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Arphra AIPlain-English read on Grayscale Bitcoin Mini Trust ETF’s valuationIV · ATM
41.1%
current
IV rank
—
vs 1-snapshot range
Put / Call
0.68
call-heavy
Implied move
±8.1%
nearest exp · Jun 26
Open interest by strike · top
· options_quotescallsputs
$120000 C
7K
$90000 C
7K
$60000 P
6K
$80000 C
5K
$85000 C
5K
$80000 C
4K
$60000 P
4K
$20000 P
4K
Max pain
$78000
vs spot $77114.07 · pin risk into Jun expiry
$20000$380000
Vol term structure
1m
38%
2m
39%
3m
40%
6m
44%
1y+
45%
Upward-sloping — term premium in longer tenors.
Positioning insights
DB · options_chain · options_quotes · options_iv_signalsSnapshot rollup
May 18, 202611 expUnderlying
78948.41
Total OI
400.3K
Total volume
28.6K
P/C OI
1.46
Puts dominate
ATM IV (avg)
4108.0%
Nearest exp
2026-06-26
Max pain
2026-06-26Strike
78000.00
Underlying
77114.07
Gap
1.1%
Strike that minimises total in-the-money intrinsic value for all open calls + puts on the nearest expiration. Market-maker hedging tends to pin spot toward this level into expiry — informative, not prescriptive.
Top open interest
| Exp | Strike | Type | OI | Vol | IV |
|---|---|---|---|---|---|
| 2026-12-25 | 120000.00 | call | 7.1K | 8 | 4193.0% |
| 2026-06-26 | 90000.00 | call | 6.6K | 53 | 3561.0% |
| 2026-12-25 | 60000.00 | put | 5.9K | 3 | 4858.0% |
| 2026-12-25 | 80000.00 | call | 4.8K | 35 | 4367.0% |
| 2026-06-26 | 85000.00 | call | 4.6K | 422 | 3547.0% |
| 2026-06-26 | 80000.00 | call | 4.2K | 308 | 3658.0% |
Top volume (today)
| Exp | Strike | Type | OI | Vol | IV |
|---|---|---|---|---|---|
| 2026-06-26 | 85000.00 | call | 4.6K | 422 | 3547.0% |
| 2026-12-25 | 75000.00 | put | 793 | 421 | 4437.0% |
| 2026-12-25 | 75000.00 | call | 996 | 408 | 4437.0% |
| 2026-06-26 | 82000.00 | call | 2.9K | 369 | 3587.0% |
| 2026-06-26 | 70000.00 | put | 2.7K | 318 | 4295.0% |
| 2026-06-26 | 80000.00 | call | 4.2K | 308 | 3658.0% |
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