After holding important technical levels into the previous Friday's close, both Bitcoin (BTC) and Ethereum (ETH) began this week with higher opening prices, accompanied by an uptick in Implied Volatility (IV).
Key Takeaway #2
Market activity on Wednesday unfolded within a narrow range, accompanied by a strengthening of Implied Volatility, especially in the back end of the BTC curve.
Key Takeaway #3
Thursday morning brought a noteworthy development, as the trustee overseeing the Mt. Gox repayments extended the deadline by a year. Although this news would traditionally be seen as a bullish short-term catalyst, it seems that the market had already priced in this development. Consequently, BTC and ETH spot prices saw further declines, aligning with the broader market trend. This morning, we are seeing a substantial softening in front-end IV as the weekend approaches. After holding important technical levels into the previous Friday's close, both Bitcoin (BTC) and Ethereum (ETH) began this week with higher opening prices, accompanied by an uptick in Implied Volatility (IV). Market activity on Wednesday unfolded within a narrow range, accompanied by a strengthening of Implied Volatility, especially in the back end of the BTC curve. Thursday morning brought a noteworthy development, as the trustee overseeing the Mt. Gox repayments extended the deadline by a year. Although this news would traditionally be seen as a bullish short-term catalyst, it seems that the market had already priced in this development. Consequently, BTC and ETH spot prices saw further declines, aligning with the broader market trend.
Key Takeaway #4
This morning, we are seeing a substantial softening in front-end IV as the weekend approaches.
After holding important technical levels into the previous Friday's close, both Bitcoin (BTC) and Ethereum (ETH) began this week with higher opening prices, accompanied by an uptick in Implied Volatility (IV).
Market activity on Wednesday unfolded within a narrow range, accompanied by a strengthening of Implied Volatility, especially in the back end of the BTC curve.
Thursday morning brought a noteworthy development, as the trustee overseeing the Mt. Gox repayments extended the deadline by a year. Although this news would traditionally be seen as a bullish short-term catalyst, it seems that the market had already priced in this development. Consequently, BTC and ETH spot prices saw further declines, aligning with the broader market trend.
This morning, we are seeing a substantial softening in front-end IV as the weekend approaches.
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After holding important technical levels into the previous Friday's close, both Bitcoin (BTC) and Ethereum (ETH) began this week with higher opening prices, accompanied by an uptick in Implied Volatility (IV). Notably, Sunday night into Monday morning witnessed significant ETH call buying activity, with 50,000 Oct 2000 calls and 40,000 Dec 2200 calls bought in total. This surge in call activity influenced a heightened call bid across both cryptocurrencies, further reinforcing the prevailing positive call skew established the previous week. The rally, however, encountered headwinds later in the afternoon, resulting in a rapid market retreat of nearly 3% within a span of 15 minutes. As previously highlighted, the cryptocurrency market's lack of liquidity and depth can lead to swift and exaggerated price movements on light volumes. Despite this setback, the markets displayed resilience, rebounding into Tuesday morning with BTC reaching highs of $27,500 and ETH reaching $1,660. These gains were accompanied by relatively unremarkable options flows, and futures pulled back slightly in late-day trading ahead of the mid-week FOMC announcement.
Market activity on Wednesday unfolded within a narrow range, accompanied by a strengthening of Implied Volatility, especially in the back end of the BTC curve. This surge was attributed to sustained call buying for the March 24 and Jun 24 expirations. As widely anticipated, the FOMC maintained interest rates at their current levels. However, its hawkish tone dampened appetite for risk assets, causing cryptos to pull back by approximately 1% following the announcement.
Thursday morning brought a noteworthy development, as the trustee overseeing the Mt. Gox repayments extended the deadline by a year. Although this news would traditionally be seen as a bullish short-term catalyst, it seems that the market had already priced in this development. Consequently, BTC and ETH spot prices saw further declines, aligning with the broader market trend. Market sentiment was subdued by the Fed's pause in interest rate hikes, with the key takeaway being a "higher for longer" stance and a more gradual pace of rate increases. Fed Chair Jerome Powell emphasized that the full effects of tightening measures have yet to manifest, underlining the Fed's commitment to cautious decision-making as new data emerges. In the aftermath of the FOMC announcement, front-end Implied Volatility experienced a decline for both majors. Notably, there was a slight decrease in ETH backend At-the-Money (ATM) IV, while BTC longer-term ATM IVs exhibited a slight increase, intensifying the ATM IV spreads in the longer-dated options. The BTC/ETH vol spread continues to trade at a premium with the 90-day spread trading at ~6% volatility difference, an historical high. This divergence indicates a prevailing expectation that this phenomenon will persist at least through the end of the year. The consistent pressure of ETH call selling, coupled with heightened anticipation of multiple BTC Exchange-Traded Fund (ETF) approvals, continues to drive this trend.
