deribit上市$ 300,000比特币通话选项成为6月27日到期之前的最受欢迎的赌注

本月初，Coindesk强调了对deribit上市$ 300,000比特币的需求不断上升

Earlier this month, CoinDesk highlighted the rising demand for the Deribit-listed $300,000 bitcoin call options ahead of the June quarter.

本月初，Coindesk强调了6月季度之前对deribit上市$ 300,000比特币通话选项的需求不断上升。

Now, this bet has become the most popular in the impending quarterly expiry, appealing as a “lottery ticket” for traders anticipating a bitcoin price rally above $300,000 by the next month.

现在，这个赌注已成为即将到来的季度到期中最受欢迎的赌注，作为交易者的“彩票”，预计比特币价格将在下个月超过300,000美元。

At press time, the $300,000 call option was the most popular bet in the June 27 expiry, with a notional open interest of over $600 million, up from $484 million three weeks ago, according to data source Deribit. Notional open interest represents the dollar value of the number of active or open contracts at a given time. On Deribit, one options contract represents one BTC.

根据数据源Deribit的数据，截至发稿时，这笔300,000美元的呼叫选项是6月27日到期的最受欢迎的赌注，概念上的开放兴趣超过6亿美元，高于三周前的4.84亿美元。名义开放利息代表给定时间有效或开放合同数量的美元价值。在deribit上，一个选项合同代表一个BTC。

"The June $300K BTC call options have emerged as the strike with the highest open interest [in June expiry], reflecting aggressive speculative positioning by traders anticipating continued upside," Deribit's Asia Business Development Head Lin Chen told CoinDesk.

Deribit的亚洲业务发展负责人Lin Chen告诉Coindesk：“ 6月30万美元的BTC呼叫选项已成为罢工，这是[6月到期]的最高开放兴趣，这反映了交易者预计持续上涨空间的积极投机定位。”

"The combination of record-breaking volumes and concentrated options bets signals elevated market confidence—and the potential for heightened volatility ahead," Chen added.

Chen补充说：“创纪录的数量和集中选择的组合押注信号提高了市场信心，并有可能提高波动性的潜力。”

Deribit's notional options open interest hit a record high of $42.5 billion last week. The momentum is mirrored in the platform's newly launched block RFQ (Request for Quote) system, registering a historic record of nearly $1 billion in daily volume.

Deribit的名义选择开放兴趣上周达到了创纪录的425亿美元。该势头反映在该平台新推出的Block RFQ（请求）系统中，每天的历史记录近10亿美元。

A call option gives the purchaser the right but not the obligation to buy the underlying asset, BTC, at a predefined price on or before a specific date. A call buyer is implicitly bullish on the market.

呼叫选项赋予购买者以在特定日期或之前以预定义的价格购买基础资产BTC的权利，但没有义务。呼叫购买者在市场上隐含了看涨。

The $300,000 call expiring on June 27 represents a bet that bitcoin's price will rise three times from the present $110,000 to over $300,000 by the end of the first half.

6月27日到期的300,000美元通话代表了一个赌注，即比特币的价格将从目前的110,000美元上涨，到上半年结束时的300,000美元以上。

The bet sounds outlandish, as the first half will end in roughly four weeks. But that's been the case lately on Deribit, with traders increasingly targeting upside potential through short-term options.

赌注听起来很奇怪，因为上半场将在大约四个星期内结束。但最近在deribit上就是这种情况，通过短期选择，交易者越来越多地针对上升潜力。

That is evidenced by front-end risk reversals, measuring the demand for calls relative to puts over short-term, being pricier than those with longer maturities.

前端风险逆转证明了这一点，衡量了相对于短期投票的呼叫需求，比成熟度更长的呼叫的需求更高。

The trend indicates a heightened appetite for quick-paced bullish bets among market participants.

趋势表明，市场参与者对快速的看涨赌注的胃口增强。

"The three-day Bitcoin Conference 2025 is all set to start in Las Vegas today, and so people are speculating on what new bullish announcements will be released at the event," Chen explained.

Chen解释说：“ 2025年的为期三天的比特币会议将在今天的拉斯维加斯开始，因此人们猜测活动将在活动中发布哪些新的看涨公告。”

Contrarian signal

逆势信号

The growing demand for short-duration calls could be a contrarian signal suggesting that speculative excess is often seen near market tops, according to Markus Thielen, founder of 10x Research.

10倍研究的创始人马库斯·泰伦（Markus Thielen）表示，对短期呼叫的需求不断增长，这表明人们经常在市场顶部附近看到投机性过剩。

Thielen said the options market is flashing a warning, with the seven-day calls trading at a 10% premium to puts.

泰伦（Thielen）表示，期权市场正在闪烁警告，七天的电话交易价格为10％。

"The options market is flashing a warning: Bitcoin’s skew, measuring the difference in implied volatility between puts and calls, has dropped to nearly -10%, indicating calls are pricing in significantly more volatility than puts," Thielen said in a note to clients.

Thielen在对客户的报道中说：“选择市场正在闪烁警告：比特币的偏斜，衡量了puts和呼叫之间的隐含波动率的差异，已下降到近-10％，表明呼叫的定价明显比看前的波动性要大得多。”

"This suggests traders are aggressively chasing upside rather than hedging downside risk. In our experience, such extreme skew levels often reflect peak bullish sentiment, a classic contrarian signal," Thielen added.

Thielen补充说：“这表明贸易商正在积极地追逐上升空间，而不是对冲下行风险。根据我们的经验，如此极端的偏斜水平通常反映出峰值看涨情绪，这是一个经典的逆势信号。”