According to @GreeksLive, today's largest block trade involved a sell of Bitcoin call calendar spread with a notional value of 500 BTC (approximately $43,650,800). The transaction was conducted as part of a quarterly delivery position adjustment, utilizing options expiring on Thursday and Saturday. This indicates a strategic move by a large account to manage exposure and potentially capture premium decay over time.

According to @GreeksLive, significant macro events are scheduled for Thursday and Friday this week, coinciding with the quarterly delivery. The crypto market experienced a substantial decline today, leading to a notable increase in the implied volatility (IV) of Bitcoin options for the month.