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$548M of that volume, more than half of Derive’s total last week, came from BTC options alone. Some of the largest BTC prints included: - $154M Sep. 25 box-like financing package - $49M Sep. 25 $75K/$80K call spread buy - $48M Sep. 25 $70K/$75K call spread buy - $30M Oct. 30 $55K/$65K put spread The important point is that this options flow is driven by systematic yield and risk management strategies rather than one-off directional positioning.