According to the source, BTC options markets show traders paying up for downside protection as put prices outpace calls while 30-day implied volatility sits near a two-year low, indicating elevated demand for hedges despite subdued vol (source: Deribit). This positioning contrasts with supportive macro tailwinds cited in the market, including a recent U.S. policy rate cut and the SEC’s accelerated handling of crypto ETF filings (sources: Federal Reserve; U.S. SEC). For execution, the rich put skew versus low overall IV favors cost-controlled structures such as bear put spreads or protective collars over outright long puts to mitigate theta and skew costs (source: Deribit). Near-term risk management should account for potential sharp moves where skew implies improved downside payoff asymmetry if BTC weakens, while low IV increases carry risk if spot remains stable (source: Deribit).

According to @GreeksLive, from September 1 to September 7 the platform facilitated USD 497,448,991 in notional crypto options block trade volume, including USD 341.5 million on Deribit and USD 155.9 million on OKX (source: @GreeksLive). According to @GreeksLive, a recap of the top five block trades executed via greeks.live during the week is available (source: @GreeksLive).

According to @GreeksLive, notional block trading volume for Aug 25 to Aug 31 totaled 482,652,119 dollars, source: @GreeksLive on X on Aug 31, 2025, https://twitter.com/GreeksLive/status/1962287184851181784. Of the total, 257.6 million dollars was executed on Deribit and 225.1 million dollars on OKX, source: @GreeksLive on X on Aug 31, 2025, https://twitter.com/GreeksLive/status/1962287184851181784.

According to @QCPgroup, BTC perpetual funding on Deribit turned negative by Saturday after staying above 20% for a week while spot drifted higher, signaling a red flag in their view, source: QCPgroup on X, Aug 18, 2025. According to @QCPgroup, a similar funding and spot divergence setup preceded BTC’s fall to 112k earlier this month, highlighting a historically bearish outcome for crowded longs, source: QCPgroup on X, Aug 18, 2025.

According to @GreeksLive, multiple macroeconomic events are on the calendar this week (Aug 18–24), but none are expected to directly impact the crypto market (source: @GreeksLive on X, Aug 18, 2025). The primary trading catalyst is Deribit’s launch of USDC options on Tuesday, flagged as the most notable development for crypto derivatives traders this week (source: @GreeksLive on X, Aug 18, 2025).

According to @GreeksLive, for August 11–17, 2025, notional block trade volume totaled $763,438,652 ($763.4 million), source: @GreeksLive on X, Aug 18, 2025. According to @GreeksLive, Deribit handled $542.4 million and OKX $221.0 million in block trades over the period, source: @GreeksLive on X, Aug 18, 2025. Based on the reported figures, Deribit accounted for approximately 71.1% and OKX 28.9% of the week's total, with an average daily block volume of about $109.1 million and Deribit volume at roughly 2.45 times OKX, source: calculation from @GreeksLive data on X, Aug 18, 2025.

According to @glassnode, Deribit’s Bitcoin DVOL index is near historic lows, with only 2.6% of days recording lower readings (source: @glassnode). @glassnode notes this reflects extreme complacency and limited demand for downside protection in BTC options (source: @glassnode). @glassnode warns that such conditions may raise the risk of sudden volatility shocks in the Bitcoin market (source: @glassnode).

According to @CoinbaseIntExch, Deribit has been welcomed to the Coinbase family, with the post emphasizing Perps + Options = Next-Level Trading, indicating a combined derivatives focus for traders, source: @CoinbaseIntExch on X, Aug 14, 2025. According to @CoinbaseIntExch, the announcement includes a link for further details but provides no additional specifics in the post itself, source: @CoinbaseIntExch on X, Aug 14, 2025.

According to @godbole17, BTC price action has been pinned in the 119K–122K band where dealers hold positive gamma on Deribit, explaining the recent range-bound mean reversion. Source: @godbole17 on X; Deribit. He adds that a convincing breakout above 123K is needed for bulls to overcome the gamma pin and extend upside momentum. Source: @godbole17 on X.

According to @Andre_Dragosch, BlackRock’s tokenized money market fund BUIDL has begun trading on Deribit, which was recently acquired by Coinbase. This move signals further institutional adoption of tokenized assets within the crypto ecosystem, potentially increasing liquidity and trading opportunities for digital asset investors. The entry of a major traditional finance player like BlackRock into tokenized fund trading could impact both DeFi and CeFi markets by bridging traditional and crypto financial products (source: @Andre_Dragosch).

According to Henri Arslanian, regulatory uncertainty stands as the biggest challenge for crypto CEOs in acquiring new clients, as discussed in his interview with Luuk Strijers, CEO of Deribit. Strijers highlights how evolving compliance demands and differing global regulations complicate onboarding processes, impacting trading volumes and market participation. This regulatory landscape directly influences client trust and the speed at which exchanges like Deribit can scale, ultimately affecting liquidity and price discovery in crypto derivatives markets (source: Henri Arslanian interview with Luuk Strijers).

According to Greeks.Live, the platform recorded a notional trading volume of $277,199,832 ($277 million) in block trades from July 21st to July 27th, 2025. Of this total, $246.9 million was executed on Deribit and $30.3 million on OKX, reflecting robust institutional activity in crypto derivatives markets. This high volume signals continued trader interest and liquidity in Bitcoin and Ethereum options, potentially impacting volatility and pricing strategies for active traders (source: Greeks.Live).

