AInvestOption Pilot Program
Options/BITB
B

BITBBitwise Bitcoin ETF

Options Analysis Report•COMMODITY CONTRACTS BROKERS & DEALERS
AUM $2.9B|ARCX
● 2026-08-28$42.09
VERY BULLISH
Analysis: 2026-08-27 EOD data
1Y -30.2%YTD -13.7%7D -1.5%
348
30D
±11.9%
9%

BITB Options Overview

bullish flow. No clear edge detected.

REWARDS

RISK ANALYSIS

5.3VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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BITB Gamma Walls

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Value

Is IV priced right?

6.2
ExpensiveCheap

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

levels.

Risk Checks5/9 checks passed
≤35%

IV Rank 63.7% — elevated vs history

<1.05x

IV/HV 1.08x — IV premium over HV

Sector Relative≤50%

Sector percentile 80% — above sector median

<1.1x

Front/Back 0.98x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 41.6% — normal range

<80%

Effective IV 72.1% (ATM 41.6% + spread 15.3% + bias) — fair

<3.0%

Total drag 20.73% (spread 15.27% + slippage 5.46%) — high friction

≥5.0

Vega efficiency 6.28 (vega 9.585 / spread 15.27%) — acceptable

Sentiment

Bullish or bearish?

7.3
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBullish - Strong signal (Conviction: +22%, Raw: +32%)
|net sentiment| ≥25%

Conviction-weighted: +22% (bullish) — Raw: +32%

≥15%

|OI skew| 60.6% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +87.9%, OI skew +60.6% — 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: +87%, OTM: +35% — strong bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 4% — very bullish vs sector

Activity

Unusual activity?

3.3
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks0/8 checks passed
≥1.5x

Volume 1.0x avg — normal

≥15%

Vol/OI 3.1% — normal turnover

≥2 days

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

≥5%

OI change -4.5% (5d) — unwinding

Sector Relative≥60%

Sector activity percentile 55% — neutral vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 23% — patient

≥30

Conviction +22 (bullish) — mixed

Liquidity

Can I trade efficiently?

2.8
IlliquidLiquid

Evaluates

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

Risk Checks2/8 checks passed
≤5.0%

Spread 15.3% — wide

≥10,000

OI 11,235 — adequate

≥500

Volume 348/day — thin

≤$0.50

$0.76 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 85% — much wider than sector

≥100 contracts

Depth 430.29999999999995 contracts (bid:186.2 ask:244.1) — adequate

<1.0%

Avg slippage 5.46% — poor

Timing

Is now a good time?

6.7
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks4/9 checks passed
|slope| ≥5%

Slope -2.1% — flat/unclear

<30 or >70

IV percentile 64% — neutral

≥10pts kink

IV kink 0.5pts — no clear event

<0.5 or >2.0

θ/ν ratio 486.56 — 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 +22% @ 61% consistency — unclear

≥40 composite score

Score 30 (ITM 20% + inst 0%) — retail dominated

Directional Strategy Fit

Option Buyers
Long Calls6.1
bullishIV cheap, bullish flow
Long Puts4.6
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put4.9
bullishIV too cheap, bullish flow
Covered Call3.6
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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