Joined September 2023
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10h
Crypto PayPal are now live on the BackQuant Terminal
Supports both Terminal and API plans. 300 coins. No card, no support ticket. Just pick how you pay.
here's the terminal breaking down BTC vs SPX options positioning:
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5h
bitcoin:native
Put wall finally moved below price at 66k. Looks mostly like longs closing here.
Small short gamma pocket around current price. If we hit 65,750, we’re back into negative gamma.
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10h
Crypto PayPal are now live on the BackQuant Terminal
Supports both Terminal and API plans. 300 coins. No card, no support ticket. Just pick how you pay.
here's the terminal breaking down BTC vs SPX options positioning:
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917
10h
Join at backquant.com
note: free trial is not available for crypto and paypal subscriptions
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18h
bitcoin:native vs $IBIT positioning
Same asset, but slightly different stories
BTC is in positive gamma, Net GEX ~87th percentile, front P/C 0.80. Crypto options aren't pricing much downside fear here: 25d skew -0.26% so calls are marginally richer than puts (call IV 29.9 vs put IV 29.6), basically flat. Dealers pinning price tight, put wall and HVL above price.
IBIT is less clean. Puts are still bid, skew is steeper (25d 2.8%, 10d 5.1%, put IV 42.2 vs call IV 39.4, ATM ~40% vs BTC ~29) and there's a chunk of negative gamma sitting underneath the positive shelf. So the upper strikes can pin it, but the downside convexity is uglier if it leaks lower.
ETF flows were still negative yesterday (-$110m net), but mostly GBTC (-$124m). IBIT/FBTC were flat, so not a massive spot exit yet.
BTC pinned into FOMC, IBIT carries the uglier downside convexity if risk sells off. Hold's basically priced
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Jun 15
$GLD GEX I forgot to include
Jun 15
US-Iran peace deal? At least the market is treating it like a final resolution, pricing out some geopolitical risk premium.
BTC and gold catching a bid, and oil is back around $80.
Flows are supporting it too. Spot CVD and OI are both up, BTC options remain call-heavy (P/C ~0.72) and we're back in a positive gamma regime.
Still have FOMC later this week. The rate decision itself probably doesn't matter much, the dot plots and inflation commentary are what the market will care about.
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Jun 15
US-Iran peace deal? At least the market is treating it like a final resolution, pricing out some geopolitical risk premium.
BTC and gold catching a bid, and oil is back around $80.
Flows are supporting it too. Spot CVD and OI are both up, BTC options remain call-heavy (P/C ~0.72) and we're back in a positive gamma regime.
Still have FOMC later this week. The rate decision itself probably doesn't matter much, the dot plots and inflation commentary are what the market will care about.
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Jun 12
0DTE put wall gone longs closing
Jun 12
bitcoin:native EoW Pre-OpEx
Super pinned into expiry.
Yesterday's TWAP has stopped and the market has gone quiet, with pin risk sitting right around spot and IV getting crushed.
89th percentile positive gamma too, so dealers are dampening everything here.
IBIT ETF flows have been negative throughout the week, but IBIT options last close flipped call bid into expiry, 25d RR 1.90%, calls ~2 vols over puts. Yesterday IBIT was the hedged one; now the ETF-side vol is reaching for upside.
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Jun 12
bitcoin:native EoW Pre-OpEx
Super pinned into expiry.
Yesterday's TWAP has stopped and the market has gone quiet, with pin risk sitting right around spot and IV getting crushed.
89th percentile positive gamma too, so dealers are dampening everything here.
IBIT ETF flows have been negative throughout the week, but IBIT options last close flipped call bid into expiry, 25d RR 1.90%, calls ~2 vols over puts. Yesterday IBIT was the hedged one; now the ETF-side vol is reaching for upside.
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Jun 11
bitcoin:native vs $IBIT Positioning
Interesting split in front-expiry options.
BTC options are back in a long gamma regime, with front-expiry P/C around 0.78 and 25d skew only 1.3%. Puts are only slightly richer than calls, so crypto options are not pricing much downside fear here.
IBIT is different. 25d skew is 5.4%, 10d skew 10.4%, and puts are trading around 5 vols richer than calls. ETF-side flow is still paying up for protection.
Same underlying, different fear premium.
Crypto options look comfortable with the range. IBIT still looks hedged.
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Jun 10
Anthropic's new model Fable 5 is now available on the Terminal.
Jun 9
The BackQuant Terminal AI is live.
Ask across GEX, positioning, perps, COT, macro, vol. Get a desk note in seconds
Every number sourced from the same data powering the Terminal. Every panel, one prompt
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Jun 9
The BackQuant Terminal AI is live.
Ask across GEX, positioning, perps, COT, macro, vol. Get a desk note in seconds
Every number sourced from the same data powering the Terminal. Every panel, one prompt
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3,877
Jun 9
5/6
As for the Pro users, type AI for the panel
Ask it anything, and even get it to manage your workspace
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Jun 9
6/6
Try it out with a free trial: backquant.com/
Use any model: Anthropic, OpenAI, or Gemini. Use your own key, pay your provider directly. Usually cents per session, no markup.
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