According to @GreeksLive, the platform facilitated $309 million in notional trading volume through block trades for the week of July 14th to July 20th. The data reveals that the majority of this volume, amounting to $259.4 million, was executed on the Deribit exchange, while the remaining $49.8 million was traded on OKX. This significant block trade activity highlights institutional interest and large-scale positioning in the crypto derivatives market.

According to @GreeksLive, Bitcoin (BTC) is approaching a significant $14 billion options expiry on Deribit, which could heighten market volatility. The put-call ratio has climbed to 0.72, a level that typically signals bearish sentiment. However, the analysis suggests this rise is partly due to traders using "cash-secured puts" as a strategy to generate yield and accumulate BTC. Lin Chen of Deribit noted that nearly 20% of expiring call options are in-the-money, indicating many call buyers have profited this cycle. Crypto market maker Wintermute reports that recent market flows are neutral, with traders positioning for tight price action between $100,000 and $105,000 leading up to the expiry. The maximum pain price for this expiry is identified at $102,000, the level at which option buyers would incur the greatest losses.

According to @GreeksLive, reports that crypto exchange OKX is considering a U.S. initial public offering (IPO) triggered a significant, albeit temporary, 9.8% price spike in its native token, OKB, which jumped from approximately $50 to $55.11 before retracing. OKX's Chief Marketing Officer, Haider Rafique, confirmed the exchange would 'absolutely consider an IPO in the future,' with the U.S. as the preferred market, signaling growing confidence in its U.S. operations. This news aligns with a broader trend of crypto firms like Kraken and Bullish planning to go public. Concurrently, the institutional adoption of crypto is accelerating, as evidenced by derivatives exchange Deribit. Its Block Request-for-Quote (RFQ) tool for large institutional trades has processed over $23 billion in cumulative volume in less than four months since its March launch. Deribit CEO Luuk Strijers noted the system's success reflects 'strong institutional demand' for derivatives on assets like Bitcoin (BTC), Ether (ETH), and Solana (SOL), enhancing liquidity and execution for professional traders.

According to @GreeksLive, institutional demand for cryptocurrency derivatives is rapidly accelerating, evidenced by crypto exchange Deribit's on-demand liquidity tool, the Block RFQ interface, achieving over $23 billion in cumulative trading volume in under four months. This system, designed for institutions and high-volume traders of assets like Bitcoin (BTC), Ether (ETH), and Solana (SOL), allows for efficient execution of large block trades with minimal market impact, as noted by Deribit CEO Luuk Strijers. The share of block trades via RFQ has grown to 27.5% in June. Separately, the report highlights the risks of corporate crypto strategies, with Semler Scientific's (SMLR) stock falling nearly 50% and trading below the value of its Bitcoin holdings. Despite this, Fundstrat's Tom Lee identifies SMLR as a potential "Granny shot" investment opportunity, suggesting value for contrarian investors.

According to @GreeksLive, crypto derivatives exchange Deribit is experiencing a surge in institutional demand, with its Block Request-for-Quote (RFQ) interface registering over $23 billion in cumulative trading volume in less than four months since its March debut. Deribit's CEO, Luuk Strijers, highlighted that the system's success, with RFQ block trades now accounting for 27.5% of the total, reflects strong institutional interest and a focus on trade quality for large OTC transactions in assets like Bitcoin (BTC), Ether (ETH), and Solana (SOL). Despite recent market volatility and geopolitical tensions, analysts remain constructive on Bitcoin's long-term outlook. Valentine Fournier, an analyst at BRN, noted that growing structural demand from public entities and corporations is laying the groundwork for a rebound, and suggests Solana (SOL) could outperform in a recovery. Meanwhile, Mean Theodorou, co-founder at Coinstash, pointed to steep losses in altcoins like DOGE, ADA, and SOL as evidence of broad market de-risking, but believes they may remain active for traders seeking opportunities outside of major tokens. Traders are closely watching upcoming macro events, including Fed Chair Powell's testimony and the release of core PCE data.

According to Lin Chen, head of business development - Asia at Deribit, Bitcoin's put-call ratio has increased to 0.72 ahead of a $14 billion options expiry on Deribit, driven by cash-secured puts as a yield-generation and BTC accumulation strategy. Deribit Metrics data shows 141,271 BTC options contracts expiring, with 20% of calls in-the-money, suggesting profitability linked to persistent BTC ETF inflows and potential volatility around the event. Wintermute's OTC desk reported neutral market flows with a slight bullish bias, including straddle selling at $105,000 and put shorting at $100,000, indicating expectations for tight price action near the max pain point of $102,000.

According to Securitize CEO Carlos Domingo, BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) with $2.9 billion in assets is now accepted as collateral on Crypto.com and Deribit, as announced in a Securitize press release. This enables institutional traders to post BUIDL tokens as margin for leveraged crypto trades while earning yield on the underlying assets, improving capital efficiency and risk management. The tokenized Treasury market has grown 400% in the past year to over $7 billion in market capitalization, according to rwa.xyz data, highlighting its increasing role in crypto market infrastructure.

According to Securitize's press release, BlackRock's USD Institutional Digital Liquidity Fund (BUIDL), with $2.9 billion in assets, can now be used as collateral on Crypto.com and Deribit for leveraged trades, allowing institutional traders to earn yield while enhancing capital efficiency in crypto markets. This integration supports risk management and boosts trading activity on these platforms, as tokenized Treasuries grow rapidly, with the market up 400% to over $7 billion in the past year per rwa.xyz data.