随着现金套利的衰落，比特币看涨期权的出售卷土重来

由于市场低迷降低了现金套利策略的吸引力，交易者再次出售比特币看涨期权以产生收益。随着期货溢价暴跌，卖出看涨期权变得很受欢迎，该期权为看涨价格走势提供了保险。一位观察家指出，交易员正在出售 80,000 美元的 5 月底到期的 BTC 看涨期权，这表明他们倾向于更高的执行价格和减少风险敞口。

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

随着现金套利策略的衰落，比特币看涨期权的复兴

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.

在最近的市场波动中，出售比特币（BTC）看涨期权的做法重新成为首选的收益生成策略，这标志着之前流行的现金和套利套利的转变。

Return to Call Option Writing

返回看涨期权写作

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.

交易员正在积极出售更高行使价的虚值比特币看涨期权，为牛市价格走势提供保险，以换取溢价。这种方法不同于现金套利，后者涉及购买标的资产，同时以溢价出售期货合约。

Decline in Futures Premium

期货溢价下降

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.

由于比特币期货溢价暴跌，现金和套利套利的吸引力已经减弱。现货和期货价格之间的差异已显着缩小，从而降低了该策略的潜在回报。

Renewed Demand for Call Option Selling

看涨期权销售的新需求

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.

相比之下，衡量预期价格波动性的隐含波动率指数（DVOL）有所下降，表明对卖出期权的需求增加。交易者现在选择出售执行价格较高的看涨期权，在收取权利金的同时降低风险敞口。

Out-of-the-Money Call Options

价外看涨期权

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.

期权卖家将重点放在价外看涨期权上，这些期权的执行价格远高于当前的市场价格。这些期权不太可能被行使，从而允许交易者收取溢价，同时限制其下行风险。

Impact of Spot Market Trends

现货市场趋势的影响

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.

对看涨期权销售的兴趣重新燃起，恰逢比特币现货价格近期下跌，该价格已突破 60,000 美元至 70,000 美元的盘整区间。这种波动导致现货交易所交易基金需求下降和美元指数走强。

Shift from Cash and Carry to Call Option Writing

从现购自运转向看涨期权书写

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.

总部位于新加坡的投资公司 QCP Capital 观察到客户显着转向期权销售策略。这种转变反映了由于期货溢价较低，现金和套利套利的回报减少。

Higher Returns No Longer Justified

更高的回报不再合理

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.

现金和套利押注的回报不再显着高于美国国债的收益率，美国国债在发布时的无风险利率为 4.61%。溢价的缺乏降低了该策略的吸引力。

Conclusion

结论

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.

看涨期权卖出的复苏标志着比特币交易者收益生成策略的转变。期货溢价的下降削弱了现金和套利套利的吸引力，而卖出期权需求的增加则推动隐含波动率下降。交易者现在选择虚值看涨期权来降低风险并提高回报。这些趋势反映了加密货币市场不断变化的动态以及对有利可图的投资策略的持续探索。