The “Unusual Whales” Strategy: Following AI on Deribit

Trade like a hedge fund.

It is 9:47 AM on a Tuesday. You are drinking coffee, scrolling through charts, wondering where the next big move is coming from.

Meanwhile, in a server room somewhere, a hedge fund just placed a $47 million options bet on Bitcoin. They know something. They have data you do not have. They have analysts, algorithms, and relationships that give them an edge.

But here is the secret they do not want you to know: you can see exactly what they are doing.

Every options trade they place shows up in the flow. Every massive position they build leaves a footprint. Every directional bet they make—bullish or bearish—is recorded on-chain and in the order books.

The tools exist to track it. The strategy exists to profit from it. And the platform where it all happens is Deribit—the world’s largest crypto options exchange.

Welcome to the “Unusual Whales” strategy.

What Is Unusual Whales?

Unusual Whales is a market intelligence platform that tracks options flow—the real-time buying and selling of options contracts by large players.

It was originally built for traditional equities, where it gained a cult following by revealing when institutions were making massive bullish or bearish bets. In 2026, the platform expanded to cover crypto options, and the results have been explosive.

Here is what Unusual Whales shows you:

• Real-time options flow: Every large options trade as it happens
• Notional value: The dollar size of each trade
• Direction: Whether the trade is bullish (calls) or bearish (puts)
• Strike prices: Where the big players are placing their bets
• Expiry dates: When they expect the move to happen

This is not insider information. It is public data—recorded on-chain and in exchange order books. The edge is not in having the data. The edge is in knowing how to read it.

Access Unusual Whales —use referral code fc8f92e9-06eb-4997-835e-c391c85a0d89.

Why Deribit Is the Epicenter

Deribit is not just another exchange. It is the world’s largest crypto options exchange, accounting for nearly 80% of global crypto options activity.

The numbers are staggering:

• $2.79 billion in daily options volume
• Over $60 billion in open interest across all contracts
• 6-month and 1-year puts at $60,000 strikes now represent over **$1.5 billion** in open interest—the highest across all strikes and expiries

Why does this matter?

Because when you track options flow on Unusual Whales, you are not watching some obscure exchange with thin liquidity. You are watching the venue where the smartest money in crypto places its biggest bets.

The ETF holders. The corporate treasuries. The hedge funds. The whales.

They all trade on Deribit.

Start trading options on Deribit —use code 5969.4030.

How to Read Options Flow Like a Pro

Options flow is not just about seeing big trades. It is about understanding what those trades mean.

1. Calls vs. Puts: The Directional Signal

Calls give the buyer the right to buy an asset at a specific price. They are bullish bets.

Puts give the buyer the right to sell an asset at a specific price. They are bearish bets or hedges.

What to watch:

• Large call buying: Smart money expects the price to rise
• Large put buying: Smart money expects the price to fall—or is protecting against a crash
• Unusual volume: When a single strike or expiry sees 10x its normal volume, something is happening

2. The Defensive Skew: When Puts Outnumber Calls

In June 2026, something unusual happened.

**Put premiums surged 46% month-over-month to $441.3 million**, while call premiums fell 34% to $321.3 million. The call/put premium ratio flipped to 0.73—meaning traders were paying more for downside protection than upside speculation.

This is called “defensive skew.” It means the smart money is hedging. They are not necessarily bearish—but they are protecting themselves against a crash.

What it means for you: When skew is defensive, the market is pricing in a higher probability of a downward move. This is not a signal to panic—but it is a signal to be cautious.

3. The Implied Volatility Gap

Implied volatility (IV) measures how much the market expects an asset to move. When IV is high, options are expensive. When IV is low, options are cheap.

In June 2026:

• One-month IV for puts: 46.5%
• One-month IV for calls: 36.6%
• The gap: +9.9 percentage points

This is the “fear premium.” Traders are paying more for downside protection than upside speculation. It tells you where the anxiety is.

4. Block Trades: The Whale Footprint

Block trades are large, privately negotiated transactions that are executed off the public order book—but they still show up in the flow data.

When you see a block trade:

• It is almost always a large player (hedge fund, institution, or whale)
• It is usually a directional bet or a hedge
• It often precedes a significant move

Unusual Whales tracks block trades on Deribit in real-time. You can see when a whale places a $10 million bet on Bitcoin hitting $100,000—or crashing to $50,000.

The Strategy: Following the Smart Money

Now that you understand how to read the flow, let us talk about how to trade it.

Step 1: Identify the Signal

Open Unusual Whales and navigate to the Deribit options flow section.

Look for:

• Unusually large trades: A $5 million call buy when the average is $500,000
• Clusters of activity: Multiple large trades at the same strike price or expiry
• Directional bias: A sudden spike in calls or puts after a period of balance
• Defensive skew: Puts outpacing calls—a sign of hedging or bearish positioning

The key insight: One large trade is noise. A cluster of large trades is a signal.

Step 2: Confirm with Technicals

Options flow tells you what the smart money is doing. Technicals tell you when to enter.

Confirmation signals:

• Support/resistance levels: Is the flow aligned with a key technical level?
• RSI divergence: Is momentum weakening while flow is building?
• Volume: Is the spot market confirming the options flow?

Example: If you see a cluster of $70,000 calls on Deribit, and BTC is sitting just above a major support level with oversold RSI—that is a high-probability setup.

