AInvestOption Pilot Program
Options/BITO
B

BITOProShares Bitcoin ETF

Options Analysis Report
AUM $1.6B|ARCX
● 2026-08-31$10.45
BULLISH
Analysis: 2026-08-28 EOD data
1Y -45.3%YTD -16.2%7D -1.7%
15,216
30D
±10.6%
11%

BITO Options Overview

bullish flow with unusual activity. No clear edge detected.

REWARDS

RISK ANALYSIS

5.9VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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BITO Gamma Walls

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Value

Is IV priced right?

6.0
ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks5/9 checks passed
≤35%

IV Rank 52.8% — elevated vs history

<1.05x

IV/HV 0.86x — IV ≤ HV

Sector Relative≤50%

Sector percentile 72% — above sector median

<1.1x

Front/Back 0.85x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 33.7% — normal range

<80%

Effective IV 69.6% (ATM 33.7% + spread 18.0% + bias) — fair

<3.0%

Total drag 30.86% (spread 17.96% + slippage 12.90%) — high friction

≥5.0

Vega efficiency 0.72 (vega 1.290 / spread 17.96%) — spread drag

Sentiment

Bullish or bearish?

7.4
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBullish - Strong signal (Conviction: +25%, Raw: +28%)
|net sentiment| ≥25%

Conviction-weighted: +25% (bullish) — Raw: +28%

≥15%

|OI skew| 57.2% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +47.1%, OI skew +57.2% — aligned

≥2/3 conditions

0-DTE 0%, far-OTM 15%, avg DTE 30

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: +6%, ATM: +25%, OTM: +34% — bullish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 15% — very bullish vs sector

Activity

Unusual activity?

5.0
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks3/8 checks passed
≥1.5x

Volume 1.0x avg — normal

≥15%

Vol/OI 5.4% — normal turnover

≥2 days

1 day(s) elevated — may be one-day event

≥5%

OI change +8.7% (5d) — building

Sector Relative≥60%

Sector activity percentile 71% — active vs sector

≥30%

Large trade volume 41% — institutional presence

≥60%

Aggressive execution 33% — patient

≥30

Conviction +25 (bullish) — mixed

Liquidity

Can I trade efficiently?

3.6
IlliquidLiquid

Evaluates

, volume depth, and open interest for trade execution quality.

Risk Checks3/8 checks passed
≤5.0%

Spread 18.0% — wide

≥10,000

OI 281,860 — deep

≥500

Volume 15,216/day — active

≤$0.50

$0.90 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 79% — wider than sector

≥100 contracts

Depth 815.7 contracts (bid:245.7 ask:570.0) — deep

<1.0%

Avg slippage 12.90% — poor

Timing

Is now a good time?

7.6
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed
|slope| ≥5%

Slope -15.0% — contango

<30 or >70

IV percentile 53% — neutral

≥10pts kink

IV kink -4.4pts — no clear event

<0.5 or >2.0

θ/ν ratio 169.74 — favors income trades

≥3 expirations

3 liquid expirations — flexible

≥60% (safe)

safe window: No earnings detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow +25% @ 62% consistency — moderate (bullish)

≥40 composite score

Score 71 (ITM 20% + inst 41%) — HIGH institutional

Directional Strategy Fit

Option Buyers
Long Calls7.2
bullishIV cheap, bullish flow
Long Puts4.7
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put5.6
bullishIV too cheap, bullish flow
Covered Call4.0
bearishIV too cheap, bullish flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.

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