83億美元的比特幣PIT期權中，有97％以102,000美元的BTC價格到期。

$ 105,000以上的短額覆蓋可能會觸發比特幣的價格集會到新的高點。

Key takeaways:

關鍵要點：

* 97% of the $8.3 billion in Bitcoin put options will expire worthless at a $102,000 BTC price.

* 83億美元的比特幣PIT期權中，有97％的價格將以102,000美元的BTC價格到期。

* Short covering above $105,000 could trigger a Bitcoin price rally to new highs.

*短期覆蓋$ 105,000可能會觸發比特幣的價格集會到新的高點。

Bitcoin (BTC) rose above $101,000 on May 8, reaching its highest level in over three months. The 4.6% daily BTC price gain triggered $205 million in liquidations of bearish futures positions and eroded the value of nearly every put (sell) option. Traders now question whether Bitcoin is poised to break its $109,354 all-time high in the near term.

5月8日，比特幣（BTC）上漲了101,000美元，在三個月內達到了最高水平。每日4.6％的BTC價格上漲觸發了2.05億美元的看跌期貨職位的清算，並侵蝕了幾乎所有（賣出）期權的價值。現在，貿易商質疑比特幣是否有望在短期內打破其歷史最高的109,354美元。

The aggregate Bitcoin put (sell) option open interest for the next three months stands at $8.3 billion, but 97% of those have been placed below $101,000 and will likely expire worthless. Still, this does not mean every put options trader was betting on Bitcoin’s downside, as some may have sold those instruments and profited from the price gains.

接下來三個月的總比特幣PUT（賣出）期權期權開放利息為83億美元，但其中97％的收入已放在101,000美元以下，可能會到期，並且可能毫無價值。儘管如此，這並不意味著每個PUT期權交易員都在押注比特幣的缺點，因為有些人可能已經出售了這些工具並從價格上漲中獲利。

Among the largest option strategies traded at Deribit is the “bull put spread,” which involves selling a put option while simultaneously buying another put at a lower strike price, capping both maximum profit and downside risk. For example, a trader aiming to profit from higher prices might sell the $100,000 put and buy the $95,000 put.

在Deribit交易的最大期權策略之一是“ Bull Put VerroVE”，其中涉及出售前置選擇權，同時以較低的行使價格購買另一個看跌期權，同時限制了最高利潤和下行風險。例如，一個旨在從更高價格中獲利的交易者可能會出售100,000美元的看跌期權併購買95,000美元的看價。

Cryptocurrency traders are known for their exaggerated optimism, and this is reflected in the leading strategies on Deribit’s options markets, such as the “bull call spread” and the “bull diagonal spread.” In both cases, traders anticipate Bitcoin prices at expiry to be equal to or higher than the options traded.

加密貨幣交易者以其誇張的樂觀而聞名，這反映在Deribit期權市場的領先策略中，例如“ Bull Call Call spread”和“牛對角線差”。在這兩種情況下，交易者預計到期時的比特幣價格都等於或高於交易期權。

$100,000 Bitcoin boosts bullish options, but shorts may resist

$ 100,000比特幣提高看漲選擇，但短褲可能會抵制

If Bitcoin sustains the $100,000 level, most bullish strategies will yield positive results in the May and June options expiries, giving traders additional incentives to support upward momentum. However, there is the possibility that sellers (shorts) using futures markets will exert their influence to prevent a new Bitcoin all-time high.

如果比特幣維持100,000美元的水平，大多數看漲策略將在5月和6月的期權到期產生積極的結果，從而為交易者提供更多的激勵措施來支持向上的動力。但是，使用期貨市場的賣方（短褲）可能會發揮其影響力，以防止新的比特幣歷史上的高度。

Related: Coinbase to acquire options trading platform Deribit for $2.9B

相關：以$ 2.9B的價格獲取期權交易平台deribit

The aggregate open interest on Bitcoin futures currently stands at $69 billion, indicating substantial demand for short (sell) positions. At the same time, higher prices might force bears to close their positions. However, this “short covering” effect is significantly muted in fully hedged positions, meaning those traders are not particularly sensitive to Bitcoin price movements.

比特幣期貨的總開放利息目前為690億美元，表明對短期（賣出）頭寸的需求很大。同時，更高的價格可能會迫使熊關閉其頭寸。但是，這種“短覆蓋”效果在完全對沖的位置上顯著靜音，這意味著這些交易者對比特幣價格變動並不特別敏感。

For instance, one could buy spot Bitcoin positions using margin or spot exchange-traded funds (ETFs) and simultaneously sell the equivalent in BTC futures. Known as the “carry trade,” this strategy is delta neutral, so the profit comes regardless of price swings, as the monthly Bitcoin futures trade at a premium to compensate for the longer settlement period.

例如，可以使用保證金或現貨交易所交易資金（ETF）購買現貨比特幣頭寸，並同時出售BTC期貨的同等產品。該策略被稱為“攜帶貿易”，是中性的，因此，無論價格波動如何，利潤都是溢價的每月比特幣期貨交易，以彌補更長的和解期。

The Bitcoin futures premium has been below 8% for the past three months, so the incentives for the “carry trade” have been limited. Hence, it is likely that some form of “short covering” will occur if Bitcoin surges above $105,000, which greatly improves the odds of a new all-time high over the next couple of months.

在過去的三個月中，比特幣期貨保費一直低於8％，因此“攜帶貿易”的激勵措施受到限制。因此，如果比特幣飆升至105,000美元以上，這可能會發生某種形式的“短覆蓋率”，從而大大提高了未來幾個月中新的歷史最高點的機率。