Today saw the largest single transaction of cryptocurrency options in history, with a total nominal value reaching $1.19 billion, equivalent to 11,350 BTC, and the premium alone amounted to $7.5 million.

This large transaction consists of two parts: one part is a bullish spread of 3,800 contracts for September, while simultaneously going long on medium to long-term volatility and prices; the other part involves selling July at-the-money call options. This portion can be combined with the September purchase to form a calendar spread, allowing for two benefits from one strategy, indicating a lack of optimism for the short term.

In simple terms, this nearly $1.2 billion options transaction suggests that there is not much expected price increase in July, while the third quarter might see a significant market movement, possibly up to a 50% increase.

Recently, the market lacks funds and hotspots, but in the long run, various positive factors are still being continuously released, which aligns with the current mainstream thinking in the market.