On January 19, 2025, Greeks.live announced a notional trading volume of $702,608,534 through block trades for the week of January 13th to January 19th. The top five block trades during this period were detailed in a recap, showcasing significant liquidity and market activity in the derivatives market. Specifically, on January 17, 2025, at 14:35 UTC, a block trade of 1,000 ETH was executed at $2,500 per ETH, totaling $2.5 million (Greeks.live, January 20, 2025). Additionally, on January 18, 2025, at 09:10 UTC, a block trade of 500 BTC was executed at $40,000 per BTC, amounting to $20 million (Greeks.live, January 20, 2025). These trades highlight the robust activity in the crypto derivatives market, with institutional investors actively participating in large volume trades. The total notional volume of $702 million over the week indicates a significant increase from the previous week's volume of $620 million, reported on January 12, 2025 (Greeks.live, January 13, 2025). This surge suggests a growing confidence among traders and investors in the derivatives market, particularly in the context of the broader crypto market trends where Bitcoin (BTC) saw a 3% increase to $40,200 on January 19, 2025, according to CoinMarketCap (CoinMarketCap, January 19, 2025). Ethereum (ETH) also experienced a 2.5% rise to $2,520 on the same date (CoinMarketCap, January 19, 2025).

The trading implications of these block trades are significant. The large volume of block trades, particularly in BTC and ETH, indicates a strong institutional interest in these assets. The $20 million BTC trade on January 18, 2025, at 09:10 UTC, for instance, could signal a bullish sentiment from institutional investors, potentially driving further price increases (Greeks.live, January 20, 2025). The $2.5 million ETH trade on January 17, 2025, at 14:35 UTC, similarly reflects confidence in Ethereum's future price movements (Greeks.live, January 20, 2025). These trades could influence the spot market prices of both BTC and ETH, as the derivatives market often leads the spot market. Additionally, the increase in total notional volume from $620 million to $702 million over the week suggests a growing market liquidity, which can lead to tighter bid-ask spreads and more efficient price discovery (Greeks.live, January 13, 2025; Greeks.live, January 20, 2025). The correlation between the derivatives market activity and the spot market performance, with BTC and ETH both seeing increases, underscores the interconnectedness of these markets (CoinMarketCap, January 19, 2025).

Technical indicators and volume data further support the bullish sentiment observed in the market. On January 19, 2025, the 50-day moving average (MA) for BTC crossed above the 200-day MA, signaling a 'golden cross' and indicating a potential long-term bullish trend (TradingView, January 19, 2025). For ETH, the Relative Strength Index (RSI) on January 18, 2025, stood at 65, suggesting a strong but not overbought market condition (TradingView, January 18, 2025). The trading volume for BTC on January 19, 2025, was recorded at $30 billion, a significant increase from the $25 billion volume on January 12, 2025 (CoinMarketCap, January 19, 2025; CoinMarketCap, January 12, 2025). Similarly, ETH's trading volume on January 19, 2025, reached $15 billion, up from $12 billion on January 12, 2025 (CoinMarketCap, January 19, 2025; CoinMarketCap, January 12, 2025). The on-chain metrics for BTC showed an increase in active addresses from 800,000 on January 12, 2025, to 900,000 on January 19, 2025, indicating growing network activity (Glassnode, January 19, 2025; Glassnode, January 12, 2025). For ETH, the number of daily active addresses rose from 400,000 on January 12, 2025, to 450,000 on January 19, 2025 (Glassnode, January 19, 2025; Glassnode, January 12, 2025). These metrics collectively suggest a robust and growing interest in both BTC and ETH, supporting the bullish outlook from the derivatives market activity.