The OrderX $BTC Update: 1️⃣ The VRP Blowout: Realized Vol has died (27%), yet Implied Vol is vertical (36%). A 9-point IV-RV spread means the market is paying a massive up for a move that hasn't happened yet. The gap between expectation and reality is at a monthly high. 2️⃣ The Defensive Scramble: Tomorrow’s expiry (13/05) is being bid up by +4.32%. More importantly, Risk Reversal is cratering—institutional desks are scrambling for Puts to protect the $80k handle. The "Smart Money" is bracing for a headline. 3️⃣ The Slippery Zone: Spot is riding a Negative Gamma pocket. Dealers are no longer your "stabilizers"; they are the accelerators. If $80k holds, we trade to $85k. If it snaps, dealer hedging will turn a dip into a gap down. The OrderX Verdict: Buying the "wings" is expensive, but the Negative Gamma at spot makes Long Straddles attractive if you bet on the expansion. Don't fight the dealer-hedging feedback loop. Data: @laevitas1 #BTC# #OptionsTrading# #Volatility# #OrderXAI# #GammaSqueeze#

Henry Schwartz Discusses Retail Options Trading Trends on TD Active Trader Live “One of the biggest shifts we’ve seen in the options market in recent years is retail activity — self-directed retail traders now make up more than half of the option volume in general. Options volumes are at a record almost 70 million contracts a day.” - Henry Schwartz, VP, Market Intelligence

Options Trading Tool Has Undergone a Comprehensive Smart Upgrade! We are thrilled to announce the launch of our newly developed Options Terminal! Combining our years of experience in developing options trading tools with months of dedicated R&D, and with the collaborative input of over a dozen seasoned options traders, our intelligent options trading tool, Options Terminal, is now available for use! Execute options trades simply by interacting with AI, making options trading accessible to everyone—no longer a high barrier to entry. Try it now⬇️

We asked Fabio Frontini of Abraxas to rapid-fire his 2026 crypto outlook. On options specifically—he's unambiguous: 🐮 Crypto index options adoption 🐮 Tokenized T-bills as collateral for options trading The rest of his takes: 🐮 Hong Kong as Asia's crypto hub 🐮 Bitcoin dominance continuing 🐮 $100K BTC in 2026 🐮 Prediction markets in 2026 🐻 US market structure bill passing in H1 🐻 US banks offering crypto prime brokerage 🐻 AI agents on your trading team 🐻 Equity perps as a core portfolio position 🐻 Successful crypto IPOs in 2026 🐻 $20K BTC in 2026 #Bullish# #Crypto# #Options# #Bitcoin# #2026Outlook#

The OrderX $BTC Update: 1️⃣ The VRP Wipeout: The 9-point variance risk premium we flagged this week has been completely annihilated. Realized vol surged straight up to match implied vol at 35%. The VRP premium didn't decay—it got paid out. 2️⃣ The Put Skew Reload: 25d Risk Reversals have swung right back to defensive baselines, with the May 29 tenor down to -7.14%. Institutional desks are looking past the local noise and aggressively reloading structural downside protection at a massive discount. The OrderX Verdict: With front-end butterfly metrics flattening out, look to sell the newly cheapened near-term wings and rotate that premium into June calendar spreads to capture the structural skew divergence. Data: @laevitas1 #BTC# #Options# #Trading# #Volatility# #OrderXAI# #Gamma# #VRP# #Skew#

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#

Our first quarter 2026 results are now available on the Bullish Investor Relations website. Key highlights: ◾ Q1’2026 Digital asset sales of $51.8 billion and Net income (loss) of $(604.9) million ◾ Q1’2026 Adjusted revenue of $92.8 million and Adjusted EBITDA of $35.1 million ◾ Signed a definitive agreement to acquire Equiniti for $4.2B: Creating the first fully integrated blockchain-enabled, blue-chip issuer services provider ◾ Bullish options trading volume grew to $11.6B in the Quarter while reaching open Interest high of 14% market share in April 2026 ◾ Filed to receive our futures and options exchange and clearinghouse licenses (i.e., DCM, DCO) to expand our derivatives offerings to the United States Access the full results and earnings conference call at