Step 3: Execute on Deribit

Once you have identified a signal and confirmed it with technicals, execute your trade.

You have several options:

• Buy the same options: If the whale bought calls, you can buy calls too (but you will pay the same premium they paid—possibly elevated after their trade)
• Buy spot or futures: A simpler way to express the same directional view
• Sell options: If you think the whale is wrong, you can take the other side of the trade (high risk)

For most traders, the simplest approach is to use the options flow as a directional signal and express it through spot or futures trading.

Execute your trades on Deribit .

Execute directional trades on Bybit —use code 46164.

Step 4: Manage Your Risk

Options flow is a signal, not a guarantee. Whales can be wrong. Markets can ignore smart money.

Risk management rules:

• Never risk more than 1–2% of your portfolio per trade
• Set stop-losses based on technical levels, not emotions
• Take profits systematically—do not hold for “moon”
• Diversify across multiple signals—do not bet everything on one whale trade

Real-World Example: The $60,000 Put Wall

In June 2026, something remarkable happened on Deribit.

Open interest in $60,000 Bitcoin puts climbed to $1.5 billion—the highest across all strikes and expiries. These were not short-term gambles. These were 6-month and 1-year puts—the kind of insurance that ETF holders and corporate treasuries buy.

What did this tell us?

The smart money was hedging against a crash. They were not necessarily bearish—but they were protecting themselves. They were willing to pay millions in premiums for the peace of mind that comes with downside protection.

How could you have traded this?

1. Identify: Unusual Whales showed a massive cluster of $60,000 puts on Deribit
2. Confirm: BTC was struggling to hold $100,000, RSI was overbought, and the macro backdrop was deteriorating
3. Execute: Buy puts, short futures, or simply reduce exposure to spot
4. Manage: Set stop-losses, take profits as the market moved

The result: BTC dropped to $94,500 in the weeks that followed. Those who followed the flow protected their portfolios—or profited from the drop.

Track options flow on Unusual Whales .

Advanced: Combining Flow with Other Signals

Options flow is powerful on its own. But it becomes exponentially more powerful when combined with other data.

1. Flow + Funding Rates

What it tells you: When options flow is bullish AND funding rates are positive, the market is aligned. When they diverge—bullish flow but negative funding—something is off.

How to trade it: Look for alignment. If both signals point the same direction, the probability of a successful trade increases.

Check funding rates on Bybit .

2. Flow + On-Chain Data

What it tells you: Options flow shows what traders are betting on. On-chain data shows what they are actually doing.

How to trade it: When a whale buys calls AND accumulates spot, that is a strong bullish signal. When they buy calls but move coins to exchanges (preparing to sell), that is a divergence to watch.

Track on-chain data on KuCoin —use code CX8QMK4M.

3. Flow + Sentiment

What it tells you: Options flow is “smart money.” Sentiment is “retail money.” When they align, trends are strong. When they diverge, opportunities emerge.

How to trade it: When retail is panicking (Fear & Greed Index at Extreme Fear) but smart money is buying calls—that is a classic bottom signal.

The Risks You Need to Know

Options flow is a powerful tool. But it is not magic.

1. Whales Can Be Wrong

Even the smartest money makes mistakes. A $10 million call buy does not guarantee the price will rise. It means someone thinks it will rise—and they have been wrong before.

Solution: Use flow as one signal among many. Never bet everything on a single whale trade.

2. Flow Can Be Misleading

Sometimes large trades are hedges, not directional bets. A whale buying puts might be protecting a massive spot position—not betting on a crash.

Solution: Look for context. Is the flow consistent with other signals? Is the whale known for directional bets or hedging?

3. You Are Late

By the time you see the flow, the whale has already executed. The price may have already moved. You are trading on information that is minutes or hours old.

Solution: Act fast. Set alerts on Unusual Whales for specific strikes and expiries. Be ready to execute when the signal appears.

4. Premium Decay

If you copy the whale’s options trade, you are paying the same premium they paid—possibly elevated after their trade. If the move does not happen quickly, time decay (theta) will erode your position.

Solution: Consider expressing the signal through spot or futures instead of options. This eliminates time decay risk.

The golden rule: Options flow is an edge, not a guarantee. Never risk more than 1–2% of your portfolio on a single trade. Always use stop-losses.

Your Unusual Whales Toolkit

The Bottom Line

Options flow is the closest thing to insider information in crypto.

Not because it is secret—but because most traders do not know how to read it. They see a chart and guess. You see the actual bets being placed by the smartest money in the market.

Unusual Whales tracks the flow. Deribit hosts the trades. You profit from the signal.

The data is public. The edge is in the interpretation.

Stop guessing. Start following the whales.

The Shortcut

1. Access Unusual Whales – Track options flow in real-time (use referral code fc8f92e9-06eb-4997-835e-c391c85a0d89).
2. Trade options on Deribit – The world’s largest crypto options exchange (code 5969.4030).
3. Execute directional trades on Bybit – Deep liquidity for spot and futures (code 46164).
4. Track on-chain data on KuCoin – Confirm whale activity (code CX8QMK4M).
5. Chart the moves on TradingView – Professional-grade technical confirmation.
6. Track your trades with Koinly – Stay tax-compliant while you trade.

Disclaimer: This is not financial advice. Options trading carries significant risk, including the potential loss of your entire premium. Following options flow does not guarantee profits. Smart money can be wrong. Always do your own research and never invest more than you can afford to lose.