deribit列出$ 300,000罷工比特幣通話選項將於6月26日到期

撰寫本文的傑出表現是6月26日到期的deribit上市$ 300,000罷工比特幣呼叫選項。

In the realm of crypto markets, where bold predictions are routinely made and, more importantly, funded, usually through playful option trades that offer relatively small-cost but outsized upside, a new all-time high (ATH) price prediction has emerged, and it's garnering attention.

在加密市場的領域中，通常會通過嬉戲的期權交易來進行大膽的預測，更重要的是，資助的，這些交易提供了相對較小但優勢的上升空間，這是一個新的歷史最高（ATH）價格預測，並且引起了人們的關注。

As of Monday, the Deribit-listed $300,000 strike bitcoin (BTC) call expiring on June 26 had over 5,000 contracts active, boasting a notional open interest of $484 million, rendering it the second-most popular option bet in the crucial June expiry. It's lagging behind the $110K call, which had 16,000 contracts and $879 million in notional open interest at press time.

截至週一，deribit上市的300,000美元罷工比特幣（BTC）呼叫將於6月26日到期，有5,000多個合同活躍，擁有4.84億美元的概念開放利息，使其成為至關重要的6月到期的第二個流行期權下注。它落後於這筆11萬美元的電話，該電話在發稿時有16,000份合同和8.79億美元的名義開放利息。

For context, Deribit is the world's leading crypto options exchange, claiming over 75% of the global options activity. On Deribit, one options contract represents 1 BTC.

對於上下文，Deribit是世界領先的加密貨幣期權交易所，佔全球期權活動的75％以上。在deribit上，一個選項合同代表1 BTC。

The June quarterlies, specifically the June 26 expiry, are currently driving market activity and volatility, with traders maneuvering to hedge positions, lock in gains, or speculate on the next price moves.

6月四分之一的季度，特別是6月26日到期，目前正在推動市場活動和波動性，交易員操縱了對沖職位，鎖定收益或推測下一個價格轉移。

"Perhaps, people like buying lottery tickets. As evidenced by the call skew, there are always folks that want the hyperinflation hedge," Spencer Hallarn, a derivatives trader at crypto market maker GSR, said, explaining the high open interest in the so-called out-of-the-money (OTM) call at the $300K strike.

“也許，人們喜歡購買彩票。正如通話偏斜所證明的那樣，總會有人想要過度充氣對沖，”加密推銷商人GSR的衍生品交易員斯賓塞·哈拉恩（Spencer Hallarn）說，他解釋說，對所謂的“貨幣票房（OTM”（OOTM）撥款（OOTM）的高度開放興趣。

Deep OTM calls, also called wings, require a large move in the underlying asset's price to become profitable and, hence, are significantly cheaper compared to those closer to or below the asset's going market rate. However, the payoff is huge if the market rallies, which makes them similar to buying lottery tickets with slim odds but potential for a big payout.

Deep OTM呼叫（也稱為機翼）需要對基礎資產的價格進行大幅度的盈利，因此，與接近或低於資產的市場價格相比，相比之下。但是，如果市場集會與購買較小的彩票相似，但有可能獲得巨額支出的彩票，那麼收益是巨大的。

Deribit's BTC options market has seen similar flows during previous bull cycles, but those bets usually didn't manage to gain enough popularity to become the second-most preferred play in quarterly expiries.

Deribit的BTC選項市場在以前的牛週期中也有類似的流動，但是這些賭注通常沒有獲得足夠的知名度，無法成為季度到期的第二首首選。

The chart shows that the June 26 expiry is the largest among all settlements due this year, and the $300K call has the second-highest open interest buildup in the June expiry options.

該圖表顯示，6月26日到期是今年所有定居點中最大的，而30萬美元的電話在6月到期期權中的開放式增長是第二高的。

Explaining the chunky notional open interest in the $300K call, GSR's Trader Simranjeet Singh said, I suspect this is mostly an accumulation of relatively cheap wings betting on broader U.S. reg narrative being pro-crypto and the 'wingy possibility' (no pun intended) of a BTC strategic reserve that was punted around at the start of the administration.

GSR的交易員Simranjeet Singh解釋了這筆30萬美元的電話中矮胖的概念性開放興趣，我懷疑這主要是對更廣泛的美國敘述的相對便宜的翅膀下注的積累，而“ wingy to-wity可能性”（沒有打算的PUN PUN TAMITIONIAL”（無意）是BTC策略儲備，而BTC策略儲備是圍繞該行政當局開始的。

On Friday, Senator Cynthia Lummis said in a speech that she's "particularly pleased with President Trump's support of her BITCOIN Act.

週五，參議員辛西婭·盧米斯（Cynthia Lummis）在演講中說，她“對特朗普總統對比特幣法案的支持特別滿意。

"The BITCOIN Act is the only solution to our nation's $36T debt. I'm grateful for a forward-thinking president who not only recognizes this, but acts on it," Lummis said on X.

盧米斯在X上說：“《比特幣法案》是唯一解決我們國家36T債務的解決方案。我感謝一位具有前瞻性的總統不僅承認這一點，而且對此採取行動。”

Who sold $300K calls?

誰賣了30萬美元的電話？

According to Amberdata's Director of Derivatives, notable selling in the $300K call expiring on June 26 occurred on April 23, engaging in the covered call strategy, which traders use to generate additional yield on top of their spot market holdings.

據安伯達塔（Amberdata）的衍生工具總監稱，6月26日到期的30萬美元通話銷售銷量於4月23日發生，從事有的呼叫策略，交易者用來在其現貨市場持有的基礎上產生額外的收益率。

My thought is that the selling volume on April 23 came from traders generating income against a long position, Magadini told CoinDesk. Each option sold for about $60 at 100% implied volatility.

我認為，馬加迪尼告訴Coindesk，我的想法是4月23日的銷售量來自貿易商產生收入的收入。每個選項的售價約為60美元，即100％隱含波動。

Selling higher strike OTM call options and collecting premium while holding a long position in the spot market is a popular yield-generating strategy in both crypto and traditional markets.

在加密市場和傳統市場中，出售較高的罷工OTM呼叫選項並收集溢價，同時在現貨市場中保持較長的位置是一種流行的產量產生策略。