deribit上市$ 300,000比特幣通話選項成為6月27日到期之前的最受歡迎的賭注

本月初，Coindesk強調了對deribit上市$ 300,000比特幣的需求不斷上升

Earlier this month, CoinDesk highlighted the rising demand for the Deribit-listed $300,000 bitcoin call options ahead of the June quarter.

本月初，Coindesk強調了6月季度之前對deribit上市$ 300,000比特幣通話選項的需求不斷上升。

Now, this bet has become the most popular in the impending quarterly expiry, appealing as a “lottery ticket” for traders anticipating a bitcoin price rally above $300,000 by the next month.

現在，這個賭注已成為即將到來的季度到期中最受歡迎的賭注，作為交易者的“彩票”，預計比特幣價格將在下個月超過300,000美元。

At press time, the $300,000 call option was the most popular bet in the June 27 expiry, with a notional open interest of over $600 million, up from $484 million three weeks ago, according to data source Deribit. Notional open interest represents the dollar value of the number of active or open contracts at a given time. On Deribit, one options contract represents one BTC.

根據數據源Deribit的數據，截至發稿時，這筆300,000美元的呼叫選項是6月27日到期的最受歡迎的賭注，概念上的開放興趣超過6億美元，高於三週前的4.84億美元。名義開放利息代表給定時間有效或開放合同數量的美元價值。在deribit上，一個選項合同代表一個BTC。

"The June $300K BTC call options have emerged as the strike with the highest open interest [in June expiry], reflecting aggressive speculative positioning by traders anticipating continued upside," Deribit's Asia Business Development Head Lin Chen told CoinDesk.

Deribit的亞洲業務發展負責人Lin Chen告訴Coindesk：“ 6月30萬美元的BTC呼叫選項已成為罷工，這是[6月到期]的最高開放興趣，這反映了交易者預計持續上漲空間的積極投機定位。”

"The combination of record-breaking volumes and concentrated options bets signals elevated market confidence—and the potential for heightened volatility ahead," Chen added.

Chen補充說：“創紀錄的數量和集中選擇的組合押注信號提高了市場信心，並有可能提高波動性的潛力。”

Deribit's notional options open interest hit a record high of $42.5 billion last week. The momentum is mirrored in the platform's newly launched block RFQ (Request for Quote) system, registering a historic record of nearly $1 billion in daily volume.

Deribit的名義選擇開放興趣上周達到了創紀錄的425億美元。該勢頭反映在該平台新推出的Block RFQ（請求）系統中，每天的歷史記錄近10億美元。

A call option gives the purchaser the right but not the obligation to buy the underlying asset, BTC, at a predefined price on or before a specific date. A call buyer is implicitly bullish on the market.

呼叫選項賦予購買者以在特定日期或之前以預定義的價格購買基礎資產BTC的權利，但沒有義務。呼叫購買者在市場上隱含了看漲。

The $300,000 call expiring on June 27 represents a bet that bitcoin's price will rise three times from the present $110,000 to over $300,000 by the end of the first half.

6月27日到期的300,000美元通話代表了一個賭注，即比特幣的價格將從目前的110,000美元上漲，到上半年結束時的300,000美元以上。

The bet sounds outlandish, as the first half will end in roughly four weeks. But that's been the case lately on Deribit, with traders increasingly targeting upside potential through short-term options.

賭注聽起來很奇怪，因為上半場將在大約四個星期內結束。但最近在deribit上就是這種情況，通過短期選擇，交易者越來越多地針對上升潛力。

That is evidenced by front-end risk reversals, measuring the demand for calls relative to puts over short-term, being pricier than those with longer maturities.

前端風險逆轉證明了這一點，衡量了相對於短期投票的呼叫需求，比成熟度更長的呼叫的需求更高。

The trend indicates a heightened appetite for quick-paced bullish bets among market participants.

趨勢表明，市場參與者對快速的看漲賭注的胃口增強。

"The three-day Bitcoin Conference 2025 is all set to start in Las Vegas today, and so people are speculating on what new bullish announcements will be released at the event," Chen explained.

Chen解釋說：“ 2025年的為期三天的比特幣會議將在今天的拉斯維加斯開始，因此人們猜測活動將在活動中發布哪些新的看漲公告。”

Contrarian signal

逆勢信號

The growing demand for short-duration calls could be a contrarian signal suggesting that speculative excess is often seen near market tops, according to Markus Thielen, founder of 10x Research.

10倍研究的創始人馬庫斯·泰倫（Markus Thielen）表示，對短期呼叫的需求不斷增長，這表明人們經常在市場頂部附近看到投機性過剩。

Thielen said the options market is flashing a warning, with the seven-day calls trading at a 10% premium to puts.

泰倫（Thielen）表示，期權市場正在閃爍警告，七天的電話交易價格為10％。

"The options market is flashing a warning: Bitcoin’s skew, measuring the difference in implied volatility between puts and calls, has dropped to nearly -10%, indicating calls are pricing in significantly more volatility than puts," Thielen said in a note to clients.

Thielen在對客戶的報導中說：“選擇市場正在閃爍警告：比特幣的偏斜，衡量了puts和呼叫之間的隱含波動率的差異，已下降到近-10％，表明呼叫的定價明顯比看前的波動性要大得多。”

"This suggests traders are aggressively chasing upside rather than hedging downside risk. In our experience, such extreme skew levels often reflect peak bullish sentiment, a classic contrarian signal," Thielen added.

Thielen補充說：“這表明貿易商正在積極地追逐上升空間，而不是對沖下行風險。根據我們的經驗，如此極端的偏斜水平通常反映出峰值看漲情緒，這是一個經典的逆勢信號。”