穩定情緒：看漲比特幣（BTC）選項策略再次流行

自從上週探測低於75,000美元以下的低點以來，BTC已彈跳到84,000美元以上。債券市場混亂據說迫使唐納德·特朗普（Donald Trump）徵收關稅時，回收率就來了

Bitcoin (BTC) bullish options strategies are becoming popular again, stabilizing a crucial sentiment indicator that indicated panic early last week.

比特幣（BTC）看漲期權策略再次變得流行，穩定了上周初表明恐慌的關鍵情感指標。

BTC has bounced to over $84,000 since probing lows under $75,000 last week. The recovery comes as the bond market chaos supposedly forced President Donald Trump to capitulate on tariffs just days after announcing sweeping import levies on several nations, including China.

自從上週探測低於75,000美元以下的低點以來，BTC已彈跳到84,000美元以上。債券市場據稱迫使唐納德·特朗普總統在宣布對包括中國在內的幾個國家（包括中國）宣布進口徵費的幾天后，債券市場的混亂迫使總統唐納德·特朗普徵收關稅。

Late Friday, The Trump administration issued new guidelines, sparing key tech products like smartphones from his 125% China tariff and baseline 10% global levy. Hours later, Trump refuted the news, suggesting no relief on tariffs.

週五晚些時候，特朗普政府發布了新的準則，從他的125％中國關稅和基準10％的全球徵稅中省略了關鍵技術產品，例如智能手機。幾個小時後，特朗普駁斥了這一消息，暗示對關稅沒有寬慰。

Still, the price recovery saw emboldened traders chase upside in BTC through the Deribit-listed call options. A call gives the purchaser the right but not the obligation to buy the underlying asset at a predetermined price on or before a specific date. A call buyer is implicitly bullish on the market, looking to profit from an expected price rise. A put buyer is said to be bearish, looking to hedge or profit from price swoons.

儘管如此，價格恢復仍然通過上列蒂比特上市的呼叫選項來勇敢地在BTC中追逐上升空間。呼叫賦予購買者的權利，但沒有義務在特定日期或之前以預定價格購買基礎資產。呼叫購買者隱含在市場上看漲，希望從預期價格上漲中獲利。據說買家是看跌，希望從價格搖擺中對沖或獲利。

“Trump's bond-market-crisis fueled tariff-walkback flipped the vocal narrative from aggression to capitulation, and the markets from capitulation to aggressive bounce. Protective/Bear play BTC $75K-$78K [strike] Puts were dumped, and $85K-$100K [strike] Calls were lifted as BTC surged from $75K-$85K,” Deribit said in a market update.

“特朗普的債券危機促進了關稅巡迴賽從侵略性轉變為投降，從投降到積極反彈的市場。保護/熊btc $ 75K- $ 78K $ 78K [罷工]投票被傾倒了，$ 85K- $ 100K [罷工]的呼籲從市場上提升了$ 75K- $ 85K-85K-85K- 85 k. 85k- 85k''。

The pivot to upside calls has now normalized the options skew, which reflected strong put bias or downside fears early last week, according to data tracked by Amberdata. The skew measures the implied volatility (demand) for calls relative to puts and has been a reliable market sentiment indicator for years.

根據Amberdata跟踪的數據，上面的偏差樞紐現在已將選項偏差歸一化，後者反映了強烈的偏見或下行恐懼。偏斜衡量了相對於Puts的呼叫的隱含波動率（需求），並且多年來一直是可靠的市場情感指標。

The 30-, 60-, and 90-day skews have rebounded to just above zero, up from deeply negative levels a week ago, indicating a decrease in market panic and a resurgence of upside interest. Although the seven-day gauge remains negative, it reflects a notably weaker put bias than a week ago when it dropped to -14%.

30，60天和90天的偏度反彈至剛好超過零，高於一周前的深度負水平，這表明市場恐慌的下降和上升利息的複興。儘管七天的量規仍然為負，但它比一周前下降到-14％的偏差明顯弱。

$100K is the most popular bet

$ 10萬美元是最受歡迎的賭注

Another data point likely to energize the recently battered market participants is the distribution of open interest, highlighting the resurgence of the $100K call as the most favored options bet on Deribit, which accounts for over 75% of global options activity.

可能使最近受損的市場參與者充滿活力的另一個數據點是開放興趣的分配，強調了10萬美元的電話的複興，這是Deribit上最喜歡的期權下注，佔全球期權活動的75％以上。

As of writing, the $100K call boasted a cumulative notional open interest of nearly $1.2 billion. The notional figure represents the U.S. dollar value of the number of active option contracts at a given time. Calls at $100K and $120K were popular earlier this year before the market swoon saw traders deploy money in the $80K put last month.

截至撰寫本文時，這筆$ 10萬美元的電話擁有累積的名義開放興趣，近12億美元。名義數字代表給定時間活動期權合約數量的美元價值。今年早些時候，售價為$ 10萬美元和12萬美元的電話很受歡迎，直到市場上的貿易商在上個月的$ 8.0萬美元中部署了錢。