比特币（BTC）的价格飙升以记录高潮，引发了投资者的乐观情绪

比特币（BTC）的价格飙升以记录高潮，这引发了投资者的乐观情绪。但是，有望在一定价格水平下的做市商/经销商的套期保值活动，通常是无形的力量，可能会放慢上升。

Bitcoin's (BTC) price has surged to record highs, sparking optimism among investors. However, expected hedging activities of market makers/dealers, often an invisible force, at certain price levels, may slow the ascent.

比特币（BTC）的价格飙升以记录高潮，这引发了投资者的乐观情绪。但是，有望在一定价格水平下的做市商/经销商的套期保值活动，通常是无形的力量，可能会放慢上升。

The leading cryptocurrency topped the $111,000 mark during the Asian hours, with analysts anticipating stronger demand.

在亚洲时间，领先的加密货币高于111,000美元，分析师预计需求更强大。

“The OTC [over-the-counter] supply may be (rapidly) drying up, driving prices up. This would not be reflected in exchange trading volumes or the derivatives market. If this is the case, get ready for a wild ride, as more demand is coming on board with a competitive bitcoin corporate treasury environment and, perhaps, a less elastic OTC spot market,” said Alexander S. Blume, founder and CEO of SEC-registered investment advisor Two Prime.

“ OTC（非处方）供应可能会（迅速）降低，推动价格上涨。这不会反映在交易所交易量或衍生品市场中。如果是这种情况，请为野外骑行做好准备，随着更多的需求与竞争性的比特币公司库赛环境以及较少的弹性OTC SPOTEREMENT，SEC - SEC - SEC - SEC - SEC S. 主要的。

Blume further noted that corporate treasuries coming on board have been buying en masse over-the-counter, and rumors are that sovereign demand for the cryptocurrency has also picked up.

Blume进一步指出，船上的公司国债一直在购买集团，并有传言称对加密货币的主权需求也已经增加了。

At press time, BTC was trading at around $109,000 on major cryptocurrency exchanges.

发稿时，BTC在主要加密货币交易所进行的交易约为109,000美元。

BTC could rally to $180,000 by the end of the year, led by spot ETF inflows, slower post-halving supply growth and growing institutional adoption, said Ryan Lee, chief analyst at Bitget.

BITGET首席分析师Ryan Lee说，BTC在年底之前可能会升至180,000美元，这是由现货ETF流入，较慢的供应后供应增长和机构收养不断增长的领导。

“Moody’s recent downgrade of the U.S. sovereign credit rating to Aa1 is another key macro catalyst, sparking renewed interest in BTC and ETH as hedges against fiat risk. BTC’s ability to hold above $103,000 amid volatility highlights the market’s shift toward crypto as a strategic reserve asset,” Lee said.

“穆迪最近将美国主权信用评级降级为AA1是另一个关键的宏观催化剂，这引起了对BTC和ETH的重新兴趣，因为这是针对FIAT风险的树篱。BTC在波动性中持有超过103,000美元的能力突显了该市场向Crypto作为战略储备资产的转变，” Lee说。

Focus on $115K

专注于$ 115K

While the path of least resistance is on the higher side, the pace of the bullish move may be challenged by potential hedging activities of options market makers/dealers at around $115K and higher price levels, according to Jeff Anderson, head of Asia at STS Digital.

STS Digital的STS Digital负责人Jeff Anderson表示，抵抗力最小的道路在更高的一边，但看涨行动的步伐可能会受到选择的可能性对冲活动的挑战，而商人/经销商的套期保值范围约为11.5万美元，价格较高。

Dealers are entities tasked with creating liquidity in an exchange's order book. They are always on the opposite side of traders' positions and make money from the bid-ask spread, while constantly striving to maintain a net-price neutral exposure.

经销商是在交换订单书中创造流动性的实体。他们始终处于交易者职位的另一侧，并从出价酱中赚钱，同时不断努力维持净价中性的曝光率。

Data from Deribit's BTC options market, tracked by Amberdata, shows dealers hold significant "positive gamma" exposure at $115K and higher strike price levels.

Amberdata跟踪的Deribit BTC期权市场的数据显示，经销商的“正伽马”风险为115,000美元和更高的罢工价格水平。

When dealers' gamma is positive, it means they are long call or put options. In this case, their delta (market exposure) increases when the underlying asset increases. Thus, their delta-hedging mandate requires selling more of the underlying asset as the price rises and vice versa.

当经销商的伽玛是积极的时，这意味着它们是长时间的呼叫或选择。在这种情况下，当基础资产增加时，他们的三角洲（市场风险）增加。因此，他们的三角洲围困授权要求随着价格上涨而出售更多基础资产，反之亦然。

The order-flow, therefore, acts as a contrarian force, limiting the price volatility, Anderson told CoinDesk.

因此，安德森告诉Coindesk，订单流动起到了逆势力量，限制了价格波动。

Dealer gamma is significantly positive, from $115K to $150K, thanks to investors' interest in selling (overwriting) higher strike call options to generate additional yield on top of their spot holdings.

由于投资者对销售（覆盖）较高的罢工电话选项的兴趣，经销商Gamma的股票显着为阳性，从11.5万美元到15万美元，以在其现货持有量之外产生额外的收益率。

"There is lot of positive gamma in the market due to call overwriters. They will be more wary of this breakout, and if we can clear the pocket of gamma at $115K, this [rally] could really start to go," Anderson said.

安德森说：“由于呼叫覆盖者，市场上有很多积极的伽玛。他们将更加警惕这一突破，如果我们可以以11.5万美元的价格清除伽玛的口袋，那么这场集会确实可以开始进行。”