This morning, we are seeing a substantial softening in front-end IV as the weekend approaches. Looking forward to mid-October, where we anticipate the possibility of heightened market volatility with impending deadlines around multiple ETF approvals and hearing requests, we propose a strategic approach. We recommend going long ETH OCT $1600 straddles at a cost of $107. With a daily breakeven of $23, we view this as an attractive risk/reward opportunity within current market dynamics. Furthermore, we also recommend selling the OCT/DEC Volatility Spread, leveraging a 10-point vol differential for potential gains. This approach aligns with our strategic outlook and risk assessment amid the current market environment.
ETH/BTC Hits All time low since switch to proof-of-stake
• Benefits of the Shanghai upgrade appear to have been offset by the regulatory crackdown in the US and a contracting stablecoin market.
• ETH daily transaction count has fallen 12% since the Shanghai upgrade.
• Anticipation of BTC ETF approvals and the halving in April of 2024 have supported Bitcoin relative to Ethereum.
YTD 30 Day Implied Volatility BTC vs ETH
• Historically, ETH Implied Volatility has traded at a premium to BTC, as evidenced in the first half of 2023.
• The enthusiasm surrounding multiple BTC ETF applications and the upcoming halving have led to more interest in BTC options.
• BTC IV continues to trade at roughly 3-4% premium across most expirations. This will likely persist until we receive more clarity surrounding the ETF applications and possibly through the halving next April.
ATM IV Term Structure
• Contango in both majors steepened this week, as the back end rallied slightly and front end softened substantially.
• With a bevy of potential market movers in October, we continue to recommend buying Vol in the October and November expirations.
• BTC continues to trade at a vol premium to ETH, attributable to the anticipation of a spot ETF approval and the halving next April.
At-the-Money Front Month Daily Implied Volatility
• Front month IV seemed to have found a bottom and comfortable level around 34% (BTC) and 30% (ETH) for much of the week.
• BTC began the week higher and remained bid for the better part of the week, finally selling off ahead of the weekend.
• Break-evens in ETH front-end IV represent excellent value at current levels.
BTC & ETH 25 Delta Skew (30 day)
• Skew continues to be more volatile than outright implied volatility.
• ETH call skew particularly fell out of favor toward the end of the week as call selling resumed and the markets failed to hold $27,000 and $1,650.
• This is a strong indication that much of the paper flow in cryptos is currently speculative paper bidding calls on rallies and puts on selloffs.
Front Month IV Curves
• 1 Week BTC 25 delta puts priced 3 vols over ATM, with 25 delta calls priced .5 vols over ATM.
• 1 Week ETH 25 delta puts priced 4 vols over ATM, with 25 delta calls priced flat with ATM.
• With only 1 week to expiration, we expect ETH calls to rally relative to puts next week after ETH skew moved to the puts significantly in the past two days.
ETH 1x2 Call Spread Expiring March 2024
• We will continue to monitor our past two recommended trade strategies in the ETH March ‘24 contract.
• We suggested selling the $2100/$2500 1 by 2 call spread (Selling the $2100 call, buying 2 $2500 calls) at flat premium.
• Initially suggested as a long-term upside play, implied volatility has rallied to 43.7%, resulting in a current premium of $15 to the two options on the strategy despite a significant selloff in the futures market.
• We recommend holding the trade at current levels.
ETH 1x2 Iron Butterfly Expiring March 2024
• Monitoring our second recommended strategy of selling one March $1900 Straddle and buying two $1600/$2200 Strangles:
• Similar to the call spread ratio, there was zero outlay of premium.
• Currently this iron butterfly ratio value remains flat.
• We view this as a long-term strategy and recommend holding through year end and adding opportunistically.
