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A long straddle involving the November expiry $66,000 call and put options crossed the tape on Deribit early Wednesday.
By Omkar Godbole
Oct 9, 2024 at 4:56 p.m.
A large long BTC straddle crossed the tape on Deribit, betting on a volatility explosion by the end of November.To be profitable, the options strategy needs prices to move above $87,000 or below $53,000 by expiry.A large bitcoin (BTC) options trade executed on Deribit early Wednesday anticipates a shift from the present low volatility regime to a period of heightened price swings, potentially exceeding the $53,000-$87,000 range. The trade, a so-called long straddle, saw the entity pay a net premium of over $1 million to purchase 100 contracts of the $66,000 strike call and put options expiring on Nov. 29, according to data confirmed by Lin Chen, head of business development Asia at Deribit.A long straddle is preferred when the market is expected to move far enough in either direction to make the call or the put option worth more than the cumulative premium paid. A call option protects the buyer against price rallies and gains value as the underlying asset's price rises. A put works the other way around, gaining value as prices drop. "When discussing strangles, straddles, and ratioed straddle strategies, it is necessary to understand the buying and selling of 'premium' [options contracts]," options trader Charles M. Cottle wrote in his book "Options Trading: The Hidden Reality." "Sellers of premium want the market to sit still, and buyers of premium [straddle/strangle buyers] want the market to move."For the strategy to turn profitable and overcompensate for the premium paid, the bitcoin price needs to move either above $87,000 or below $53,000 by the end of November, Chen told CoinDesk.In other words, it is a bet on volatility explosion beyond the $53,000-$87,000 range. The trade will bleed money if the price remains between those levels till the end of November, with the maximum loss being the $1 million premium paid.Chen said that November expiry options are seeing above-normal activity, likely in anticipation of a potential post-U.S. election volatility. The U.S. presidential election is due Nov. 5, with results to be declared on Nov. 8. Some traders have recently set up bets on continued range play ahead of the elections."We have over $1.4 billion open interest in BTC's end-of-November expiry and a put-call ratio of 0.66, which is notably higher than usual. In comparison, the December put-call ratio is 0.39," Chen told CoinDesk. "We are definitely seeing more hedging flow around the U.S. election."Edited by Sheldon Reback. #writetoearn #Holi_Box #bitcoin☀️ $BTC $DOGE

570 million XRP in one hour – What's happening?
Yesterday, Nov. 7, Whale Alert blockchain tracking platform spotted two large transactions that took place within one hour, cumulatively carrying more than half a billion XRP coins. The timing of transactions coincided with a notable increase in the XRP price that reached $0.57825. One transaction contained 100,000,000 XRP worth $53,270,381, while the other transfer carried 470,000,000 XRP valued at $250,454,910. The larger transfer was executed by Ripple, sending the funds to an anonymous blockchain address; however, according to Bithomp, this address was also affiliated with the San Francisco-based company. While the exact reasons behind this massive transfer are unclear, Ripple often conducts such operations that result in XRP sales. The proceeds are then used to cover its operations and legal expenses related to its ongoing case with the SEC.
Shytoshi Kusama to Vitalik Buterin: "Wen 10 minute discussion?"
Shiba Inu lead Shytoshi Kusama seems to be intent on expanding the ecosystem and recently reached out again to Ethereum cofounder Vitalik Buterin to organize a short discussion. Yesterday, the SHIB lead commented on Buterin's recent X post devoted to summaries of posts about the future of Ethereum tech, reminding Buterin of his earlier request for a 10-minute discussion. "Wen (When) 10 minutes discussion?" Kusama asked. For clarity, Shiba Inu is the largest meme coin on the Ethereum network. Following Buterin's remarks regarding Dogecoin and its potential, Kusama promptly requested a brief meeting with him, aiming to present SHIB to the Ethereum cofounder. However, there has been no response from Buterin as of yet.
