Affected by Grayscale's victory in the lawsuit, cryptocurrency prices rose across the board, with Bitcoin rising by nearly 6%. The short-term option IV began to rise rapidly. The BTC weekly option IV once rose to 50% and has now fallen back.

In recent days, trading has mainly been dominated by selling call options, but before the surge, some large-scale put options were sold. The large-scale put option transactions accounted for 30% of the total transactions on the day, including calendar spreads, risk reversals, bear market spreads, etc. kind of combination.

After the rise began, a large number of buy call options began to be traded. In particular, the trading volume for ETH was very large, and the buy call transactions significantly exceeded BTC. But at the same time, the proportion of BTC positions closing or even buying and selling transactions is also large.

Analyzing recent transaction records, we can see that the trading behavior of large BTC users is ahead of the market. When BTC transactions are abnormal, the market will often move. In recent months, BTC's indicators have been more effective, while ETH has significantly lagged behind BTC.