Implied Volatility - represents the market's expectation of future price fluctuations and is a key metric employed to price options contracts.
Realized Volatility - also known as historical volatility, this measures past market changes and their actual results.
Delta - a measure of the change in value of an option given a change in the underlying futures contract.
Vega - a measure of an option's price sensitivity to changes in implied volatility.
Gamma - a measure of the rate of change in delta given a change in the underlying futures contract.
Theta - a measure of the rate of decline in the value of an option over time.
Rho - the amount a theoretical option’s price will change for a corresponding one percentage-point change in the interest rate used to price the option contract.
Implied Volatility Curve - a U-shaped graphical representation of the pattern created by the implied volatilities of multiple options contracts with the same expiration date.
Term structure of Volatility Curve - the curve depicting the differing implied volatilities of options with the same strike price but different maturities.
Break-even - the amount of underlying movement the trader needs to capture in hedged P&L via gamma to offset daily theta.
Support and Resistance - key price levels in technical analysis that indicate the levels at which buying or selling pressure is likely to be strong enough to prevent the price from moving below or beyond that level.
Paper - institutional player, producer or hedger, a non market-maker.
Call - an option that gives the buyer the right, but not the obligation, to buy the underlying asset at the strike price any time before it expires.
Put - an option that gives the buyer the right, but not the obligation, to sell the underlying asset at the strike price any time before it expires.
Roll - to simultaneously close one option position and open another with the same commodity but a different strike price and/or expiration month.
Straddle - an options trading strategy that involves buying both a call option and a put option at the same strike price and expiration date.
Strangle - an options trading strategy that involves buying both a call option and a put option at different strike prices but with the same expiration date.
Put Spread - an options trading strategy that involves buying a put option at a specific strike price and selling another put option at a lower strike price, both with the same expiration date.
Call Spread - an options trading strategy that involves buying a call option at a specific strike price and selling another call option at a higher strike price, both with the same expiration date.
Iron Condor - an options trading strategy that involves simultaneously buying equidistant out-of-the-money call spreads and put spreads.
Call/Put Calendar - an options trading strategy that involves buying an option at a specific strike and selling an option at the same strike across different expirations.
Butterfly - an options trading strategy that involves buying one low strike and one high strike option and selling two middle strike options.
Iron Fly - an options trading strategy that involves buying and selling three options at the same expiration date and strike price. The strategy consists of buying one call option and one put option at the middle strike price, and selling two options at different strike prices that are equidistant from the middle strike price.
Disclosures
Purpose
This research is only for the clients of BitOoda. This research is not intended to constitute an offer, solicitation, or invitation for any securities and may not be distributed into jurisdictions where it is unlawful to do so. For additional disclosures and information, please contact a BitOoda representative at info@bitooda.io.
Analyst Certification
Michael Tauckus, the research analyst denoted by an “AC” on the cover of this report, hereby certifies that all of the views expressed in this report accurately reflect his personal views, which have not been influenced by considerations of the firm’s business or client relationships.
Conflicts of Interest
This research contains the views, opinions, and recommendations of BitOoda. This report is intended for research and educational purposes only. We are not compensated in any way based upon any specific view or recommendation.
General Disclosures
Any information (“Information”) provided by BitOoda Holdings, Inc., BitOoda Digital, LLC, BitOoda Technologies, LLC or Ooda Commodities, LLC and its affiliated or related companies (collectively, “BitOoda”), either in this publication or document, in any other communication, or on or throughhttp://www.bitooda.io/, including any information regarding proposed transactions or trading strategies, is for informational purposes only and is provided without charge. BitOoda is not and does not act as a fiduciary or adviser, or in any similar capacity, in providing the Information, and the Information may not be relied upon as investment, financial, legal, tax, regulatory, or any other type of advice. The Information is being distributed as part of BitOoda’s sales and marketing efforts as an introducing broker and is incidental to its business as such.BitOoda seeks to earn execution fees when its clients execute transactions using its brokerage services. BitOoda makes no representations or warranties (express or implied) regarding, nor shall it have any responsibility or liability for the accuracy, adequacy, timeliness or completeness of, the Information, and no representation is made or is to be implied that the Information will remain unchanged. BitOoda undertakes no duty to amend, correct, update, or otherwise supplement the Information.
