BITX2x Bitcoin ETF
BITX Options Overview
IV is elevated with bullish flow. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
BITX Gamma Walls
Value
Is IV priced right?
Measures whether options are cheap, fair, or rich relative to historical and peer
IV Rank 91.9% — elevated vs history
IV/HV 0.91x — IV ≤ HV
Sector percentile 93% — above sector median
Front/Back 1.00x — flat
Put/Call IV 1.16x — elevated
ATM IV 82.3% — crisis-level IV
Effective IV 108.7% (ATM 82.3% + spread 13.2% + bias) — expensive
Total drag 21.00% (spread 13.18% + slippage 7.82%) — high friction
Vega efficiency 1.43 (vega 1.885 / spread 13.18%) — spread drag
Sentiment
Bullish or bearish?
Analyzes
Conviction-weighted: -2% (neutral) — Raw: -2%
|OI skew| 41.6% — call-heavy
Vol skew +50.0%, OI skew +41.6% — aligned
0-DTE 43%, far-OTM 15%, avg DTE 30
OI change +0.0% (5d) — stable
ITM: +8%, ATM: +21%, OTM: -17% — bullish (ITM/ATM aligned)
Sector P/C percentile 14% — very bullish vs sector
Activity
Unusual activity?
Detects volume surges,
Volume 0.5x avg — normal
Vol/OI 4.3% — normal turnover
1 day(s) elevated — may be one-day event
OI change -0.8% (5d) — stable
Sector activity percentile 65% — active vs sector
Large trade volume 20% — mixed
Aggressive execution 47% — patient
Conviction -2 (bearish) — mixed
Liquidity
Can I trade efficiently?
Evaluates
Spread 13.2% — wide
OI 230,857 — deep
Volume 9,967/day — active
$0.66 to cross — expensive
4 liquid strikes — limited options
Sector spread percentile 95% — much wider than sector
Depth 767.3 contracts (bid:354.4 ask:412.9) — deep
Avg slippage 7.82% — poor
Timing
Is now a good time?
Considers earnings proximity,
Slope +0.1% — flat/unclear
IV percentile 92% — seller opportunity
IV kink -1.3pts — no clear event
θ/ν ratio 80.22 — favors income trades
4 liquid expirations — flexible
caution advised: No earnings detected; FOMC in 5d; CPI in 0d (HIGH)
Spread ratio 1.00x — stable
Flow -2% @ 51% consistency — unclear
Score 50 (ITM 20% + inst 20%) — moderate institutional
Directional Strategy Fit
For educational purposes only. Not investment advice.
The Options Desk tracks the move options price into every US earnings report the week of Sep 7, 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.