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Adam, an analyst at crypto options analytics platform Greeks.live, said the recent move in Bitcoin looks closer to a rebound within an ongoing bear market than the start of a bullish reversal.
In a post on X, Adam said put option block trades, which are typically used to hedge against or bet on price declines, accounted for about one-third of activity as the market entered a correction. Adam added implied volatility across major option expiries was slightly lower than two weeks earlier and did not rise much during the latest rally, before falling to around 35%. In the options market, traders are not pricing in major volatility ahead, and some are positioning for volatility to decline again even if it ticks up slightly, Adam said. A BTC options chart Adam shared showed put option block trades at 32.47%.