The Information has not been prepared or tailored to address, and may not be suitable or appropriate for the particular financial needs, circumstances or requirements of any person, and it should not be the basis for making any investment or transaction decision. The Information is not a recommendation to engage in any transaction. The digital asset industry is subject to a range of inherent risks, including but not limited to: price volatility, limited liquidity, limited and incomplete information regarding certain instruments, products, or digital assets, and a still emerging and evolving regulatory environment. The past performance of any instruments, products or digital assets addressed in the Information is not a guide to future performance, nor is it a reliable indicator of future results or performance.
All derivatives brokerage is conducted byOoda Commodities, LLC a member of NFA and subject to NFA’s regulatory oversight and examinations. However, you should be aware that NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians or markets.
BitOoda Technologies, LLC is a member of FINRA.
“BitOoda”, “BitOoda Difficulty”, “BitOoda Hash”, “BitOoda Compute”, and the BitOoda logo are trademarks of BitOoda Holdings, Inc.
Copyright 2023 BitOoda Holdings, Inc. All rights reserved. No part of this material may be reprinted, redistributed, or sold without prior written consent of BitOoda.
After holding important technical levels into the previous Friday's close, both Bitcoin (BTC) and Ethereum (ETH) began this week with higher opening prices, accompanied by an uptick in Implied Volatility (IV). Notably, Sunday night into Monday morning witnessed significant ETH call buying activity, with 50,000 Oct 2000 calls and 40,000 Dec 2200 calls bought in total. This surge in call activity influenced a heightened call bid across both cryptocurrencies, further reinforcing the prevailing positive call skew established the previous week. The rally, however, encountered headwinds later in the afternoon, resulting in a rapid market retreat of nearly 3% within a span of 15 minutes. As previously highlighted, the cryptocurrency market's lack of liquidity and depth can lead to swift and exaggerated price movements on light volumes. Despite this setback, the markets displayed resilience, rebounding into Tuesday morning with BTC reaching highs of $27,500 and ETH reaching $1,660. These gains were accompanied by relatively unremarkable options flows, and futures pulled back slightly in late-day trading ahead of the mid-week FOMC announcement.
Market activity on Wednesday unfolded within a narrow range, accompanied by a strengthening of Implied Volatility, especially in the back end of the BTC curve. This surge was attributed to sustained call buying for the March 24 and Jun 24 expirations. As widely anticipated, the FOMC maintained interest rates at their current levels. However, its hawkish tone dampened appetite for risk assets, causing cryptos to pull back by approximately 1% following the announcement.
Thursday morning brought a noteworthy development, as the trustee overseeing the Mt. Gox repayments extended the deadline by a year. Although this news would traditionally be seen as a bullish short-term catalyst, it seems that the market had already priced in this development. Consequently, BTC and ETH spot prices saw further declines, aligning with the broader market trend. Market sentiment was subdued by the Fed's pause in interest rate hikes, with the key takeaway being a "higher for longer" stance and a more gradual pace of rate increases. Fed Chair Jerome Powell emphasized that the full effects of tightening measures have yet to manifest, underlining the Fed's commitment to cautious decision-making as new data emerges. In the aftermath of the FOMC announcement, front-end Implied Volatility experienced a decline for both majors. Notably, there was a slight decrease in ETH backend At-the-Money (ATM) IV, while BTC longer-term ATM IVs exhibited a slight increase, intensifying the ATM IV spreads in the longer-dated options. The BTC/ETH vol spread continues to trade at a premium with the 90-day spread trading at ~6% volatility difference, an historical high. This divergence indicates a prevailing expectation that this phenomenon will persist at least through the end of the year. The consistent pressure of ETH call selling, coupled with heightened anticipation of multiple BTC Exchange-Traded Fund (ETF) approvals, continues to drive this trend.
This morning, we are seeing a substantial softening in front-end IV as the weekend approaches. Looking forward to mid-October, where we anticipate the possibility of heightened market volatility with impending deadlines around multiple ETF approvals and hearing requests, we propose a strategic approach. We recommend going long ETH OCT $1600 straddles at a cost of $107. With a daily breakeven of $23, we view this as an attractive risk/reward opportunity within current market dynamics. Furthermore, we also recommend selling the OCT/DEC Volatility Spread, leveraging a 10-point vol differential for potential gains. This approach aligns with our strategic outlook and risk assessment amid the current market environment.
