deribit列出$ 300,000罢工比特币通话选项将于6月26日到期

撰写本文的杰出表现是6月26日到期的deribit上市$ 300,000罢工比特币呼叫选项。

In the realm of crypto markets, where bold predictions are routinely made and, more importantly, funded, usually through playful option trades that offer relatively small-cost but outsized upside, a new all-time high (ATH) price prediction has emerged, and it's garnering attention.

在加密市场的领域中，通常会通过嬉戏的期权交易来进行大胆的预测，更重要的是，资助的，这些交易提供了相对较小但优势的上升空间，这是一个新的历史最高（ATH）价格预测，并且引起了人们的关注。

As of Monday, the Deribit-listed $300,000 strike bitcoin (BTC) call expiring on June 26 had over 5,000 contracts active, boasting a notional open interest of $484 million, rendering it the second-most popular option bet in the crucial June expiry. It's lagging behind the $110K call, which had 16,000 contracts and $879 million in notional open interest at press time.

截至周一，deribit上市的300,000美元罢工比特币（BTC）呼叫将于6月26日到期，有5,000多个合同活跃，拥有4.84亿美元的概念开放利息，使其成为至关重要的6月到期的第二个流行期权下注。它落后于这笔11万美元的电话，该电话在发稿时有16,000份合同和8.79亿美元的名义开放利息。

For context, Deribit is the world's leading crypto options exchange, claiming over 75% of the global options activity. On Deribit, one options contract represents 1 BTC.

对于上下文，Deribit是世界领先的加密货币期权交易所，占全球期权活动的75％以上。在deribit上，一个选项合同代表1 BTC。

The June quarterlies, specifically the June 26 expiry, are currently driving market activity and volatility, with traders maneuvering to hedge positions, lock in gains, or speculate on the next price moves.

6月四分之一的季度，特别是6月26日到期，目前正在推动市场活动和波动性，交易员操纵了对冲职位，锁定收益或推测下一个价格转移。

"Perhaps, people like buying lottery tickets. As evidenced by the call skew, there are always folks that want the hyperinflation hedge," Spencer Hallarn, a derivatives trader at crypto market maker GSR, said, explaining the high open interest in the so-called out-of-the-money (OTM) call at the $300K strike.

“也许，人们喜欢购买彩票。正如通话偏斜所证明的那样，总会有人想要过度充气对冲，”加密推销商人GSR的衍生品交易员斯宾塞·哈拉恩（Spencer Hallarn）说，他解释说，对所谓的“货币票房（OTM”（OOTM）拨款（OOTM）的高度开放兴趣。

Deep OTM calls, also called wings, require a large move in the underlying asset's price to become profitable and, hence, are significantly cheaper compared to those closer to or below the asset's going market rate. However, the payoff is huge if the market rallies, which makes them similar to buying lottery tickets with slim odds but potential for a big payout.

Deep OTM呼叫（也称为机翼）需要对基础资产的价格进行大幅度的盈利，因此，与接近或低于资产的市场价格相比，相比之下。但是，如果市场集会与购买较小的彩票相似，但有可能获得巨额支出的彩票，那么收益是巨大的。

Deribit's BTC options market has seen similar flows during previous bull cycles, but those bets usually didn't manage to gain enough popularity to become the second-most preferred play in quarterly expiries.

Deribit的BTC选项市场在以前的牛周期中也有类似的流动，但是这些赌注通常没有获得足够的知名度，无法成为季度到期的第二首首选。

The chart shows that the June 26 expiry is the largest among all settlements due this year, and the $300K call has the second-highest open interest buildup in the June expiry options.

该图表显示，6月26日到期是今年所有定居点中最大的，而30万美元的电话在6月到期期权中的开放式增长是第二高的。

Explaining the chunky notional open interest in the $300K call, GSR's Trader Simranjeet Singh said, I suspect this is mostly an accumulation of relatively cheap wings betting on broader U.S. reg narrative being pro-crypto and the 'wingy possibility' (no pun intended) of a BTC strategic reserve that was punted around at the start of the administration.

GSR的交易员Simranjeet Singh解释了这笔30万美元的电话中矮胖的概念性开放兴趣，我怀疑这主要是对更广泛的美国叙述的相对便宜的翅膀下注的积累，而“ wingy to-wity可能性”（没有打算的PUN PUN TAMITIONIAL”（无意）是BTC策略储备，而BTC策略储备是围绕该行政当局开始的。

On Friday, Senator Cynthia Lummis said in a speech that she's "particularly pleased with President Trump's support of her BITCOIN Act.

周五，参议员辛西娅·卢米斯（Cynthia Lummis）在演讲中说，她“对特朗普总统对比特币法案的支持特别满意。

"The BITCOIN Act is the only solution to our nation's $36T debt. I'm grateful for a forward-thinking president who not only recognizes this, but acts on it," Lummis said on X.

卢米斯在X上说：“《比特币法案》是唯一解决我们国家36T债务的解决方案。我感谢一位具有前瞻性的总统不仅承认这一点，而且对此采取行动。”

Who sold $300K calls?

谁卖了30万美元的电话？

According to Amberdata's Director of Derivatives, notable selling in the $300K call expiring on June 26 occurred on April 23, engaging in the covered call strategy, which traders use to generate additional yield on top of their spot market holdings.

据安伯达塔（Amberdata）的衍生工具总监称，6月26日到期的30万美元通话销售销量于4月23日发生，从事有的呼叫策略，交易者用来在其现货市场持有的基础上产生额外的收益率。

My thought is that the selling volume on April 23 came from traders generating income against a long position, Magadini told CoinDesk. Each option sold for about $60 at 100% implied volatility.

我认为，马加迪尼告诉Coindesk，我的想法是4月23日的销售量来自贸易商产生收入的收入。每个选项的售价约为60美元，即100％隐含波动。

Selling higher strike OTM call options and collecting premium while holding a long position in the spot market is a popular yield-generating strategy in both crypto and traditional markets.

在加密市场和传统市场中，出售较高的罢工OTM呼叫选项并收集溢价，同时在现货市场中保持较长的位置是一种流行的产量产生策略。