The btcusd volatility can still roughly double if I compare this sell-off to that of early February. With these vague G20 discussions and the uncertainty around Mt. Gox future decisions about their btc / bitcoin cash / bitcoin gold / bitcoin diamond holdings (possibly yet to be sold, no hint on when and how) I am not a seller of the option premium no way. Expect some more movement, hold on to your gamma.
After the expiration of XBT H (March btc futures) on Wednesday 14, XBT J (April) became the lead contract. On Thursday it was traded for a record amount (since CBOE has launched cash-settled btc futures) of 14K+ contracts. Watch the CBOE futures volumes – these were traded heavily last week. The open interest in XBT J steadily increased from Monday till Friday. Reduction of this position amid skinny btcusd trading could lead to massive upticks. Until bears put more on the offer.