随着比特币的现货价格低于平均IBIT期权罢工价格，机构投资者寻求下行保护

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A substantial shift in sentiment is unfolding among traditional finance players, diverging from the bullish exuberance observed earlier in the year. As of May 13, a noteworthy development has occurred: the average strike price on IBIT options has dipped below the present Bitcoin (CRYPTO:BTC) spot price. This shift is a direct result of institutional investors’ rising interest in securing protection against potential declines in the cryptocurrency market.

传统金融参与者之间发生了很大的转变，与今年早些时候观察到的看涨繁荣不同。截至5月13日，已经发生了一个值得注意的发展：IBIT期权的平均罢工价格降至目前的比特币（加密：BTC）的现货价格下降。这一转变是机构投资者对保护加密货币市场潜在下降的兴趣不断增加的直接结果。

Earlier this year, institutions were actively setting up bullish payoffs, largely focused on IBIT options with strike prices above the prevailing BTC price. This strategy was aimed at maximizing gains if Bitcoin continued its bullish trajectory. However, recent adjustments to investment strategies have led to a reversal of this trend.

今年早些时候，机构正在积极建立看涨的回报，主要集中在ibit选择权上，罢工价格高于现行BTC价格。如果比特币继续其看涨轨迹，该策略的目的是最大限度地提高收益。但是，最近对投资策略的调整导致了这种趋势的逆转。

Now, institutions are setting up bearish payoffs, primarily through IBIT options with strike prices below the current BTC price. This adjustment is designed to mitigate losses if Bitcoin experiences a downturn. Despite this defensive positioning, the institutions’ total option delta has surged to nearly $10 billion, indicating that a substantial portion of market exposure remains in play.

现在，机构正在建立看跌的收益，主要是通过IBIT选择权，其罢工价格低于当前的BTC价格。如果比特币经历不景气，则该调整旨在减轻损失。尽管有这种防御性的定位，但该机构的总期权达美航空飙升至近100亿美元，这表明大部分市场敞口仍在起作用。