Greeks.live: Bitcoin butterfly combination options with a nominal value of US$20 million were traded, and US$47,000 was the maximum profit point

Adam, a macro researcher at Greeks.live, posted on the This single block trade was a newly opened option, betting that Bitcoin would fall slightly before expiration at the end of March, with $47,000 being the maximum profit point. At the same time, there is a component of shorting the implied volatility. If it falls below $44,000 or does not fall below $49,800, you will lose money, but the maximum loss is limited. Whale users have continued to increase short positions recently, and are generally in a mentality of protecting spot or taking profits, which is different from most people's expectations of hitting new highs.