Odaily News According to Greeks.live analyst Adam, today, the largest crypto option transaction in history has occurred, with a total nominal value of up to $1.19 billion, worth 11,350 BTC, and a premium of up to $7.5 million. This group of large options consists of two parts. One part is 3,800 groups of bull spreads in September, while going long on medium- and long-term volatility and prices. The other part is selling June at-the-money call options, which can form a calendar spread with September purchases, killing two birds with one stone, which represents a lack of optimism in the short term. In short, this nearly $1.2 billion option block believes that there will be no increase in June, but there may be a significant market in the third quarter, even up to 50%. The market lacks funds and hot spots recently, but in the long run, various positive factors are still being released, which is consistent with the recent mainstream market thinking.

Odaily News According to LinChen, head of Deribit Asia Pacific Business, a user bought 61,000 ETH of call options at $3,200 and $3,400 at the end of June, paying a total premium of more than $2 million. It is reported that the user may be Trend Research.

Odaily News QCP Capital pointed out in its latest market briefing that although the ADP employment and ISM data released by the United States were lower than expected, market risk assets still maintained strong performance, showing great resilience. Trump criticized the Federal Reserve for lagging behind the European Central Bank and called for the permanent removal of the debt ceiling, and fiscal-led market expectations continued to heat up. In addition, QCP pointed out that JPMorgan Chase has officially included crypto ETFs in the collateral system, marking a further increase in institutional acceptance of crypto assets. A number of listed companies (such as K Wave Media and Treasure Global) have also announced the configuration of crypto vaults. Circle has submitted IPO documents with a target valuation range of US$7.6 billion to US$8.1 billion. Although ETF inflows slowed in June, structural fundamentals still support market performance. QCP also mentioned that with the accumulation of fiscal catalysts, Bitcoin prices are expected to break through historical highs, and some institutions have begun to configure September $130,000 call options, and remain optimistic about potential increases.

Odaily News Asset management company Global X announced the launch of the Bitcoin Covered Call Option ETF (code: BCCC). This actively managed fund implements option strategies on Bitcoin ETF products to achieve returns without directly holding the underlying assets. (PRNewswire)

Odaily News Greeks.live released a community briefing stating that the community seems to be mainly bearish on Bitcoin, with several traders holding short positions in BTC. Traders are watching for potential reversals, with some believing that ETH is showing strength, while others believe that the current uptrend is a "false bull market" pattern that will eventually fade. In addition, options traders have noticed that despite weeks of sideways prices, volatility remains low at around 35.

Odaily News QCP said in a post that an unexpected rise in job openings boosted risk sentiment, with the S&P 500 approaching the psychologically important 6,000 mark ahead of the release of key non-farm payrolls data on Friday. Stable non-farm payrolls will consolidate the Fed's narrative on labor market resilience and strengthen market expectations that interest rates will remain unchanged. On the trade front, the market remains on the sidelines, awaiting the expected meeting between Xi Jinping and Trump. Bitcoin (BTC) short-term volatility has declined, with spot prices remaining near the familiar $105,000 level; 1-month implied volatility has fallen below 40 volatility. In the interest rate market, China's 10-year and 30-year Treasury futures trading volume fell to the lowest level since February, reflecting a broader risk aversion and wait-and-see attitude. Bitcoin continues to fluctuate in a range, with light positions and normalized skewness indicating a lack of clear directional conviction in the market. Since May, the volatility curve has flattened from the middle to the far end, reflecting a similar downward trend to the VIX index and prompting some investors to engage in opportunistic long-term volatility trading. Notably, the $130,000 call option expiring in September traded at 47 volatility, showing partial market interest in the upside ahead of the third quarter. Looking ahead, the third quarter could be more challenging. Tariff-related impacts could begin to filter through macro data, while fiscal risks surrounding the Big Beautiful Bill (BBB) and the debt ceiling could trigger potential headline volatility. In the absence of a clear catalyst, Bitcoin is unlikely to significantly break out of the current range.

Odaily News According to a financial disclosure document, Kevin Hassett, one of US President Donald Trump's key economic advisers, disclosed that he holds at least $1 million worth of shares in Coinbase, a US cryptocurrency trading platform, as an advisor to the company, according to Bloomberg. The documents show that these Coinbase shares are listed as "vested shares." According to the broad valuation range used by officials in the declaration, Hassett's total assets reported are at least $7.6 million. Note: Vested shares refer to stocks or stock options that employees or consultants already fully own under an employment agreement or incentive plan. Once vested, the holder can freely exercise, sell or transfer these shares.

Odaily News Cryptocurrency markets suffered a sharp drop this weekend, with Dogecoin falling more than 8%, PEPE falling 12%, and Bitcoin prices falling more than 2%, trading just above $103,600. ETH fell nearly 4%, and Ripple (XRP), BNB Chain (BNB), ADA, and SOL all fell 2-5%. Analysts believe that the recession is related to the re-escalation of trade tensions and expect market volatility to continue. The derivatives market also shows that investors are increasingly cautious. According to Deribit data, since April, open interest in Bitcoin futures has increased by 51%, while options contracts have surged by 126%. (CoinDesk)

Odaily News The options market for iShares Bitcoin Trust (IBIT), BlackRock's spot Bitcoin exchange-traded fund, shows investors' concerns about downside risks. As of Thursday's close, IBIT's one-year put-call skew turned positive, reaching 0.2%, indicating that the premium of put options is slightly higher than that of call options, reflecting the market sentiment from the previous neutral to slightly bearish. On the same day, IBIT's stock price fell 1.32% to close at $59.99, but still recorded a net inflow of $125 million, the lowest single-day inflow since May 13. (CoinDesk)

Odaily News Coinbase chose to reveal the news of its acquisition of Deribit to the market before the U.S. stock market closed and released its financial report on Thursday. Benchmark analyst Mark Palmer pointed out that as more institutions adopt cryptocurrencies, the acquisition of Deribit will allow Coinbase to "immediately dominate the fast-growing derivatives field." Oppenheimer analyst Owen Lau believes that this move will make Coinbase a "strong challenger" to Binance, Bybit and OKX in the field of derivatives, and emphasizes that "cryptocurrency options are less cyclical and have stable demand regardless of whether the market is rising or falling." However, Compass Point analysts Ed Engel and Joe Flynn pointed out that Deribit mainly serves institutional clients and does not help increase Coinbase's retail-dominated perpetual contract trading volume. The two analysts downgraded Coinbase's rating to sell last week and reiterated that its U.S. retail trading market has become saturated. Michael Klena of Architect Partners believes that this acquisition will not fundamentally change its assessment of Coinbase (target price of $170). After all, it is just an extension of existing business and cannot reduce the impact of cryptocurrency market volatility on quarterly performance.