# Options Related Articles

HTX News Center provides the latest articles and in-depth analysis on "Options", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

Thailand links crypto & carbon credits to derivatives market: Details

Thailand has officially integrated digital assets and carbon credits into its regulated derivatives market under the Derivatives Trading Act. This allows cryptocurrencies and carbon credits to serve as underlying assets for futures and options trading on the Thailand Futures Exchange, shifting their status from speculative instruments to regulated investment products. The move enables institutional investors to manage risk more effectively and supports market diversification. Stricter licensing and supervision rules are being implemented to ensure stability. This development is part of Thailand’s broader strategy to position itself as a digital economy leader in Southeast Asia, with plans to introduce Bitcoin ETFs by 2026. The policy follows years of regulatory evolution, including earlier exchange licensing, a ban on crypto payments, and recent tax incentives.

ambcrypto12h ago

Thailand links crypto & carbon credits to derivatives market: Details

ambcrypto12h ago

Crypto Enters Thailand’s Capital Markets After Regulatory Approval

Thailand's Cabinet has approved the use of cryptocurrencies as underlying assets for regulated financial products like futures and options, integrating crypto into mainstream capital markets. The Securities and Exchange Commission will establish detailed rules for exchanges, clearing, and risk controls. Licensed platforms will be required, with stricter custody standards. The move follows earlier initiatives like tokenized government bonds (G-Tokens) and a five-year capital gains tax exemption for on-shore crypto trading. Stablecoins are included to facilitate settlement. While institutional interest is growing, concerns around volatility, custody, and fraud remain. Regulators plan to enforce strict KYC, auditing, and leverage limits to mitigate risks.

bitcoinist15h ago

Crypto Enters Thailand’s Capital Markets After Regulatory Approval

bitcoinist15h ago

Structural Weakness

Since recording an all-time high in early October, Bitcoin has entered a structurally weak phase, trading within a range bounded by the Realized Price near $55k and the True Market Mean around $79.2k. The market is currently testing the $60k–$72k accumulation range from H1 2024, where buyer support has emerged, but overhead supply and negative institutional flows pose significant resistance. Off-chain data shows broad de-risking, with Digital Asset Treasury flows turning negative and spot volume lacking sustained demand. Derivatives markets indicate reduced speculative activity, elevated implied volatility, and persistent demand for downside protection, reflecting a cautious and fragile sentiment. Without a strong catalyst or renewed institutional demand, Bitcoin is likely to remain range-bound with elevated volatility, as the market struggles to establish a durable foundation for upward momentum.

insights.glassnodeYesterday 18:28

insights.glassnodeYesterday 18:28

Returning to $70,000: Is Bitcoin's Violent Rebound a Trend Restart or a Bull Trap?

Bitcoin experienced a violent rebound from $60,000 to over $70,000 within 24 hours, erasing a recent 14% crash. However, the rally was not driven by strong spot buying but rather by a combination of macro market stabilization and forced short-covering amid extreme fear sentiment in derivatives markets. Key factors behind the earlier selloff included expectations of liquidity tightening due to Trump’s potential Fed appointment, pressure on miner profitability, and spillover from tech stock and metals volatility. Despite the sharp recovery, options traders are heavily hedging against a potential retest of the $50,000–$60,000 range by late February. Sustaining $70,000 depends on continued macro stability, reduced ETF outflows, and normalized derivatives sentiment. The rebound appears more of a mechanical squeeze than a conviction-driven reversal.

比推02/09 12:59

Returning to $70,000: Is Bitcoin's Violent Rebound a Trend Restart or a Bull Trap?

比推02/09 12:59

Bitcoin Returns to $70K: Rebound or Real Trap?

Bitcoin surged from $60,000 to over $70,000 in under 24 hours, erasing a 14% drop, but the rebound was driven more by macro-market stabilization and forced liquidations than strong spot buying. The sell-off was triggered by risk-off sentiment across assets, including tech stocks and metals, exacerbated by expectations of tighter liquidity under a potential Trump-appointed Fed chair. Despite the rebound, derivatives markets show persistent bearish signals: negative funding rates, skewed put options, and ETF outflows. Options traders are pricing in a significant chance of a drop to $50,000–$60,000 by late February. Holding $70,000 depends on sustained macro stability, reduced leverage, improved miner conditions, and a reversal in institutional outflows. The rebound appears fragile, with underlying sentiment remaining cautious.

marsbit02/09 12:30

Bitcoin Returns to $70K: Rebound or Real Trap?

marsbit02/09 12:30

How Michael Saylor turned MSTR into Wall Street’s Bitcoin proxy

Michael Saylor has transformed MicroStrategy (MSTR) from a traditional software company into Wall Street's primary Bitcoin proxy. Unlike stable tech giants, MSTR exhibits extreme volatility, with an open interest ratio of 85.8%—far exceeding peers—indicating traders use it primarily to speculate on Bitcoin. The stock, trading around $134.93 (up 28%), is driven by options activity, with bullish bets concentrated between $125 and $150 and strong support near $100. Saylor reinforces a long-term accumulation strategy, emphasizing his "Orange Dots" philosophy—each representing irreversible Bitcoin purchases. With over 713,000 BTC ($50 billion) held, MSTR remains a key high-risk, high-reward vehicle for Bitcoin exposure, despite reporting a largely paper loss of $17.4 billion in Q4 2025.

