隨著比特幣的現貨價格低於平均IBIT期權罷工價格，機構投資者尋求下行保護

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A substantial shift in sentiment is unfolding among traditional finance players, diverging from the bullish exuberance observed earlier in the year. As of May 13, a noteworthy development has occurred: the average strike price on IBIT options has dipped below the present Bitcoin (CRYPTO:BTC) spot price. This shift is a direct result of institutional investors’ rising interest in securing protection against potential declines in the cryptocurrency market.

傳統金融參與者之間發生了很大的轉變，與今年早些時候觀察到的看漲繁榮不同。截至5月13日，已經發生了一個值得注意的發展：IBIT期權的平均罷工價格降至目前的比特幣（加密：BTC）的現貨價格下降。這一轉變是機構投資者對保護加密貨幣市場潛在下降的興趣不斷增加的直接結果。

Earlier this year, institutions were actively setting up bullish payoffs, largely focused on IBIT options with strike prices above the prevailing BTC price. This strategy was aimed at maximizing gains if Bitcoin continued its bullish trajectory. However, recent adjustments to investment strategies have led to a reversal of this trend.

今年早些時候，機構正在積極建立看漲的回報，主要集中在ibit選擇權上，罷工價格高於現行BTC價格。如果比特幣繼續其看漲軌跡，該策略的目的是最大限度地提高收益。但是，最近對投資策略的調整導致了這種趨勢的逆轉。

Now, institutions are setting up bearish payoffs, primarily through IBIT options with strike prices below the current BTC price. This adjustment is designed to mitigate losses if Bitcoin experiences a downturn. Despite this defensive positioning, the institutions’ total option delta has surged to nearly $10 billion, indicating that a substantial portion of market exposure remains in play.

現在，機構正在建立看跌的收益，主要是通過IBIT選擇權，其罷工價格低於當前的BTC價格。如果比特幣經歷不景氣，則該調整旨在減輕損失。儘管有這種防禦性的定位，但該機構的總期權達美航空飆升至近100億美元，這表明大部分市場敞口仍在起作用。