This week we have seen rejuvenated interest in GRIN. After a hot start to the January highs of ~$15, we have seen GRIN prices settle down and grind lower to sub $3 levels. Here are the options we have been working earlier this week:
GRIN J (4.26.19) 4.00 call .15/.26 live ref 2.75 bid interest 50,000 contracts
GRIN J (4.26.19) 2.50 put .13/.36 live Market Maker Two-way
Below is our KRM22 ProOpticus options model values for the April expiration options contract using 100% vol:
With a small market cap token like GRIN, in a thinly traded market, options quotes generally start wide, however, if we have motivated “axes” from both the BULL and BEAR side of this market, we know we can find an options structure that would be suitable for both clients.
The traders behind this rejuvenated interest have asked us similar questions; are we are seeing any large size trades or is there a price floor forming for GRIN? To that we say no. We have not seen any floor, or support, being established for the price of GRIN. We do however see in the GRIN Market Cap chart above a tight range between ~$12–15M. Our sense is that the Market Cap is more of an indicator to GRIN’s sentiment than the actual price action. Our rational behind that is the fact that the supply schedule for GRIN generates 60 tokens/minute. If we stay within this Market Cap range, then we should see GRIN price steadily grind lower as supply continues to increase. A factor that could change that sentiment would be if there becomes more accessibility to GRIN via more popular exchanges to purchase these coins. Until then, we aren’t seeing what could buck the current trend.
As always, if you have interests in any GRIN spot or options markets, please let us know.