Sol是Solana可編程區塊鏈的本地加密貨幣，已經上演了一個急劇的四周集會

Sol是Solana可編程區塊鏈的本地加密貨幣，已經上演了一個急劇的四周集會，飆升85％

SOL, the native cryptocurrency of the Solana programmable blockchain, has staged a sharp four-week rally, surging 85% since April 7 — more than double the pace of bitcoin (BTC) — and large options traders are positioning for further gains.

Sol是Solana可編程區塊鏈的本地加密貨幣，自4月7日以來上演了一個急劇的四周集會，飆升了85％，是比特幣（BTC）的兩倍以上 - 大型期權交易者正處於進一步的收益。

The token climbed to around $176 on Monday as crypto and traditional markets embraced a greater degree of risk. Bitcoin, the leading cryptocurrency by market value, has climbed 40%, CoinDesk data show.

週一，由於加密貨幣和傳統市場的風險更大，該代幣週一攀升至176美元左右。 Coindesk數據顯示，比特幣是市場價值的主要加密貨幣，已攀升40％。

The gains are unlikely to reverse in the near future, if block traders — primarily institutions and market participants that execute large trading orders over the counter and outside of the public order book — are correct. They have been snapping up the Deribit-listed June 27 expiry SOL $200 call option in large numbers, a sign they expect the price to rise above that level before the end of the first half.

如果塊交易員（主要是在公共秩序書籍的櫃檯和外部執行大型交易訂單的機構和市場參與者）是正確的，那麼收益不太可能在不久的將來扭轉。他們一直在6月27日到期索爾（Sol）$ 200撥打選項，這一標誌預計價格將在上半年結束前高於該水平。

„Traders also got long the $200 June expiration last week. This was the biggest block trade, trading 50,000x contracts in total for $263,000 in premium. On Deribit, one options contract represents one SOL. As a point of reference, the entire Deribit order book for the same day had around 32,000 contracts in bids and offers at the relevant market price levels, with the market maker later closing out a portion of the trade at a lower price, to reduce their exposure as the bid dropped significantly after the block trade executed.,“ Greg Magadini, the director of derivatives at Amberdata, said in an email on Monday.

„交易者在上週的6月6月到期期限也很長。這是最大的街區交易，總計50,000倍的合同，總合同的溢價為263,000美元。在deribit上，一個期權合約代表一個SOL。作為一個參考，同一天的整個deribit訂單簿中的整個deribit訂單賬面均在同一天的價格較低，並以較低的市場價格提供了一定的交易，以降低市場的交易，並在交易中享受一定的交易，而交易的交易價格卻是一筆交易的一筆交易。在執行街區交易後，競標大幅下降。

A call option gives the purchaser the right, but not the obligation, to buy the underlying asset at a predetermined price at a later date. A call buyer is implicitly bullish on the market. It's like buying a lottery ticket, where the holder has the chance to make significant gains if they win, but will only lose a small amount if the ticket doesn't win.

電話期權賦予購買者以後以預定價格購買基礎資產的權利，但沒有義務。呼叫購買者在市場上隱含了看漲。這就像購買一張彩票一樣，持有人在獲勝的情況下有機會取得巨大的收益，但如果門票不贏，只會損失少量。

Magadini added that these call options were snapped up at an annualized implied volatility (IV) of 84%. In other words, traders timed it perfectly, snapping up calls while they were cheap as SOL's IV typically hovers in triple digits.

Magadini補充說，這些呼叫選項被年度的隱含波動率（IV）搶購，為84％。換句話說，交易者對此進行了完美的計時，在廉價時搶購了電話，因為Sol的IV通常會徘徊在三位數中。

At the beginning of April, when the trades were executed, the implied volatility for the June $200 strike was at an all-time low, and the market-neutral or delta-hedge part of the trade was also executed at an average price of $139, which is a good price for an institution to enter at, Magadini said.

瑪加迪尼說，在4月初，當交易執行時，6月200美元的罷工的隱含波動率是歷史最低水平的，而市場中不中立或三角洲對沖的一部分也以139美元的平均價格執行，這是一家機構的好價格。

Such high demand for the $200 call option has left market makers or dealers with a significant net negative gamma exposure at the strike price.

對200美元的呼叫期權的需求很高，使做市商或經銷商以罷工價格獲得了大量的淨負伽瑪曝光。

Market makers with a net negative gamma exposure typically buy as prices rise and sell during dips, aiming to rebalance their portfolios toward a delta-neutral, or market-neutral, position. Their hedging activities often amplify market swings.

淨負伽瑪曝光的做大商人通常會隨著價格上漲和銷售的價格購買，旨在將其投資組合重新平衡為三角洲中立或市場中立的頭寸。他們的對沖活動通常會擴大市場波動。

So it's likely volatility will pick up as SOL potentially crosses the $200 mark.

因此，隨著SOL可能超過200美元的成績，它可能會發生波動。