83亿美元的比特币PIT期权中，有97％以102,000美元的BTC价格到期。

$ 105,000以上的短额覆盖可能会触发比特币的价格集会到新的高点。

Key takeaways:

关键要点：

* 97% of the $8.3 billion in Bitcoin put options will expire worthless at a $102,000 BTC price.

* 83亿美元的比特币PIT期权中，有97％的价格将以102,000美元的BTC价格到期。

* Short covering above $105,000 could trigger a Bitcoin price rally to new highs.

*短期覆盖$ 105,000可能会触发比特币的价格集会到新的高点。

Bitcoin (BTC) rose above $101,000 on May 8, reaching its highest level in over three months. The 4.6% daily BTC price gain triggered $205 million in liquidations of bearish futures positions and eroded the value of nearly every put (sell) option. Traders now question whether Bitcoin is poised to break its $109,354 all-time high in the near term.

5月8日，比特币（BTC）上涨了101,000美元，在三个月内达到了最高水平。每日4.6％的BTC价格上涨触发了2.05亿美元的看跌期货职位的清算，并侵蚀了几乎所有（卖出）期权的价值。现在，贸易商质疑比特币是否有望在短期内打破其历史最高的109,354美元。

The aggregate Bitcoin put (sell) option open interest for the next three months stands at $8.3 billion, but 97% of those have been placed below $101,000 and will likely expire worthless. Still, this does not mean every put options trader was betting on Bitcoin’s downside, as some may have sold those instruments and profited from the price gains.

接下来三个月的总比特币PUT（卖出）期权期权开放利息为83亿美元，但其中97％的收入已放在101,000美元以下，可能会到期，并且可能毫无价值。尽管如此，这并不意味着每个PUT期权交易员都在押注比特币的缺点，因为有些人可能已经出售了这些工具并从价格上涨中获利。

Among the largest option strategies traded at Deribit is the “bull put spread,” which involves selling a put option while simultaneously buying another put at a lower strike price, capping both maximum profit and downside risk. For example, a trader aiming to profit from higher prices might sell the $100,000 put and buy the $95,000 put.

在Deribit交易的最大期权策略之一是“ Bull Put VerroVE”，其中涉及出售前置选择权，同时以较低的行使价格购买另一个看跌期权，同时限制了最高利润和下行风险。例如，一个旨在从更高价格中获利的交易者可能会出售100,000美元的看跌期权并购买95,000美元的看价。

Cryptocurrency traders are known for their exaggerated optimism, and this is reflected in the leading strategies on Deribit’s options markets, such as the “bull call spread” and the “bull diagonal spread.” In both cases, traders anticipate Bitcoin prices at expiry to be equal to or higher than the options traded.

加密货币交易者以其夸张的乐观而闻名，这反映在Deribit期权市场的领先策略中，例如“ Bull Call Call spread”和“牛对角线差”。在这两种情况下，交易者预计到期时的比特币价格都等于或高于交易期权。

$100,000 Bitcoin boosts bullish options, but shorts may resist

$ 100,000比特币提高看涨选择，但短裤可能会抵制

If Bitcoin sustains the $100,000 level, most bullish strategies will yield positive results in the May and June options expiries, giving traders additional incentives to support upward momentum. However, there is the possibility that sellers (shorts) using futures markets will exert their influence to prevent a new Bitcoin all-time high.

如果比特币维持100,000美元的水平，大多数看涨策略将在5月和6月的期权到期产生积极的结果，从而为交易者提供更多的激励措施来支持向上的动力。但是，使用期货市场的卖方（短裤）可能会发挥其影响力，以防止新的比特币历史上的高度。

Related: Coinbase to acquire options trading platform Deribit for $2.9B

相关：以$ 2.9B的价格获取期权交易平台deribit

The aggregate open interest on Bitcoin futures currently stands at $69 billion, indicating substantial demand for short (sell) positions. At the same time, higher prices might force bears to close their positions. However, this “short covering” effect is significantly muted in fully hedged positions, meaning those traders are not particularly sensitive to Bitcoin price movements.

比特币期货的总开放利息目前为690亿美元，表明对短期（卖出）头寸的需求很大。同时，更高的价格可能会迫使熊关闭其头寸。但是，这种“短覆盖”效果在完全对冲的位置上显着静音，这意味着这些交易者对比特币价格变动并不特别敏感。

For instance, one could buy spot Bitcoin positions using margin or spot exchange-traded funds (ETFs) and simultaneously sell the equivalent in BTC futures. Known as the “carry trade,” this strategy is delta neutral, so the profit comes regardless of price swings, as the monthly Bitcoin futures trade at a premium to compensate for the longer settlement period.

例如，可以使用保证金或现货交易所交易资金（ETF）购买现货比特币头寸，并同时出售BTC期货的同等产品。该策略被称为“携带贸易”，是中性的，因此，无论价格波动如何，利润都是溢价的每月比特币期货交易，以弥补更长的和解期。

The Bitcoin futures premium has been below 8% for the past three months, so the incentives for the “carry trade” have been limited. Hence, it is likely that some form of “short covering” will occur if Bitcoin surges above $105,000, which greatly improves the odds of a new all-time high over the next couple of months.

在过去的三个月中，比特币期货保费一直低于8％，因此“携带贸易”的激励措施受到限制。因此，如果比特币飙升至105,000美元以上，这可能会发生某种形式的“短覆盖率”，从而大大提高了未来几个月中新的历史最高点的几率。