Greeks.live macro researcher Adam posted on the X platform that due to the month-end transfer, yesterday's option block trading dominated the Bitcoin option trading. Block calls and block puts each accounted for 30% of the trading volume, which was mainly composed of 4 liquidation block trades and several diagonal spreads. The margin released by such a large-scale transfer of positions by large investors was immediately used to purchase diagonal spreads, go long on forward fluctuations, and bear short-term tail risks to reduce costs. To put it bluntly, large investors believe that the risk of sharp rises and falls in the short term (within one month) is not great, but there will be large fluctuations in the first half of the year.

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