According to CoinDesk, Paradigm EMEA head Nicolas Quatravaux said the first large Bitcoin put option block trade tied to the Binance hack timeline was executed at 04:38 on Oct. 30, roughly 15 minutes after the first outflow from a Binance wallet, when the incident had not yet been disclosed publicly. The trade involved 250 BTC put options expiring on Oct. 31 with a $78,000 strike and about $20 million in notional value. Three minutes later, another trade of the same size and type was executed, with the buyer paying about 35% more. Quatravaux said that in the eight hours after the incident, Paradigm handled about $590 million in Bitcoin options block trades, roughly half of Deribit’s Bitcoin options block volume over the same period, with puts accounting for most of the activity. The busiest hour also came before Binance issued a statement, including two put trades of 1,000 BTC each with a $74,000 strike and mid-November expiry, for a combined notional value of about $155 million.
According to CoinDesk, Nicolas Quatravaux, head of EMEA at Paradigm, said the first large Bitcoin put option block trade linked to the Binance hack timeline was executed at 04:38 on Oct. 30, about 15 minutes after the first outflow from a Binance wallet, when the news had not yet been made public.
The trade bought 250 BTC put options expiring on Oct. 31 with a $78,000 strike price, carrying roughly $20 million in notional value. Three minutes later, another trade of the same size and type went through, with the buyer paying about 35% more.
Put options dominated block activity in the next eight hours
Quatravaux said Paradigm recorded about $590 million in notional Bitcoin options block trades in the eight hours after the incident. That was roughly half of Deribit’s Bitcoin options block volume during the same period, and most of the flow was in puts.
The busiest hour of trading also came before Binance released its statement. That window included two BTC put trades of 1,000 BTC each, both struck at $74,000 and expiring in mid-November, with combined notional value of about $155 million.
Buying clustered around near-the-money strikes
Quatravaux added that buying was concentrated in the near-the-money $74,000 to $78,000 strike range, with most contracts expiring this week or in mid-November.
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