Adam, a macro researcher at Greeks.live, recently noted on X that after several unsuccessful attempts to break through key resistance levels, cryptocurrencies have entered a correction phase.
According to Adam, this shift is reflected in the significant drop in implied volatility (IV) across major maturities. Bitcoin’s (BTC) Dvol has fallen below 50%, a level seen only 30% of the time in the past year. Options data further reveals that realized volatility (RV) has plummeted from 100% on August 9th to its current level of 40%. The sharp decline in BTC’s actual volatility has also played a significant role in driving down IV.
Interestingly, Adam says block call options have started appearing today, with maturities primarily concentrated at the end of September and October. This suggests that large investors, often referred to as “whales,” are beginning to take long positions, anticipating a potential market rebound.