ETH/BTC Hits All time low since switch to proof-of-stake
• Benefits of the Shanghai upgrade appear to have been offset by the regulatory crackdown in the US and a contracting stablecoin market.
• ETH daily transaction count has fallen 12% since the Shanghai upgrade.
• Anticipation of BTC ETF approvals and the halving in April of 2024 have supported Bitcoin relative to Ethereum.
YTD 30 Day Implied Volatility BTC vs ETH
• Historically, ETH Implied Volatility has traded at a premium to BTC, as evidenced in the first half of 2023.
• The enthusiasm surrounding multiple BTC ETF applications and the upcoming halving have led to more interest in BTC options.
• BTC IV continues to trade at roughly 3-4% premium across most expirations. This will likely persist until we receive more clarity surrounding the ETF applications and possibly through the halving next April.
ATM IV Term Structure
• Contango in both majors steepened this week, as the back end rallied slightly and front end softened substantially.
• With a bevy of potential market movers in October, we continue to recommend buying Vol in the October and November expirations.
• BTC continues to trade at a vol premium to ETH, attributable to the anticipation of a spot ETF approval and the halving next April.
At-the-Money Front Month Daily Implied Volatility
• Front month IV seemed to have found a bottom and comfortable level around 34% (BTC) and 30% (ETH) for much of the week.
• BTC began the week higher and remained bid for the better part of the week, finally selling off ahead of the weekend.
• Break-evens in ETH front-end IV represent excellent value at current levels.
BTC & ETH 25 Delta Skew (30 day)
• Skew continues to be more volatile than outright implied volatility.
• ETH call skew particularly fell out of favor toward the end of the week as call selling resumed and the markets failed to hold $27,000 and $1,650.
• This is a strong indication that much of the paper flow in cryptos is currently speculative paper bidding calls on rallies and puts on selloffs.
Front Month IV Curves
• 1 Week BTC 25 delta puts priced 3 vols over ATM, with 25 delta calls priced .5 vols over ATM.
• 1 Week ETH 25 delta puts priced 4 vols over ATM, with 25 delta calls priced flat with ATM.
• With only 1 week to expiration, we expect ETH calls to rally relative to puts next week after ETH skew moved to the puts significantly in the past two days.
ETH 1x2 Call Spread Expiring March 2024
• We will continue to monitor our past two recommended trade strategies in the ETH March ‘24 contract.
• We suggested selling the $2100/$2500 1 by 2 call spread (Selling the $2100 call, buying 2 $2500 calls) at flat premium.
• Initially suggested as a long-term upside play, implied volatility has rallied to 43.7%, resulting in a current premium of $15 to the two options on the strategy despite a significant selloff in the futures market.
• We recommend holding the trade at current levels.
ETH 1x2 Iron Butterfly Expiring March 2024
• Monitoring our second recommended strategy of selling one March $1900 Straddle and buying two $1600/$2200 Strangles:
• Similar to the call spread ratio, there was zero outlay of premium.
• Currently this iron butterfly ratio value remains flat.
• We view this as a long-term strategy and recommend holding through year end and adding opportunistically.
Implied Volatility - represents the market's expectation of future price fluctuations and is a key metric employed to price options contracts.
Realized Volatility - also known as historical volatility, this measures past market changes and their actual results.
Delta - a measure of the change in value of an option given a change in the underlying futures contract.
Vega - a measure of an option's price sensitivity to changes in implied volatility.
Gamma - a measure of the rate of change in delta given a change in the underlying futures contract.
Theta - a measure of the rate of decline in the value of an option over time.
Rho - the amount a theoretical option’s price will change for a corresponding one percentage-point change in the interest rate used to price the option contract.
Implied Volatility Curve - a U-shaped graphical representation of the pattern created by the implied volatilities of multiple options contracts with the same expiration date.
Term structure of Volatility Curve - the curve depicting the differing implied volatilities of options with the same strike price but different maturities.
Break-even - the amount of underlying movement the trader needs to capture in hedged P&L via gamma to offset daily theta.
Support and Resistance - key price levels in technical analysis that indicate the levels at which buying or selling pressure is likely to be strong enough to prevent the price from moving below or beyond that level.
Paper - institutional player, producer or hedger, a non market-maker.
