產生收益並持有：加密貨幣選擇權成為新的投資前沿

加密選擇權可用於透過一種策略來產生收益，該策略涉及出售執行價格高於標的資產當前市場價格的買權。這種方法允許交易者在保留標的資產所有權的同時預先獲得溢價。如果資產價格保持低於執行價格，交易者將保留溢價和資產價值的任何潛在增值。

Crypto Options: A Novel Approach to Yield Generation

加密貨幣選擇權：一種產生收益的新方法

Introduction

介紹

In the realm of crypto asset trading, options have emerged as versatile tools that extend beyond hedging strategies. This article delves into a specific options strategy designed to generate yield while maintaining exposure to the underlying token, offering investors a unique opportunity to simultaneously HODL and earn income.

在加密資產交易領域，選擇權已成為超越避險策略的多功能工具。本文深入探討了一種特定的選擇策略，旨在產生收益，同時保持對標的代幣的曝險，為投資者提供同時持有和賺取收入的獨特機會。

Mechanism of Yield Generation

產量產生機制

The essence of this strategy lies in selling a call option, a contract that grants the buyer the right to purchase the underlying asset at a specified strike price within a predetermined time frame. By selling this option, the seller receives a premium upfront.

該策略的本質在於出售看漲期權，這是一種授予買方在預定時間範圍內以指定執行價格購買標的資產的權利的合約。透過出售此選擇權，賣方可以預先獲得權利金。

Example

例子

Consider an investor holding Bitcoin (BTC) in their wallet. They anticipate a modest price appreciation of approximately $5,000 over the next three months. Simultaneously, they seek to augment their returns through yield generation.

考慮一位投資者在錢包中持有比特幣（BTC）。他們預計未來三個月內價格將小幅上漲約 5,000 美元。同時，他們尋求透過產量增加來增加回報。

Implementation

執行

To realize this strategy, the investor sells a BTC call option with a strike price of $55,000. The option premium, the price paid by the buyer, is $500. This premium is received upfront by the seller.

為了實現這一策略，投資者賣出了一份執行價格為 55,000 美元的 BTC 買權。選擇權費，即買方支付的價格，為 500 美元。此溢價由賣方預先收取。

Expected Outcomes

預期成果

If the BTC price remains below $55,000 by the expiration date, the option expires worthless, and the seller retains the premium as well as any realized price appreciation of BTC.

如果 BTC 價格在到期日仍低於 55,000 美元，則選擇權到期時一文不值，賣方保留權利金以及 BTC 的任何已實現的價格升值。

Conversely, if the BTC price rises above $55,000 by the expiration date, the buyer exercises their right to purchase BTC at the strike price. In this scenario, the seller's profit is capped at the difference between the strike price and the option premium, which in this case is $5,500.

相反，如果 BTC 價格在到期日上漲至 55,000 美元以上，則買方將行使以執行價購買 BTC 的權利。在這種情況下，賣方的利潤上限為執行價格和選擇權費用之間的差額，在本例中為 5,500 美元。

Advantages

優點

This strategy provides several advantages:

此策略具有以下幾個優點：

• Yield generation: The option premium serves as a source of fixed income for the seller.
• Simultaneous exposure: The seller continues to hold the underlying asset, enabling them to benefit from potential price appreciation.
• Hedging mechanism: The sold option acts as a hedge against potential losses in case of a significant price decline, as the premium received can offset some of these losses.

Considerations

收益產生：選擇權溢價作為賣方的固定收入來源。同時曝險：賣方繼續持有標的資產，使其能夠從潛在的價格升值中受益。對沖機制：出售的選擇權可作為對潛在資產的對沖如果價格大幅下跌，則會造成損失，因為收到的溢價可以抵消其中一些損失。考慮因素

Before employing this strategy, investors should consider the following factors:

在採用該策略之前，投資人應考慮以下因素：

• Price forecast: Accurate price forecasting is crucial for profitability. The strike price should be set at a level where price appreciation is anticipated but not expected to exceed the strike price.
• Volatility: Elevated volatility can impact option premiums and the overall profitability of the strategy.
• Timeframe: The expiration date should align with the investor's anticipated holding period for the underlying asset.

Conclusion

價格預測：準確的價格預測對於獲利能力至關重要。執行價格應設定在預期價格上漲但預計不會超過執行價格的水平。波動性：波動性升高會影響選擇權溢價和策略的整體獲利能力。時間範圍：到期日應與投資人的預期一致標的資產的持有期限。 結論

Crypto options trading offers innovative strategies to generate yield while maintaining exposure to the desired crypto asset. By selling call options, investors can capitalize on potential price gains while simultaneously earning a fixed return in the form of the option premium. However, it is essential to carefully consider the risks and rewards associated with this strategy before implementation. By leveraging the power of options, investors can navigate the crypto market with increased flexibility and potential for enhanced returns.

加密選擇權交易提供創新策略來產生收益，同時保持對所需加密資產的曝險。透過出售買權，投資者可以利用潛在的價格收益，同時以選擇權溢價的形式獲得固定回報。然而，在實施之前必須仔細考慮與該策略相關的風險和回報。透過利用選擇權的力量，投資者可以以更高的靈活性和增加回報的潛力來駕馭加密貨幣市場。