AInvestOption Pilot Program
Options/BITQ
B

BITQBitwise Crypto Industry Innovators ETF

Options Analysis Report
AUM $428M|ARCX
● 2026-08-31$24.67
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +18.7%YTD +16.1%7D -1.1%
14
30D
±17.4%
8%

BITQ Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

3.9VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
Loading score history...

BITQ Gamma Walls

Loading gamma walls...

Value

Is IV priced right?

4.5
ExpensiveCheap

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

levels.

Risk Checks3/9 checks passed
≤35%

IV Rank 82.2% — elevated vs history

<1.05x

IV/HV 1.15x — IV premium over HV

Sector Relative≤50%

Sector percentile 90% — above sector median

<1.1x

Front/Back 1.05x — backwardation

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 58.0% — normal range

<80%

Effective IV 167.3% (ATM 58.0% + spread 54.7% + bias) — expensive

<3.0%

Total drag 71.60% (spread 54.67% + slippage 16.93%) — high friction

≥5.0

Vega efficiency 1.10 (vega 6.015 / spread 54.67%) — spread drag

Sentiment

Bullish or bearish?

3.8
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBearish - Moderate signal (Conviction: -16%, Raw: -14%)
|net sentiment| ≥25%

Conviction-weighted: -16% (bearish) — Raw: -14%

≥15%

|OI skew| 94.4% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew -42.9%, OI skew +94.4% — 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: -14%, OTM: -14% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 94% — very bearish vs sector

Activity

Unusual activity?

2.0
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks0/8 checks passed
≥1.5x

Volume 0.7x avg — normal

≥15%

Vol/OI 0.2% — normal turnover

≥2 days

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

≥5%

OI change +1.5% (5d) — stable

Sector Relative≥60%

Sector activity percentile 8% — quiet vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 12% — patient

≥30

Conviction -16 (bearish) — mixed

Liquidity

Can I trade efficiently?

2.4
IlliquidLiquid

Evaluates

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

Risk Checks1/8 checks passed
≤5.0%

Spread 54.7% — wide

≥10,000

OI 7,120 — thin

≥500

Volume 14/day — thin

≤$0.50

$2.73 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 92% — much wider than sector

≥100 contracts

Depth 114.89999999999999 contracts (bid:90.1 ask:24.8) — adequate

<1.0%

Avg slippage 16.93% — poor

Timing

Is now a good time?

6.9
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

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

Slope +5.0% — backwardation

<30 or >70

IV percentile 82% — seller opportunity

≥10pts kink

IV kink 1.4pts — no clear event

<0.5 or >2.0

θ/ν ratio 439.04 — 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 -16% @ 60% consistency — unclear

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls4.3
bullishIV fair, bearish flow
Long Puts5.1
bearishIV fair, bearish flow
Premium Sellers
Cash-Secured Put4.5
bullishIV fair, bearish flow
Covered Call5.3
bearishIV fair, bearish 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.

More on BITQ

BITQ gamma wallsBITQ max painBITQ IV rankBITQ options flow