Call - an option that gives the buyer the right, but not the obligation, to buy the underlying asset at the strike price any time before it expires.
Put - an option that gives the buyer the right, but not the obligation, to sell the underlying asset at the strike price any time before it expires.
Roll - to simultaneously close one option position and open another with the same commodity but a different strike price and/or expiration month.
Straddle - an options trading strategy that involves buying both a call option and a put option at the same strike price and expiration date.
Strangle - an options trading strategy that involves buying both a call option and a put option at different strike prices but with the same expiration date.
Put Spread - an options trading strategy that involves buying a put option at a specific strike price and selling another put option at a lower strike price, both with the same expiration date.
Call Spread - an options trading strategy that involves buying a call option at a specific strike price and selling another call option at a higher strike price, both with the same expiration date.
Iron Condor - an options trading strategy that involves simultaneously buying equidistant out-of-the-money call spreads and put spreads.
Call/Put Calendar - an options trading strategy that involves buying an option at a specific strike and selling an option at the same strike across different expirations.
Butterfly - an options trading strategy that involves buying one low strike and one high strike option and selling two middle strike options.
Iron Fly - an options trading strategy that involves buying and selling three options at the same expiration date and strike price. The strategy consists of buying one call option and one put option at the middle strike price, and selling two options at different strike prices that are equidistant from the middle strike price.
Disclosures
Purpose
This research is only for the clients of BitOoda. This research is not intended to constitute an offer, solicitation, or invitation for any securities and may not be distributed into jurisdictions where it is unlawful to do so. For additional disclosures and information, please contact a BitOoda representative at info@bitooda.io.
Analyst Certification
Michael Tauckus, the research analyst denoted by an “AC” on the cover of this report, hereby certifies that all of the views expressed in this report accurately reflect his personal views, which have not been influenced by considerations of the firm’s business or client relationships.
Conflicts of Interest
This research contains the views, opinions, and recommendations of BitOoda. This report is intended for research and educational purposes only. We are not compensated in any way based upon any specific view or recommendation.
General Disclosures
Any information (“Information”) provided by BitOoda Holdings, Inc., BitOoda Digital, LLC, BitOoda Technologies, LLC or Ooda Commodities, LLC and its affiliated or related companies (collectively, “BitOoda”), either in this publication or document, in any other communication, or on or throughhttp://www.bitooda.io/, including any information regarding proposed transactions or trading strategies, is for informational purposes only and is provided without charge. BitOoda is not and does not act as a fiduciary or adviser, or in any similar capacity, in providing the Information, and the Information may not be relied upon as investment, financial, legal, tax, regulatory, or any other type of advice. The Information is being distributed as part of BitOoda’s sales and marketing efforts as an introducing broker and is incidental to its business as such.BitOoda seeks to earn execution fees when its clients execute transactions using its brokerage services. BitOoda makes no representations or warranties (express or implied) regarding, nor shall it have any responsibility or liability for the accuracy, adequacy, timeliness or completeness of, the Information, and no representation is made or is to be implied that the Information will remain unchanged. BitOoda undertakes no duty to amend, correct, update, or otherwise supplement the Information.
The Information has not been prepared or tailored to address, and may not be suitable or appropriate for the particular financial needs, circumstances or requirements of any person, and it should not be the basis for making any investment or transaction decision. The Information is not a recommendation to engage in any transaction. The digital asset industry is subject to a range of inherent risks, including but not limited to: price volatility, limited liquidity, limited and incomplete information regarding certain instruments, products, or digital assets, and a still emerging and evolving regulatory environment. The past performance of any instruments, products or digital assets addressed in the Information is not a guide to future performance, nor is it a reliable indicator of future results or performance.
All derivatives brokerage is conducted byOoda Commodities, LLC a member of NFA and subject to NFA’s regulatory oversight and examinations. However, you should be aware that NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians or markets.
BitOoda Technologies, LLC is a member of FINRA.
“BitOoda”, “BitOoda Difficulty”, “BitOoda Hash”, “BitOoda Compute”, and the BitOoda logo are trademarks of BitOoda Holdings, Inc.
Copyright 2023 BitOoda Holdings, Inc. All rights reserved. No part of this material may be reprinted, redistributed, or sold without prior written consent of BitOoda.
