Deribit

1 days agoNews Editor

Six BTC block option trades hit Deribit with combined notional value of $91.672 million

Deribit recorded six block BTC options trades over the past hour with a combined notional value of about $91.672 million, according to Techub News citing Deribit data. The largest structure was executed at 03:04 Beijing time as a BTC bull call spread with a size of 400 contracts and notional value of about $30.5666 million. The trade involved buying 200 BTC call options expiring on Nov. 27 with an $80,000 strike at a premium of 0.0249 BTC per contract and implied volatility of 38.5%, while selling 400 BTC call options with the same expiry and an $84,000 strike at 0.0112 BTC per contract and 37.5% implied volatility. Other trades were concentrated around 03:13 and 03:14 Beijing time, including several purchases of BTC call options expiring on Nov. 2 with a $78,000 strike, as well as one sale of 300 BTC call options expiring on Dec. 25 with an $88,000 strike. Individual notionals ranged from about $7.6367 million to $22.9176 million.

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Paradigm

1 days agoNews Editor

Paradigm says large BTC put option blocks traded before Binance hack became public

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.

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Binance

1 days agoNews Editor

Paradigm says large BTC put block trades hit before Binance hack became public

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.

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Deribit

2 days agoNews Editor

Deribit logs four BTC and ETH block option trades worth a combined $70.03 million

Deribit data showed four block trades in BTC and ETH options over the past hour, with a combined notional value of about $70.03 million. The flow included a purchase of 300 BTC put options expiring on June 25, 2027, with a $30,000 strike, carrying a premium of 0.0025 BTC per contract and implied volatility of 63.5%. Two separate trades involved selling 250 BTC call options expiring on Nov. 27 with a $94,000 strike, with premiums of 0.0036 BTC and 0.0027 BTC per contract and implied volatility of 35.2% and 32.8%, respectively. Another trade was an ETH risk reversal package sized at 2,150 contracts and valued at about $5.06 million. In that structure, the trader sold 2,150 ETH put options expiring on Dec. 25 with a $1,500 strike and bought 2,150 ETH call options expiring on the same date with a $3,200 strike. The premiums were 0.0045 ETH and 0.0077 ETH per contract, while implied volatility stood at 70.3% and 52.3%.

40

Moore Threads

1 months agoNews Editor

Moore Threads hits limit down as first lock-up expiry nearly doubles free float

Moore Threads fell to its daily limit on Sept. 7, sliding to RMB 415.48 within minutes of the open and staying pinned there through the session. The sell-off came even though the company had recently posted strong first-half numbers, including RMB 1.736 billion in revenue, up 147% year over year, and adjusted half-year profit after excluding share-based compensation. The article argues that the main trigger was not the earnings release but the first major lock-up expiry. A total of 25.77 million shares became eligible for trading, equal to 5.48% of total shares outstanding. More importantly, the company had only 30.22 million shares in free float before the unlock, meaning tradable supply jumped about 85% overnight. According to the piece, that change in supply mattered more to short-term pricing than the company’s operating story. The report also points to a much larger unlock on Dec. 7, when 186 million shares are due to mature. Still, it notes that the structure of that overhang is more complex because shareholder groups face different sale restrictions. The article frames the next phase around three signals: November reduction plans, block trade discounts, and how another GPU name, Muxi, trades around its own Sept. 17 unlock.

1080

Citadel

2 months agoNews Editor

Citadel says it cut more than 80% of Situational Awareness risk in about three weeks

Citadel founder Ken Griffin told investors that the firm removed more than 80% of the original aggregate risk tied to the portfolio it took over from Situational Awareness, a fund founded by former OpenAI researcher Leopold Aschenbrenner, in roughly three weeks. According to a letter obtained by CNBC, Citadel used nearly 100 block trades with a combined value of more than $4 billion to work through the positions. The letter also said the effort included the largest single-day block trades of the year to date in 10 different securities. Situational Awareness had posted outsized gains earlier in the year by concentrating on AI infrastructure and related supply-chain names, but that same concentration and leverage left it exposed when the AI trade reversed in July. The fund had returned about 439% in the first half, then dropped about 67% in July. As of the end of June, SanDisk and Micron Technology alone made up about 56% of the portfolio, which also included Bloom Energy, Taiwan Semiconductor Manufacturing Co. and Nebius. Citadel took on most of the public equity portfolio in late July as the fund sought to reduce leverage and secure liquidity.

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Citadel Securities

2 months agoNews Editor

Citadel Securities says block trades removed more than 80% of risk from acquired portfolio

Citadel Securities founder Ken Griffin told clients on Friday that the firm has already stripped out more than 80% of the overall risk tied to the investment portfolio it bought from Leopold’s Situational Awareness fund assets. According to a letter obtained by CNBC, the risk reduction was carried out through more than 100 block trades with a combined market value of over $4 billion. Griffin said the transfer would not have been possible without close coordination from the trading desks and prime brokerage teams at the banks serving both companies, and he thanked them for moving the portfolio quickly. He also confirmed that Wellington, the firm’s flagship multi-strategy fund, posted a 5.94% return in July. CNBC had earlier reported that the result marked the fund’s best monthly performance since 2022.

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Citadel

2 months agoNews Editor

Ken Griffin says more than 80% of Situational Awareness portfolio risk has been unwound

Citadel founder and CEO Ken Griffin told investors on Aug. 21 that the firm has unwound more than 80% of the original portfolio risk tied to the AI fund Situational Awareness through nearly 100 block trades. The portfolio involved had a total market value of more than $4 billion, and Griffin said Citadel also exited most of its vega exposure quickly. In a Friday letter to clients, Griffin credited the trading and prime brokerage teams at the banks serving the two companies involved, saying the transfer could not have been completed at that scale without their close coordination. He thanked them for the focused effort that allowed the portfolio transition to be completed quickly. Griffin also confirmed that Citadel’s flagship multi-strategy Wellington fund returned 5.94% in July. CNBC had earlier reported that the result was the fund’s best monthly performance since 2022.

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