[Crypto Headlines | Block Trades]
BTC: Institutions Bet on a "Moderate Bull Market," Using Spread Strategies to Control Risk

Bitcoin is currently priced at $82,059, firmly holding above the $82,000 mark. However, block trade data indicates institutional divergence on market outlook, along with refined risk management needs.

Key Trading Signals:
Institutions have adopted a month-end risk reversal strategy consisting of selling puts combined with a call spread, creating a bullish but capped-profit exposure. Given the current high implied volatility, this strategy is more cost-effective compared to simply holding naked long calls. Additionally, the premium from the $79,000 puts is relatively attractive, implying that institutions are likely holding substantial stablecoin liquidity ready for potential delivery at this level.

Market Sentiment and Risk Factors:
A neutral-to-slightly-bullish consensus has formed, anticipating range-bound price movements with short-term support at $79,000 (approximately 4.1% below current price) and resistance at $90,000. Institutions are deliberately avoiding unilateral directional bets and significant vega exposure.
Gamma squeeze concerns remain. A price drop below $79,000 could trigger stop-loss selling from put option sellers or forced cash-settled buy-ins, suggesting considerable potential volatility and frequent market reversals.