AInvestOption Pilot Program
Options/BITX
B

BITX2x Bitcoin ETF

Options Analysis Report
AUM $906M|BATS
● 2026-08-31$17.32
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y -67.6%YTD -40.6%7D -3.5%
28,810
30D
±21.5%
12%

BITX Options Overview

IV is elevated with unusual activity. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

5.5VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
Loading score history...

BITX Gamma Walls

Loading gamma walls...

Value

Is IV priced right?

4.7
ExpensiveCheap

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

levels.

Risk Checks4/9 checks passed
≤35%

IV Rank 90.0% — elevated vs history

<1.05x

IV/HV 0.95x — IV ≤ HV

Sector Relative≤50%

Sector percentile 94% — above sector median

<1.1x

Front/Back 0.89x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 72.2% — normal range

<80%

Effective IV 102.4% (ATM 72.2% + spread 15.1% + bias) — expensive

<3.0%

Total drag 24.23% (spread 15.08% + slippage 9.15%) — high friction

≥5.0

Vega efficiency 1.10 (vega 1.653 / spread 15.08%) — spread drag

Sentiment

Bullish or bearish?

5.3
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBearish - Strong signal (Conviction: -16%, Raw: -7%)
|net sentiment| ≥25%

Conviction-weighted: -16% (bearish) — Raw: -7%

≥15%

|OI skew| 36.2% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +11.1%, OI skew +36.2% — 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: -36%, ATM: -16%, OTM: +8% — strong bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 25% — very bullish vs sector

Activity

Unusual activity?

6.0
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks4/8 checks passed
≥1.5x

Volume 1.5x avg — elevated

≥15%

Vol/OI 11.5% — normal turnover

≥2 days

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

≥5%

OI change +16.7% (5d) — building

Sector Relative≥60%

Sector activity percentile 85% — very active vs sector

≥30%

Large trade volume 36% — institutional presence

≥60%

Aggressive execution 46% — patient

≥30

Conviction -16 (bearish) — 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 15.1% — wide

≥10,000

OI 250,875 — deep

≥500

Volume 28,810/day — active

≤$0.50

$0.75 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 95% — much wider than sector

≥100 contracts

Depth 987.1 contracts (bid:465.9 ask:521.2) — deep

<1.0%

Avg slippage 9.15% — poor

Timing

Is now a good time?

7.7
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

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

Slope -11.4% — contango

<30 or >70

IV percentile 90% — seller opportunity

≥10pts kink

IV kink -4.7pts — no clear event

<0.5 or >2.0

θ/ν ratio 52.29 — favors income trades

≥3 expirations

4 liquid expirations — flexible

≥60% (safe)

safe window: No earnings detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -16% @ 58% consistency — unclear

≥40 composite score

Score 66 (ITM 20% + inst 36%) — HIGH institutional

Directional Strategy Fit

Option Buyers
Long Calls5.2
bullishIV fair, mixed flow
Long Puts5.0
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put5.3
bullishIV fair, mixed flow
Covered Call5.1
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.

More on BITX

BITX gamma wallsBITX max painBITX IV rankBITX options flow