actually feel strangely bad for the mm that took the other side of this large option structure while he had some balls and got some gamma moves the reaction of jul vol is embarrassing with btc 105-100-110-105 and a colorful news tape initiator gg chilling for the summer
Deribit Insights
Deribit Insights6.6.2025
4) The counterparty MM took this trade competitively and took the risk of $150k Calendar Theta a day, offset by Gamma, and $225k of Calendar Vega. In a quiet market and before the weekend, this looked risky. The MM needed an imminent BTC move and consequent catalyzed Vol buyers.
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