Benzinga | Dec 2, 2021 11:46AM EST

What Are Whales Doing With Riot Blockchain

Someone with a lot of money to spend has taken a bearish stance on Riot Blockchain (NASDAQ:RIOT).

And retail traders should know.

We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga.

Whether this is an institution or just a wealthy individual, we don't know. But when something this big happens with RIOT, it often means somebody knows something is about to happen.

Today, Benzinga's options scanner spotted 13 options trades for Riot Blockchain.

This isn't normal.

The overall sentiment of these big-money traders is split between 46.15% bullish and 53.85%, bearish.

Out of all of the options we uncovered, there was 1 put, for a total amount of $39,600.00, and 12, calls, for a total amount of $987,099.00..

What's The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $30.0 to $50.0 for Riot Blockchain over the last 3 months.

Volume & Open Interest Development

In terms of liquidity and interest, the mean open interest for Riot Blockchain options trades today is 3102.43 with a total volume of 14,721.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for Riot Blockchain's big money trades within a strike price range of $30.0 to $50.0 over the last 30 days.

Riot Blockchain Option Volume And Open Interest Over Last 30 Days

Biggest Options Spotted:

Symbol PUT/ Trade Sentiment Exp. Strike Total Trade Open Volume CALL Type Date Price Price InterestRIOT CALL TRADE BULLISH 01/21/ $40.00 $554.9K 12.3K 1.3K 22RIOT CALL TRADE BULLISH 12/10/ $40.00 $77.9K 4.2K 3.1K 21RIOT CALL TRADE BEARISH 01/21/ $40.00 $60.0K 12.3K 1.6K 22RIOT CALL SWEEP NEUTRAL 01/21/ $40.00 $50.5K 12.3K 1.9K 22RIOT CALL TRADE BEARISH 12/10/ $34.00 $42.2K 368 1.0K 21

Where Is Riot Blockchain Standing Right Now?

* With a volume of 7,771,805.00, the price of RIOT is down -5.59% at $33.61.

* RSI indicators hint that the underlying stock may be approaching overbought.

* Next earnings are expected to be released in 118 days.

Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.

If you are already an options trader or would like to get started, head on over to Benzinga Pro. Benzinga Pro gives you up-to-date news and analytics to empower your investing and trading strategy.