比特幣投資者回到有史以來高高的旅程並非易事

比特幣繼續徘徊在100,000美元的級別附近，看起來有望重新測試去年的高點。

For the past year, Bitcoin investors have enjoyed a remarkable journey, witnessing a nearly seven-fold surge in the world's largest cryptocurrency by market capitalization. However, this path to all-time highs hasn't been without its challenges. As Bitcoin continues to trade at the $100,000-level, setting the stage for a retest of the highs from last year, several stocks are also making waves in conjunction with Bitcoin's ascent.

在過去的一年中，比特幣投資者享有了一段非凡的旅程，通過市值憑藉市值，目睹了世界上最大的加密貨幣的近七倍。但是，這種有史以來高潮的道路並非沒有挑戰。隨著比特幣繼續以100,000美元的水平交易，為去年的重新測試奠定了基礎，與比特幣的上升相結合，一些股票也浪費了浪潮。

One such stock is Coinbase (NASDAQ:COIN), the largest U.S. cryptocurrency exchange, which has become a major beneficiary of the latest move in crypto prices. The company offers the primary financial account in the crypto economy, encompassing a brokerage platform with a vast pool of liquidity for both institutions and retail investors. Moreover, Coinbase provides a suite of products that grant developers the ability to build on-chain.

這樣的股票之一是Coinbase（NASDAQ：COIN），這是美國最大的加密貨幣交易所，它已成為加密價格最新舉動的主要受益者。該公司在加密經濟中提供了主要的金融帳戶，涵蓋了一個經紀平台，為機構和零售投資者提供了大量流動性。此外，Coinbase提供了一套產品，可以授予開發人員建立鍊子的能力。

Earlier this month, Coinbase completed the acquisition of Dubai-based Deribit, a significant cryptocurrency exchange, for $2.9 billion, marking the largest deal in the crypto industry to date. This acquisition will further boost Coinbase's position as a leading international player in crypto derivatives.

本月早些時候，Coinbase完成了收購總部位於迪拜的Deribit，這是一項重大的加密貨幣交易所，價格為29億美元，標誌著迄今為止加密貨幣行業中最大的交易。此次收購將進一步提高Coinbase在加密衍生品領域的領先國際球員的地位。

COIN, currently a Zacks Rank #3 (Hold), has consistently exceeded the earnings mark in each of the past 9 quarters. Last week, Coinbase reported first-quarter earnings of $1.94 per share, surpassing the Zacks Consensus Estimate by 4.9%. The company has also delivered a trailing four-quarter average earnings surprise of 32.7%.

硬幣，目前是Zacks排名第3（持有），在過去9個季度中的每個季度中始終超過了收益標記。上週，Coinbase報告了每股1.94美元的第一季度收益，超過了Zacks共識估算值4.9％。該公司還提供了落後的四分之三的平均收入驚喜32.7％。

As a leading crypto exchange, Coinbase is enjoying several tailwinds, including investments in infrastructure and expanded partnerships, such as the integration with Stripe for direct deposits to and from Coinbase.

作為領先的加密交易所，Coinbase享受了多種逆風，包括在基礎設施和擴大合作夥伴關係方面的投資，例如與Coinbase的直接存款的整合。

Coinbase will officially be added to the S&P 500 later this month, a significant milestone for the company.

Coinbase將於本月晚些時候正式添加到標準普爾500指數中，這是該公司的重要里程碑。

While there are many ways to take advantage of a bullish move in COIN shares, options provide us with the flexibility to tailor our strategy to the current market environment.

儘管有很多方法可以利用看漲硬幣股份的行動，但期權為我們提供了靈活性，可以為當前的市場環境量身定制戰略。

Option spreads are extremely effective in this type of environment. Call option debit spreads are implemented by purchasing a call option and selling a related call option with a higher strike price. These types of trades are limited risk trades because the short option is 'covered' by the option purchase.

期權價差在此類環境中非常有效。通過購買呼叫選項並以更高的打擊價格出售相關的呼叫選項來實現呼叫期權借記差價。這些類型的交易是有限的風險交易，因為您可以購買期權“涵蓋”短期選擇。

When done correctly, trading options provides huge profit opportunities with limited risk, making options one of the most versatile investment vehicles.

