隨著現金套利的衰落，比特幣看漲期權的出售捲土重來

由於市場低迷降低了現金套利策略的吸引力，交易者再次出售比特幣看漲期權以產生收益。隨著期貨溢價暴跌，賣出看漲期權變得很受歡迎，該期權為看漲價格走勢提供了保險。一位觀察家指出，交易員正在出售 80,000 美元的 5 月底到期的 BTC 看漲期權，這表明他們傾向於更高的執行價格和減少風險敞口。

Resurgence of Bitcoin Call Option Writing as Cash and Carry Strategy Wanes

隨著現金套利策略的衰落，比特幣看漲期權的復興

Amidst recent market fluctuations, the practice of selling bitcoin (BTC) call options has reemerged as a preferred yield-generating strategy, signaling a shift away from the previously popular cash and carry arbitrage.

在最近的市場波動中，出售比特幣（BTC）看漲期權的做法重新成為首選的收益產生策略，這標誌著先前流行的現金和套利套利的轉變。

Return to Call Option Writing

返回買權寫作

Traders are actively selling higher strike, out-of-the-money bitcoin call options, offering insurance against bullish price movements in exchange for a premium. This approach differs from cash and carry arbitrage, which involves buying the underlying asset while selling futures contracts at a premium.

交易員正在積極出售更高行使價的虛值比特幣看漲期權，為牛市價格走勢提供保險，以換取溢價。這種方法不同於現金套利，後者涉及購買標的資產，同時以溢價出售期貨合約。

Decline in Futures Premium

期貨溢價下降

The appeal of cash and carry arbitrage has diminished due to the collapse in the bitcoin futures premium. This discrepancy between spot and futures prices has narrowed significantly, reducing the potential returns from this strategy.

由於比特幣期貨溢價暴跌，現金和套利套利的吸引力已經減弱。現貨和期貨價格之間的差異已顯著縮小，從而降低了該策略的潛在回報。

Renewed Demand for Call Option Selling

買權銷售的新需求

In contrast, the implied volatility index (DVOL), a measure of expected price volatility, has declined, indicating an increase in demand for writing options. Traders are now opting to sell call options with higher strike prices, reducing their risk exposure while collecting premiums.

相較之下，衡量預期價格波動性的隱含波動率指數（DVOL）則下降，顯示對賣出選擇權的需求增加。交易者現在選擇出售執行價格較高的買權，在收取權利金的同時降低風險敞口。

Out-of-the-Money Call Options

價外買權

Option sellers are focusing on out-of-the-money call options, which have strike prices well above the current market rate. These options are less likely to be exercised, allowing traders to collect premiums while limiting their downside risk.

選擇權賣家將重點放在價外看漲選擇權上，這些選擇權的執行價格遠高於目前的市場價格。這些選擇權不太可能被行使，從而允許交易者收取溢價，同時限制其下行風險。

Impact of Spot Market Trends

現貨市場趨勢的影響

The renewed interest in call option selling coincides with a recent decline in bitcoin's spot price, which has broken out of a consolidation range between $60,000 and $70,000. This volatility has contributed to the decline in demand for spot exchange-traded funds and a strengthening dollar index.

對看漲期權銷售的興趣重新燃起，恰逢比特幣現貨價格近期下跌，該價格已突破 60,000 美元至 70,000 美元的盤整區間。這種波動導致現貨交易所交易基金需求下降和美元指數走強。

Shift from Cash and Carry to Call Option Writing

從現購自運轉向買權書寫

QCP Capital, a Singapore-based investment firm, has observed a significant pivot among customers towards option selling strategies. This shift reflects the diminished returns from cash and carry arbitrage due to the low futures premium.

總部位於新加坡的投資公司 QCP Capital 觀察到客戶大幅轉向選擇權銷售策略。這種轉變反映了由於期貨溢價較低，現金和套利套利的回報減少。

Higher Returns No Longer Justified

更高的回報不再合理

The returns from cash and carry bets are no longer significantly higher than the yield on U.S. Treasury notes, which offer a risk-free rate of 4.61% at the time of publication. This lack of a premium has diminished the attractiveness of the strategy.

現金和套利押注的回報不再顯著高於美國公債的殖利率，美國公債在發佈時的無風險利率為 4.61%。溢價的缺乏降低了該策略的吸引力。

Conclusion

結論

The resurgence of call option writing marks a shift in yield-generating strategies among bitcoin traders. The decline in futures premium has weakened the appeal of cash and carry arbitrage, while the increased demand for writing options has driven the implied volatility lower. Traders are now opting for out-of-the-money call options to reduce risk and enhance returns. These trends reflect the evolving dynamics of the cryptocurrency market and the ongoing search for profitable investment strategies.

買權賣出的復甦標誌著比特幣交易者收益產生策略的轉變。期貨溢價的下降削弱了現金和套利套利的吸引力，而賣出選擇權需求的增加則推動隱含波動率下降。交易者現在選擇虛值看漲期權來降低風險並提高回報。這些趨勢反映了加密貨幣市場不斷變化的動態以及對有利可圖的投資策略的持續探索。