Sol是Solana可编程区块链的本地加密货币，已经上演了一个急剧的四周集会

Sol是Solana可编程区块链的本地加密货币，已经上演了一个急剧的四周集会，飙升85％

SOL, the native cryptocurrency of the Solana programmable blockchain, has staged a sharp four-week rally, surging 85% since April 7 — more than double the pace of bitcoin (BTC) — and large options traders are positioning for further gains.

Sol是Solana可编程区块链的本地加密货币，自4月7日以来上演了一个急剧的四周集会，飙升了85％，是比特币（BTC）的两倍以上 - 大型期权交易者正处于进一步的收益。

The token climbed to around $176 on Monday as crypto and traditional markets embraced a greater degree of risk. Bitcoin, the leading cryptocurrency by market value, has climbed 40%, CoinDesk data show.

周一，由于加密货币和传统市场的风险更大，该代币周一攀升至176美元左右。 Coindesk数据显示，比特币是市场价值的主要加密货币，已攀升40％。

The gains are unlikely to reverse in the near future, if block traders — primarily institutions and market participants that execute large trading orders over the counter and outside of the public order book — are correct. They have been snapping up the Deribit-listed June 27 expiry SOL $200 call option in large numbers, a sign they expect the price to rise above that level before the end of the first half.

如果块交易员（主要是在公共秩序书籍的柜台和外部执行大型交易订单的机构和市场参与者）是正确的，那么收益不太可能在不久的将来扭转。他们一直在6月27日到期索尔（Sol）$ 200拨打选项，这一标志预计价格将在上半年结束前高于该水平。

„Traders also got long the $200 June expiration last week. This was the biggest block trade, trading 50,000x contracts in total for $263,000 in premium. On Deribit, one options contract represents one SOL. As a point of reference, the entire Deribit order book for the same day had around 32,000 contracts in bids and offers at the relevant market price levels, with the market maker later closing out a portion of the trade at a lower price, to reduce their exposure as the bid dropped significantly after the block trade executed.,“ Greg Magadini, the director of derivatives at Amberdata, said in an email on Monday.

„交易者在上周的6月6月到期期限也很长。这是最大的街区交易，总计50,000倍的合同，总合同的溢价为263,000美元。在deribit上，一个期权合约代表一个SOL。作为一个参考，同一天的整个deribit订单簿中的整个deribit订单账面均在同一天的价格较低，并以较低的市场价格提供了一定的交易，以降低市场的交易，并在交易中享受一定的交易，而交易的交易价格却是一笔交易的一笔交易。在执行街区交易后，竞标大幅下降。

A call option gives the purchaser the right, but not the obligation, to buy the underlying asset at a predetermined price at a later date. A call buyer is implicitly bullish on the market. It's like buying a lottery ticket, where the holder has the chance to make significant gains if they win, but will only lose a small amount if the ticket doesn't win.

电话期权赋予购买者以后以预定价格购买基础资产的权利，但没有义务。呼叫购买者在市场上隐含了看涨。这就像购买一张彩票一样，持有人在获胜的情况下有机会取得巨大的收益，但如果门票不赢，只会损失少量。

Magadini added that these call options were snapped up at an annualized implied volatility (IV) of 84%. In other words, traders timed it perfectly, snapping up calls while they were cheap as SOL's IV typically hovers in triple digits.

Magadini补充说，这些呼叫选项被年度的隐含波动率（IV）抢购，为84％。换句话说，交易者对此进行了完美的计时，在廉价时抢购了电话，因为Sol的IV通常会徘徊在三位数中。

At the beginning of April, when the trades were executed, the implied volatility for the June $200 strike was at an all-time low, and the market-neutral or delta-hedge part of the trade was also executed at an average price of $139, which is a good price for an institution to enter at, Magadini said.

玛加迪尼说，在4月初，当交易执行时，6月200美元的罢工的隐含波动率是历史最低水平的，而市场中不中立或三角洲对冲的一部分也以139美元的平均价格执行，这是一家机构的好价格。

Such high demand for the $200 call option has left market makers or dealers with a significant net negative gamma exposure at the strike price.

对200美元的呼叫期权的需求很高，使做市商或经销商以罢工价格获得了大量的净负伽玛曝光。

Market makers with a net negative gamma exposure typically buy as prices rise and sell during dips, aiming to rebalance their portfolios toward a delta-neutral, or market-neutral, position. Their hedging activities often amplify market swings.

净负伽玛曝光的做大商人通常会随着价格上涨和销售的价格购买，旨在将其投资组合重新平衡为三角洲中立或市场中立的头寸。他们的对冲活动通常会扩大市场波动。

So it's likely volatility will pick up as SOL potentially crosses the $200 mark.

因此，随着SOL可能超过200美元的成绩，它可能会发生波动。