正確完成後，交易選項可為風險有限，提供巨大的利潤機會，使選項成為用途最廣泛的投資工具之一。

Before we analyze today's trade, let's review some option fundamentals as a refresher. There is no need to worry about complex mathematical formulas or equations. Over the years I've found that the more complicated a strategy is, the less likely it is to work over the long run.

在分析當今的交易之前，讓我們回顧一些選項基礎知識，以復習。無需擔心複雜的數學公式或方程。多年來，我發現策略越複雜，從長遠來看，工作的可能性就越小。

Options are standardized contracts that give the buyer the right - but not the obligation - to buy or sell the underlying stock at a fixed price, which is known as the strike price. A call option gives the buyer the right to buy a particular security, while a put option gives the buyer the right to sell the same. The investor who purchases an option, whether a put or call, is the option buyer, while the investor who sells a put or call is the seller or writer.

期權是標準化合同，賦予買方以固定價格購買或出售基礎股票的權利（但不是義務），稱為罷工價格。呼叫選項使買方有權購買特定的安全性，而看跌期權則賦予買方出售相同的權利。購買期權的投資者，無論是看跌期權還是呼叫，都是期權購買者，而出售看跌或致電的投資者是賣方或作家。

These contracts are valid for a specific period of time which ends on expiration day. There are weekly options, monthly options, and even LEAPS options which are longer-term options that have an expiration date of greater than one year.

這些合同在在到期日結束的特定時間段內有效。有每週的選擇，每月選項，甚至是飛躍選項，這些選項是長期期權，其到期日期超過一年。

Options consist of time value and intrinsic value. In-the-money options consist of both components; at-the-money and out-of-the-money options consist only of time value. At options expiration, options lose all time value.

選項包含時間價值和內在值。貨幣選項由兩個組件組成；當時的和無價的選項僅由時間價值組成。在期權到期時，選項會丟失所有時間值。

Below we're going to explore a call option spread strategy.

在下面，我們將探索呼叫選項的傳播策略。

The Power of Option Spreads

期權的力量傳播

Coinbase currently meets our criteria for initiating a bullish call option spread position.

Coinbase目前符合我們啟動看漲呼叫選項差的位置的標準。

The table below displays the risk/reward profile for this trade. COIN is trading at $266.58/share at the time of this writing. This trade involves purchasing the June 220-strike call at 51.9 points, and selling the June 240-strike call at 37 points for a total cost of 14.9 points. As option contracts represent 100 shares of the underlying security, this would represent a total cost of $1,490 per spread (orange box).

下表顯示了此交易的風險/獎勵狀況。在撰寫本文時，硬幣的交易價格為266.58美元/股。該交易涉及以51.9分的6月220次打擊電話的價格購買，並以37點的價格出售6月240分的電話，總成本為14.9點。由於期權合約代表100股基本安全性，因此每次價差的總成本為1,490美元（橙色盒）。

The top (blue) row in the lower section shows the performance of COIN stock based on different percentage scenarios at expiration. The last (purple) row shows the corresponding percentage return for our debit spread trade. We can see that regardless of whether COIN increases in price, remains flat, or even loses 10% from our entry, our option spread trade will produce a roughly 34% return.

下部的頂部（藍色）行顯示了根據不同百分比的到期時情況的硬幣庫存的性能。最後一排（紫色）行顯示了我們藉記銷售交易的相應百分比回報。我們可以看到，不管硬幣的價格上漲，保持平坦，甚至從我們的入境中損失10％，我們的期權貿易都將產生大約34％的回報。

These are types of odds I like to have in my favor when trading options.

這些是我喜歡在交易選項時喜歡的賠率類型。

Advantages of Spread Trading

利差交易的優勢

1) The Option Sale Provides Downside Protection

1）期權銷售提供下行保護

The sale of a call option results in cash being credited to your

出售呼叫選項會導致現金記入您的現金