Daily Block Options Today's Biggest Block Today's biggest options block trade was a Bitcoin Bear Ratio Diagonal Spread block trade, selling a sizeable 1,024BTC current month flat call while buying a 512BTC next month vanilla call with a notional face value of 130 million. This is a typical straddle trade, selling a large number of near-end flat values while buying far-end vanilla options for protection, taking advantage of volatility differences and the decaying time-value properties of different terms to profit. Traders expect: Short-term volatility is relatively overvalued Bitcoin price will not rise significantly before near-month expiration Other Block Trades Options block trades have been much more active this week, mainly dominated by a mix of position adjustments, with all the block orders having complex structures, which should be for market makers and Block investors adjusting the structure of their positions. The recent very rapid decline in IV is partly due to large sellers taking advantage of the higher IV and partly due to buyers suddenly weakening their buying efforts and market makers targeting their adjustments.