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BTCINEOS Bitcoin High Income ETF

Options Analysis Report
AUM $1.3B|BATS
● 2026-08-31$32.26
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y -45.1%YTD -28.2%7D -0.8%
419
30D
±10.3%
4%

BTCI Options Overview

unusual activity. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

5.1VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for option buyers

Learn
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BTCI Gamma Walls

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Value

Is IV priced right?

5.3
ExpensiveCheap

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

levels.

Risk Checks3/9 checks passed
≤35%

IV Rank 49.3% — elevated vs history

<1.05x

IV/HV 1.28x — IV premium over HV

Sector Relative≤50%

Sector percentile 69% — above sector median

<1.1x

Front/Back 1.05x — flat

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 31.9% — normal range

<80%

Effective IV 118.1% (ATM 31.9% + spread 43.1% + bias) — expensive

<3.0%

Total drag 57.62% (spread 43.08% + slippage 14.54%) — high friction

≥5.0

Vega efficiency 1.98 (vega 8.511 / spread 43.08%) — spread drag

Sentiment

Bullish or bearish?

5.5
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksVery Bullish - Moderate signal (Conviction: +31%, Raw: +33%)
|net sentiment| ≥25%

Conviction-weighted: +31% (strong bullish) — Raw: +33%

≥15%

|OI skew| 15.2% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew -60.9%, OI skew +15.2% — divergent (opposite)

≥2/3 conditions

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

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: +0%, ATM: +21%, OTM: +44% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 97% — very bearish 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 5.3% — normal turnover

≥2 days

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

≥5%

OI change +14.8% (5d) — building

Sector Relative≥60%

Sector activity percentile 71% — active vs sector

≥30%

Large trade volume 24% — mixed

≥60%

Aggressive execution 15% — patient

≥30

Conviction +31 (bullish) — moderate

Liquidity

Can I trade efficiently?

2.8
IlliquidLiquid

Evaluates

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

Risk Checks0/8 checks passed
≤5.0%

Spread 43.1% — wide

≥10,000

OI 7,840 — thin

≥500

Volume 419/day — thin

≤$0.50

$2.15 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 77% — wider than sector

≥100 contracts

Depth 96.9 contracts (bid:68.2 ask:28.7) — thin

<1.0%

Avg slippage 14.54% — poor

Timing

Is now a good time?

6.8
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed
|slope| ≥5%

Slope +4.7% — flat/unclear

<30 or >70

IV percentile 49% — neutral

≥10pts kink

IV kink 4.6pts — no clear event

<0.5 or >2.0

θ/ν ratio 4479.26 — 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 +31% @ 66% consistency — moderate (bullish)

≥40 composite score

Score 54 (ITM 20% + inst 24%) — moderate institutional

Directional Strategy Fit

Option Buyers
Long Calls5.2
bullishIV fair, mixed flow
Long Puts4.9
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put4.9
bullishIV fair, mixed flow
Covered Call4.6
bearishIV fair, mixed 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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