In-depth research: Uncovering the secrets of Sober’s crypto options trading

Hello, fellow cryptocurrency traders. If you are in the crypto world, especially if you are interested in BTC options, you may have seen the X tweets from the great Sober (@Amy6Tina). This great man’s sharing is full of practical information, from volatility arbitrage to ratio spreads, which can be regarded as a "textbook" for options trading. Today, let’s take a look at his options secrets and how ordinary investors can learn from him!

1. Sober’s Portrait of the Options World

On the X platform, he is a player who focuses on BTC options. He is a traditional financial professional and shares both strategy details and market insights. His posts are not only about technology, but also reveal a deep understanding of the market.

Judging from his posts, his core battlefield is BTC options, and he occasionally talks about strategies related to US stock volatility (VIX). His trading style can be summarized in a few keywords: volatility-driven, neutral and directional, and risk management first .

2. Summary of Sober’s Option Strategy

1. Volatility is his home turf

Sober will flexibly choose to go long or short volatility based on market sentiment and the level of implied volatility (IV).

For example, when the market expects BTC to "move up", he recommends buying straddle options ("buy 82k put and 89k call", which has transparent costs and can also take advantage of the market. Conversely, when market panic is high (such as VIX soaring), he will short volatility and earn profits when volatility falls.

2. Neutral strategy to increase cash flow

When the market is not good, he never plays hard. He likes to use neutral strategies, such as ratio spreads, to increase cash flow when the market fluctuates or falls. For example, she shared a BTC put option ratio spread: buy 72k put on May 30, sell 68k put on May 30, the goal is to buy BTC at a low price or make a spread in a bear market. This strategy does not bet on the direction, but makes money through the option structure, and the risk is relatively controllable.

He mentioned that in a bull market, basis arbitrage (annualized 50-100%) and spot arbitrage (15-19%) can be used to lock in profits, while in a bear market, neutral strategies can be used to stabilize the retracement. This method is especially suitable for friends who do not want to be led by market sentiment.

3. Directional layout is unambiguous

He often says that "a bear market is a good time to deploy long positions" and will increase positions through spot or options at BTC lows. For example, when the market plummets, she will adjust delta exposure and combine spot low-buying to bet on a rebound. This "neutral + directional" mix and match style allows her to find opportunities in different market environments.

4. Risk management is a belief

Almost every strategy shared by Sober has a "risk control description", which shows his emphasis on risk. For example, he will clearly state which type of players the strategy is suitable for (pursuing low-cost BTC purchases or earning price differences in a bear market), and will also remind position management and psychological preparation.

He mentioned the drawdown management of neutral strategy accounts, emphasizing the avoidance of big losses through delta hedging and position adjustment. This "steady progress" approach makes her strategy both technically sound and not "overturning".

5. The crypto market is a “comfort zone”

Almost all of her strategies revolve around BTC options, making full use of the high volatility of the crypto market and the liquidity of the options market. For example, she would use Pskew (Put Option Skewness) to design a proportional spread, or use straddle options to capture the big BTC market. This expertise makes her feel at home in the crypto circle.

The BTC put spread he recommended uses Pskew to reduce costs while retaining downside protection and upside potential, which perfectly fits the high volatility of the crypto market.

3. A guide for ordinary investors to learn from others

Those who learn from me will live, those who imitate me will die. There is no homework to copy in the crypto options circle. What we need to learn is the trading philosophy of the masters.

1. Start with volatility and understand market sentiment

Volatility is Sober's trump card, and ordinary investors can start from this. Suggestions:

• Learn some basics : see what VIX and IV (implied volatility) are. I recommend the book "Option Volatility and Pricing", which is easy to understand.
• Observe the market : Use tools (like Deribit, OKX) to track the IV changes of BTC options and feel the ups and downs of market sentiment.
• Test your skills : Try a simple straddle option in a demo account to experience the magic of volatility trading.

2. Practice neutral strategies and stabilize the basic situation

The neutral strategy is her cash flow magic weapon, especially suitable for volatile markets.

• Start with spreads : research vertical spreads or ratio spreads, there are many free tutorials on YouTube.
• Experiment with a small position : Use a small amount of funds to try out the put spread of BTC options, control costs, and accumulate experience.
• Pay attention to drawdown : Think about "what to do in the worst case scenario" before each transaction, so as not to ruin your account.

3. Grasp the trend, don’t be afraid to go against the trend

Sober dared to add long positions in a bear market, which is worth learning.

• Look at the signals : Use indicators such as RSI and Bollinger Bands to find overbought and oversold points to determine the low point opportunities of BTC.
• Option assistance : Try buying out-of-the-money call options (call), which have low costs and high rebound returns.
• Don’t be greedy : set your stop-profit and stop-loss points, and don’t expect to buy at the bottom and sell at the top every time.

4. Risk control is the most important thing. The longer you live, the more you earn.

Sober's risk control awareness is really strong, and ordinary people should keep up. Suggestions:

• Set a rule : The amount of each transaction should not exceed 5%-10% of the account, and keep enough cash to deal with unexpected situations.
• Learn hedging : Study delta hedging, such as hedging option positions with spot to reduce directional risk.
• Keep a steady mind : Don’t panic when the market fluctuates. As he said, “As long as you are there and your positions are there,” opportunities will always come.

In short, Sober's options trading style is like a carefully prepared "meal", which has the "spicy" of volatility, the "stable" of neutral strategy, and the "foresight" of cyclical thinking. His posts not only show the advanced gameplay of BTC options, but also convey an investment philosophy of "technology + mentality". For ordinary investors like us, learning from him is not copying, but taking the essence, combining our own funds and risk preferences, and finding a path that suits us.