Large bitcoin put option block trades hit the market before news of the Binance hack was made public, according to CoinDesk, citing Paradigm EMEA head Nicolas Quatravaux. He said the first sizable BTC put block was executed at 04:38 on Oct. 30, about 15 minutes after the first outflow from a Binance wallet. At that point, the incident had not yet been disclosed publicly.
The first trade involved 250 BTC put options expiring on Oct. 31 with a $78,000 strike, 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. Over the following eight hours, Paradigm handled about $590 million in bitcoin options block trades, roughly half of Deribit’s BTC options block volume during the same period, with puts making up most of the activity.
Quatravaux also said the busiest hour of trading came before Binance issued its statement. That flow included two BTC put trades of 1,000 BTC each, both struck at $74,000 and expiring in mid-November, for a combined notional value of about $155 million. He added that buying was concentrated in near-the-money strikes between $74,000 and $78,000, mostly in contracts expiring this week and in mid-November.
Large bitcoin put option block trades were executed before news of the Binance hack became public, according to CoinDesk, which cited Paradigm EMEA head Nicolas Quatravaux.
Quatravaux said the first sizable BTC put block trade was completed at 04:38 on Oct. 30, about 15 minutes after the first outflow from a Binance wallet. The incident had not yet been disclosed publicly at that time.
The trade involved 250 put options expiring on Oct. 31 with a $78,000 strike price, representing 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.
Over the next eight hours, Paradigm processed about $590 million in bitcoin options block trades. Quatravaux said that was roughly half of Deribit’s BTC options block volume over the same period, and most of the flow was in put options.
The busiest trading hour also came before Binance released its statement. That activity included two BTC put trades of 1,000 BTC each, both with a $74,000 strike and mid-November expiry, for a combined notional value of about $155 million.
He added that buying was concentrated in near-the-money strikes between $74,000 and $78,000, mostly in contracts expiring this week and in mid-November.
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