Block Trade Daily Report

BTC: Naked Call Sell, Betting on Short-Term Pullback Pressure
Current Price: $92,415.55 (DVOL 48.08)
Significant Activity:
Single-leg Trade: Sell 200 contracts of 2MAY25-92000-C
Strategy Logic:
Harvesting High IV Premiums: Selling slightly out-of-the-money Calls (strike price 92k) expiring on May 2, with spot price approaching the strike level. Implied annualized return on premium is around 40%, betting that $BTC will struggle to break through the 92k resistance in the short term.
Event-Driven Defense: In conjunction with headlines like “Bitcoin market cap reaches $1.87 trillion, surpassing Google for the first time,” institutions believe the positive news has been priced in and now expect potential miner sell pressure (on-chain unrealized profit ratio at 0.65) and retail profit-taking.
Risk Hedging: If price breaks above 92k, hedge Delta exposure by buying near-month 95k Calls or spot BTC.
Market Signal:
Short-Term Cautious Sentiment: After the milestone in market cap, institutions are locking in gains by selling Calls, reflecting a consensus on the resistance above 92k.

ETH: Defensive Naked Puts and Straddle Play on Volatility
Current Price: $1,746.34 (DVOL 70.07)
Significant Activity:
Single-leg Trade: Sell 2,760 contracts of 25APR25-1800-P
Strategy Logic:
Betting on Strong Support: Selling April 25 expiry 1800 strike Puts to collect high IV premium (71.12), based on expectation that $ETH will be supported by US ETF inflows (headline) and unlikely to fall below $1,800.
On-Chain Liquidation Threshold: $1,800 is a dense liquidation zone for staked assets; a break below may trigger programmatic sell-offs.
First Two-leg Trade:
Sell 2,500 x 2MAY25-1800-C + Sell 2,500 x 2MAY25-1800-P
Strategy Logic: Short Straddle: Selling Call and Put with the same strike (1800), betting $ETH will trade in a narrow range near $1,800 until May 2, to earn from time decay (Theta) and short Vega exposure.
Second Two-leg Trade:
Buy 1,000 x 25APR25-1500-P + Sell 1,000 x 25APR25-1800-P
Strategy Logic:Bear Put Spread: Buying deep in-the-money Puts (1500) to protect against tail risk events, and selling out-of-the-money Puts (1800) to reduce net cost. This caps risk exposure between the 1500–1800 range.