![Bitcoin options volume hits highest level in almost two years – U.S. banking failures sparking volatility](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2023/01/bitcoin-Insights-1.jpg&w=70&h=37&q=75)
Quick Take
- Options volume is at its highest level in almost two years; the total volume (USD Value) traded in options contracts in the last 24 hours.
- In BTC terms, this has surpassed over 100,000, or over $2.5 billion, in the past 24 hours.
- Three U.S. banks have collapsed in the past week, injecting volatility into the marketplace — which could be a reason for investors to hedge in the options market.
- As a result, options implied volatility has picked up massively, surpassing year-to-date highs at 78%.
- This has also seen a spike in the VIX and Move index in traditional markets.
![Options Volume: (Source: Glassnode)](https://cryptoslate.com/wp-content/uploads/2023/03/options1.png)
![Options ATM Implied Volatility: (Source: Glassnode)](https://cryptoslate.com/wp-content/uploads/2023/03/options-2.png)