72% PEPE holders in profit as price clears zero
Recent data provided by IntoTheBlock demonstrates that around 72% of PEPE holders (or 224,330 addresses) are currently "in the money," having realized profits following a significant price jump. The asset removed one zero from its price, reaching a high of $0.0000104 before stabilizing. At the moment of writing, PEPE is still trading in green, valued at $0.000011, up 8.28% over the past 24 hours, per CoinMarketCap. According to analysts, this surge can be attributed to increased bullish sentiment within the community, alongside an overall positive outlook on the cryptocurrency market. Meanwhile, 20.11% (or 62,700 addresses) of addresses remain "out of money."
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The XRP price is experiencing a significant uptick, rising 20% over the past two days and an impressive 47% in the last five days. The surge can be attributed to a confluence of factors, including speculation surrounding SEC Chairman Gary Gensler’s potential resignation, favorable regulatory tailwinds under the incoming Trump administration, increased whale activity, and a notable technical breakout.
#1 Speculation About SEC Chairman Gary Gensler’s Resignation
A primary driver behind XRP’s recent price movement is the growing speculation regarding the possible resignation of Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC). On November 14, Gensler delivered a speech at the Practicing Law Institute’s 56th annual conference on securities regulation, where he lauded the efforts of the SEC. “It’s been a great honor to serve with them, doing the people’s work, and ensuring that our capital markets remain the best in the world,” Gensler stated.
The crypto community on Xinterprets this speech as a potential farewell address, especially in light of the upcoming transition following Donald Trump’s victory in the US presidential election. Investors anticipate that the Trump administration will appoint a pro-crypto chairman to lead the SEC. “I will fire Gary Gensler on day one,” Trump pledged during the Bitcoin 2024 conference.
Brad Garlinghouse, CEO of Ripple Labs, echoed these sentiments on X: “Joined Cantor’s annual Crypto Conference today – safe to say that the US is ready to be the crypto capital of the world with the next Trump Administration. Also an apt shirt to wear..on perhaps what are Gary Gensler’s last days in office?!”
After Gensler’s resignation, there’s speculation that the SEC might reconsider its appeal against Ripple Labs, potentially alleviating regulatory pressures that have weighed heavily on the XRP price over the last years.
#2 Regulatory Tailwinds For XRP Under Trump
The anticipated policy shift under the incoming Trump administration is another critical factor contributing to the XRP price appreciation. The administration is reportedly preparing to adopt a more permissive stance toward crypto, with plans to appoint industry-friendly candidates to key regulatory positions.
“Chatted with Tony Romm about how the incoming Trump Administration is already engaging proactively with the crypto industry on clear rules of the road… what a breath of fresh air!” Garlinghouse remarked today on X.
Further emphasizing the potential positive impact, Garlinghouse stated via X: “I’ve shared some thoughts on what the Trump administration could mean for crypto and wanted to also recognize the XRP family’s patience and unwavering support. A lot has happened since XRP was the 2nd most valuable digital asset. It’s been – at times – a frustrating journey. ~6 years since the SEC started meddling in the crypto market, picking winners and losers… ~4 years since the SEC sued Ripple.
He added, “Now FINALLY we see a light at the end of the tunnel as these external (frankly unnatural and manipulative) market factors fade. The tides are shifting, headwinds are turning to tailwinds, and the opportunity for those of us who believe in the future for XRP is enormous!”
#3 Increased XRP Whale Activity
Whale activity, indicative of large-scale investments by major holders, has also played a significant role in the XRP price surge. On-chain analysis firm Santiment reports on X: “Wallets with at least 1M XRP now hold a combined 45.61B tokens, their highest amount held since June 2018. In the past 2 years, whales & sharks have reversed course and accumulated 3.44B more XRP, a +8.16% increase. Traders have enjoyed a +40% return in the past 7 days.”

#4 Technical Breakout
Complementing the fundamental drivers are technical factors contributing to the XRP price action. XRP has broken above a six-year-long symmetrical triangle pattern, a significant technical indicator that suggests the potential for sustained upward momentum. Historically, such breakouts have preceded notable price increases, and in XRP’s case, the price had previously declined by as much as 97% during the formation of this pattern.
At press time, XRP traded at $0.85.
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