June 22 Date Rights Weekly Report — Monthly Options Trading Rebounds 17%; Institutions Shift to Monthly Options, Long Volatility Cycle Begins

Weekly Report Date: June 22, 2026

Important Reminder: Opinions and information are for reference only and do not constitute investment advice for anyone.

Strategy Recommendation: Long Volatility

Weekly Changes in Options Market Volume (BTC)

• Monthly options rebounded (86K, +17%) as FOMC approaches, prompting institutions to pre-position; on June 15, a single-day volume of 31,165 contracts, with monthly contracts becoming the main hedging tool for major events.
• Short-term options slightly declined (38K, -6%) as participation from short-term funds decreased; post-event weekend holding risks increased, leading to a drop in demand for short-term options.
• Date-specific options significantly decreased (39K, -25%) as intraday safe-haven demand during BTC's sharp drop was released; trading activity cooled after market stabilization, but they still hold immediate hedging value during event-driven moves.

Weekly total remained basically flat (-2%): superficially calm but with a key structural shift—funds shifted from intraday panic hedging to medium- and long-term positioning around FOMC events, reflecting increased institutional dominance and marginal decline in retail participation.

Bitcoin Options Market Summary

BTC volatility retreated from panic highs to around 40%, near the 43% percentile over the past year.

In the week following FOMC, puts were generally favored; $60K Put single-day volume of 1,500 contracts was the largest, with $58K–$65K Put forming a dense institutional defense line. Calls concentrated around $68K–bounced bets, but trading volume was significantly weaker than puts.

BTC 25D skew weakened again after FOMC, with the 7-day short end falling from -4 to -9, and the 30-day back to -8, indicating a resurgence of panic sentiment. The 180-day long end remained stable at around -5, reflecting that medium-term bullish conviction has not fully collapsed, but the short- and long-term ends are once again diverging.

Ethereum Options Market Summary

ETH DVOL is currently around 56, in the lowest 14.5% percentile over the past year, with market volatility pricing still relatively low; implied volatility remains in a cheap range.

ETH options trading leans bullish, with increased activity in near-month calls; $1,750 calls traded close to 6,000 contracts in a single day, and $1,800 calls exceeded 3,000 contracts, with the market speculating around ETH’s low $1,687 for a short-term rebound.

Put options mainly cluster in the $1,500–$1,650 range as downside protection, but overall volume is weaker than calls.

ETH skew shows a short-term cautious, long-term bullish divergence: short-term (7–30 days) skew has fallen to -7 to -8, reflecting increased demand for short-term downside protection after FOMC; however, the 180-day long end remains at -3 to -4, indicating long-term bullish expectations have not significantly changed. Put protection is concentrated in the near term, with medium- and long-term institutional positioning still ongoing.

Traditional Asset Market Summary

Gold volatility GVZ is currently around 27.9, in a low range, with market volatility pricing remaining subdued. As macro and geopolitical risks catalyze, long volatility opportunities in gold options are worth monitoring.

OVX is around 51.54, sharply down from the March high of 126; crude oil volatility has returned from extreme risk pricing to normal levels. The high-yield phase of shorting volatility has passed; future focus should shift to range-bound strategies and event-driven opportunities.