Virtuals Protocol Opens Butler’s Private Beta for Bitcoin, Ether Options

Virtuals Protocol says Butler’s private beta for automated Bitcoin (BTC) and Ether (ETH) options trading on Derive is open to interested users, expanding a test first offered through applications.

Users set how much of a decline they are willing to tolerate before authorizing Butler to trade. After one authorization, the tool can place follow-up options trades on Derive and handle options calculations and calendar management.

The test is designed for trading around major U.S. economic releases, including Federal Reserve rate decisions, Consumer Price Index reports and nonfarm employment data. Derive is the platform where Butler would execute the options trades.

The beta follows an earlier application period for Butler’s options-hedging test. That test also focused on Bitcoin and Ether trades around major U.S. economic releases.