Here's how a 'ghost' whale is shaping the crypto options market

Quick Take

  • Laura Vidiella explores the complexities of crypto’s options market and explains why some market participants are convinced there is a ‘ghost’ whale present in the order book.

Episode 74 of Season 5 of The Scoop was recorded with The Block's Frank Chaparro and Laura Vidiella.

Listen below, and subscribe to The Scoop on Youtube, AppleSpotifyGoogle PodcastsStitcher, or wherever you listen to podcasts. Please send feedback and revision requests to [email protected].


Laura Vidiella serves as the head of business development and strategy for a company that is currently operating under stealth. 

In this episode, Vidiella takes a deep dive into the intricate world of crypto's options market and breaks down the present dynamics, unraveling complex market behavior that might hint at the existence of a 'ghost' whale.

Although crypto spot volumes have been in decline, the volume in the options market has remaining consistent according to The Block's data dashboard.


© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

AUTHOR

Davis Quinton is the Director of Podcasts at The Block and runs our flagship podcast called The Scoop, hosted by Frank Chaparro. Since joining The Block as an 'intern' in early 2022, he has worked closely with leaders across departments to translate The Block's written content into engaging multimedia formats. He holds a degree in Social Research & Public Policy from New York University in Abu Dhabi and is based in Sydney, Australia.

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AUTHOR

Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].

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Editor

To contact the editor of this story: Nathan Crooks at [email protected]

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The Block is a news provider that strives to be the first and final word on digital assets news, research, and data.

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