ambcrypto02/09 11:02

How Michael Saylor turned MSTR into Wall Street’s Bitcoin proxy

ambcrypto02/09 11:02

What Really Triggered Feb. 5’s Bitcoin Crash? Jeff Park’s New Theory

Jeff Park attributes Bitcoin's sharp 13.2% decline on Feb. 5 to traditional finance mechanics rather than crypto-specific news. He argues the crash was triggered by broad-based deleveraging in multi-strategy funds following a significant risk-off event. This forced selling coincided with a surge in put options and record volume in BlackRock's IBIT ETF. Paradoxically, the ETF saw net inflows instead of outflows, suggesting the selling pressure came from derivatives and hedging activity. Park points to a rapid unwind of basis trades and short-gamma mechanics, where dealers were forced to sell into falling prices, exacerbating the drop. The snap-back recovery on Feb. 6 is framed as a positioning reset, indicating the event was primarily a technical breakdown driven by a change in fundamentals.

bitcoinist02/09 09:39

What Really Triggered Feb. 5’s Bitcoin Crash? Jeff Park’s New Theory

bitcoinist02/09 09:39

Can IBIT Really Trigger a Market-Wide Liquidation?

Market discussions have recently focused on the sharp Bitcoin decline and subsequent rebound in early February, with attention turning to the role of BlackRock’s iShares Bitcoin Trust (IBIT). Jeff Park, an advisor at Bitwise, suggests the volatility was closely tied to IBIT’s record-high trading volume and put-heavy options activity on February 5. Contrary to expectations, IBIT saw net creation—not redemption—amid the sell-off, indicating the drop may not have been driven by ETF investor panic. Instead, the pressure likely originated from institutional deleveraging and risk reduction within traditional finance structures. Market makers and multi-asset portfolios adjusted derivatives and hedging positions, transmitting stress through IBIT’s secondary market and options activity, ultimately affecting Bitcoin's price. A common narrative attributes sell-offs to ETF redemptions forcing BTC liquidations. However, only authorized participants (APs) can create or redeem shares. Secondary market trading—no matter how large—only changes share ownership, not the underlying BTC held in custody. On the day of the drop, net BTC outflows from all U.S. spot Bitcoin ETFs amounted to only 5,952 BTC, a small fraction of total holdings. When IBIT sells off in the secondary market, APs may arbitrage discounts by buying shares and hedging with BTC spot sales or futures shorts. This hedging can transmit selling pressure to Bitcoin markets even without significant net redemptions. Thus, IBIT’s influence operates through complex, layered mechanisms rather than direct BTC liquidation.

marsbit02/09 07:39

Can IBIT Really Trigger a Market-Wide Liquidation?

marsbit02/09 07:39

The Real Reason for the "February 5th Crash": A Case of Collateral Damage from Wall Street Deleveraging

On February 5th, the crypto market experienced a sharp crash, with Bitcoin briefly plummeting to $60,000 and over $2.6 billion in liquidations. The article argues that the sell-off was not driven by crypto-native factors but by a broader Wall Street deleveraging event, likely originating from multi-strategy hedge funds facing extreme losses in software stocks and other risk assets. Key evidence includes record-high trading volumes in Bitcoin ETFs like IBIT, dominated by put options, and unusually high correlation between Bitcoin and software stocks. Forced deleveraging triggered the unwinding of delta-neutral strategies (such as basis trades), causing a violent, cascade-like sell-off. This was exacerbated by negative gamma dynamics in the options market, where dealers were forced to aggressively sell underlying assets as volatility spiked. Despite the steep decline, Bitcoin ETFs saw net inflows—not outflows—suggesting the selling pressure came from paper/financial system positioning (e.g., hedge fund liquidations and dealer hedging), not long-term investor redemptions. The rebound on February 6th further indicated that traditional market-neutral capital re-entered to capture renewed basis trade opportunities. The author concludes that the crash was a result of accidental contagion from traditional finance deleveraging, not a crypto-specific crisis, and expects a strong rebound given Bitcoin’s deeper integration into global capital markets.

marsbit02/09 03:00

The Real Reason for the "February 5th Crash": A Case of Collateral Damage from Wall Street Deleveraging

marsbit02/09 03:00

The Black Swan Revealed: The True Cause of This Bitcoin Crash

In a detailed analysis, Bitwise CIO Jeff Park explains the true cause behind the recent Bitcoin crash, attributing it to a complex interplay of traditional finance mechanisms rather than crypto-native factors. The initial trigger was a broad-based de-leveraging event within multi-strategy hedge funds, prompted by an extreme down day in software stocks and correlated risk assets—a statistically rare "black swan" event. This forced, indiscriminate selling included Bitcoin exposure, much of which was held in delta-neutral hedged positions like basis trades. The violent unwind then interacted with negative gamma dynamics in the options market. Market makers, who were structurally short gamma due to prior low volatility and client demand for puts, were forced to aggressively sell spot Bitcoin (including the IBIT ETF) as price fell, accelerating the downward move. This created a scenario where dealers effectively shorted into the sell-off, generating new ETF inventory and paradoxically preventing the expected massive outflows. Instead, the ETF complex saw net inflows. The analysis concludes that the crash was not driven by directional bearishness but by hedging and de-risking needs within traditional finance. This integration means that future rallies could be even more violent due to the same structural mechanics, highlighting Bitcoin's maturation within global capital markets.

marsbit02/08 00:36