比特幣（BTC）的價格飆升以記錄高潮，引發了投資者的樂觀情緒

比特幣（BTC）的價格飆升以記錄高潮，這引發了投資者的樂觀情緒。但是，有望在一定價格水平下的做市商/經銷商的套期保值活動，通常是無形的力量，可能會放慢上升。

Bitcoin's (BTC) price has surged to record highs, sparking optimism among investors. However, expected hedging activities of market makers/dealers, often an invisible force, at certain price levels, may slow the ascent.

比特幣（BTC）的價格飆升以記錄高潮，這引發了投資者的樂觀情緒。但是，有望在一定價格水平下的做市商/經銷商的套期保值活動，通常是無形的力量，可能會放慢上升。

The leading cryptocurrency topped the $111,000 mark during the Asian hours, with analysts anticipating stronger demand.

在亞洲時間，領先的加密貨幣高於111,000美元，分析師預計需求更強大。

“The OTC [over-the-counter] supply may be (rapidly) drying up, driving prices up. This would not be reflected in exchange trading volumes or the derivatives market. If this is the case, get ready for a wild ride, as more demand is coming on board with a competitive bitcoin corporate treasury environment and, perhaps, a less elastic OTC spot market,” said Alexander S. Blume, founder and CEO of SEC-registered investment advisor Two Prime.

“ OTC（非處方）供應可能會（迅速）降低，推動價格上漲。這不會反映在交易所交易量或衍生品市場中。如果是這種情況，請為野外騎行做好準備，隨著更多的需求與競爭性的比特幣公司庫賽環境以及較少的彈性OTC SPOTEREMENT，SEC - SEC - SEC - SEC - SEC S. 主要的。

Blume further noted that corporate treasuries coming on board have been buying en masse over-the-counter, and rumors are that sovereign demand for the cryptocurrency has also picked up.

Blume進一步指出，船上的公司國債一直在購買集團，並有傳言稱對加密貨幣的主權需求也已經增加了。

At press time, BTC was trading at around $109,000 on major cryptocurrency exchanges.

發稿時，BTC在主要加密貨幣交易所進行的交易約為109,000美元。

BTC could rally to $180,000 by the end of the year, led by spot ETF inflows, slower post-halving supply growth and growing institutional adoption, said Ryan Lee, chief analyst at Bitget.

BITGET首席分析師Ryan Lee說，BTC在年底之前可能會升至180,000美元，這是由現貨ETF流入，較慢的供應後供應增長和機構收養不斷增長的領導。

“Moody’s recent downgrade of the U.S. sovereign credit rating to Aa1 is another key macro catalyst, sparking renewed interest in BTC and ETH as hedges against fiat risk. BTC’s ability to hold above $103,000 amid volatility highlights the market’s shift toward crypto as a strategic reserve asset,” Lee said.

“穆迪最近將美國主權信用評級降級為AA1是另一個關鍵的宏觀催化劑，這引起了對BTC和ETH的重新興趣，因為這是針對FIAT風險的樹籬。BTC在波動性中持有超過103,000美元的能力突顯了該市場向Crypto作為戰略儲備資產的轉變，” Lee說。

Focus on $115K

專注於$ 115K

While the path of least resistance is on the higher side, the pace of the bullish move may be challenged by potential hedging activities of options market makers/dealers at around $115K and higher price levels, according to Jeff Anderson, head of Asia at STS Digital.

STS Digital的STS Digital負責人Jeff Anderson表示，抵抗力最小的道路在更高的一邊，但看漲行動的步伐可能會受到選擇的可能性對沖活動的挑戰，而商人/經銷商的套期保值範圍約為11.5萬美元，價格較高。

Dealers are entities tasked with creating liquidity in an exchange's order book. They are always on the opposite side of traders' positions and make money from the bid-ask spread, while constantly striving to maintain a net-price neutral exposure.

經銷商是在交換訂單書中創造流動性的實體。他們始終處於交易者職位的另一側，並從出價醬中賺錢，同時不斷努力維持淨價中性的曝光率。

Data from Deribit's BTC options market, tracked by Amberdata, shows dealers hold significant "positive gamma" exposure at $115K and higher strike price levels.

Amberdata跟踪的Deribit BTC期權市場的數據顯示，經銷商的“正伽馬”風險為115,000美元和更高的罷工價格水平。

When dealers' gamma is positive, it means they are long call or put options. In this case, their delta (market exposure) increases when the underlying asset increases. Thus, their delta-hedging mandate requires selling more of the underlying asset as the price rises and vice versa.

當經銷商的伽瑪是積極的時，這意味著它們是長時間的呼叫或選擇。在這種情況下，當基礎資產增加時，他們的三角洲（市場風險）增加。因此，他們的三角洲圍困授權要求隨著價格上漲而出售更多基礎資產，反之亦然。

The order-flow, therefore, acts as a contrarian force, limiting the price volatility, Anderson told CoinDesk.

因此，安德森告訴Coindesk，訂單流動起到了逆勢力量，限制了價格波動。

Dealer gamma is significantly positive, from $115K to $150K, thanks to investors' interest in selling (overwriting) higher strike call options to generate additional yield on top of their spot holdings.

由於投資者對銷售（覆蓋）較高的罷工電話選項的興趣，經銷商Gamma的股票顯著為陽性，從11.5萬美元到15萬美元，以在其現貨持有量之外產生額外的收益率。

"There is lot of positive gamma in the market due to call overwriters. They will be more wary of this breakout, and if we can clear the pocket of gamma at $115K, this [rally] could really start to go," Anderson said.

安德森說：“由於呼叫覆蓋者，市場上有很多積極的伽瑪。他們將更加警惕這一突破，如果我們可以以11.5萬美元的價格清除伽瑪的口袋，那麼這場集會確實可以開始進行。”