In this episode of The Big Picture we host Kelly Greer from Galaxy Digital. We discuss the recent explosion in crypto options trading volume as bitcoin rallied past $34,000 and ETF probability increased.

Other topics include the ETF head fake rally, the term structure richness analysis, the Ethereum overwrite flow and new Deribit margin requirements, massive closeout activity, and Amber Data gamma indexes.

Overall, the video provides an in-depth examination of the crypto options market during this volatile period.

This one is packed with alpha! Watch till the end.

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00:00 - Introduction01:10 - Kelly's Background02:11 - Volume Explosion in Crypto Options3:20 - ETF Head Fake Rally4:43 - Term Structure Richness5:54 - Ethereum Overwrite Flow7:00 - New Deribit Margin Requirements8:13 - Massive Closeout Activity9:09 - Impact on Crypto Options Market10:47 - Mainstreaming the Overwrite12:11 - Amber Data Gamma Indexes13:34 - Differences in BTC vs ETH Gamma14:50 - Potential Gamma Convergence15:27 - Rolling Out BTC Call Positions16:22 - Reinitiating Upside Exposure18:09 - Conclusion