all of which are signals of a consolidation phase. In the second quarter of this year, Bitcoin performed well in terms of both price and market sentiment, but overall market enthusiasm remains subdued. Currently, the focus is primarily on Bitcoin trading, and it makes sense to position for some medium- to long-term options. Additionally, investing in some high-quality altcoins appears to offer good value for money.

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