Today the market saw the largest crypto options Block trades in history, with a total notional value of $1.19 billion worth 11,350 BTC and $7.5 million in premiums alone. This Block consists of two parts: a 3,800-set bull spread for September, betting on long-term volatility and price increases, and a sale of June at-the-money calls, forming calendar spreads with September buys, indicating a bearish short-term outlook.