稳定情绪：看涨比特币（BTC）选项策略再次流行

自从上周探测低于75,000美元以下的低点以来，BTC已弹跳到84,000美元以上。债券市场混乱据说迫使唐纳德·特朗普（Donald Trump）征收关税时，回收率就来了

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

比特币（BTC）看涨期权策略再次变得流行，稳定了上周初表明恐慌的关键情感指标。

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.

自从上周探测低于75,000美元以下的低点以来，BTC已弹跳到84,000美元以上。债券市场据称迫使唐纳德·特朗普总统在宣布对包括中国在内的几个国家（包括中国）宣布进口征费的几天后，债券市场的混乱迫使总统唐纳德·特朗普征收关税。

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.

周五晚些时候，特朗普政府发布了新的准则，从他的125％中国关税和基准10％的全球征税中省略了关键技术产品，例如智能手机。几个小时后，特朗普驳斥了这一消息，暗示对关税没有宽慰。

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.

尽管如此，价格恢复仍然通过上列蒂比特上市的呼叫选项来勇敢地在BTC中追逐上升空间。呼叫赋予购买者的权利，但没有义务在特定日期或之前以预定价格购买基础资产。呼叫购买者隐含在市场上看涨，希望从预期价格上涨中获利。据说买家是看跌，希望从价格摇摆中对冲或获利。

“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.

“特朗普的债券危机促进了关税巡回赛从侵略性转变为投降，从投降到积极反弹的市场。保护/熊btc $ 75K- $ 78K $ 78K [罢工]投票被倾倒了，$ 85K- $ 100K [罢工]的呼吁从市场上提升了$ 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.

根据Amberdata跟踪的数据，上面的偏差枢纽现在已将选项偏差归一化，后者反映了强烈的偏见或下行恐惧。偏斜衡量了相对于Puts的呼叫的隐含波动率（需求），并且多年来一直是可靠的市场情感指标。

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天的偏度反弹至刚好超过零，高于一周前的深度负水平，这表明市场恐慌的下降和上升利息的复兴。尽管七天的量规仍然为负，但它比一周前下降到-14％的偏差明显弱。

$100K is the most popular bet

$ 10万美元是最受欢迎的赌注

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.

可能使最近受损的市场参与者充满活力的另一个数据点是开放兴趣的分配，强调了10万美元的电话的复兴，这是Deribit上最喜欢的期权下注，占全球期权活动的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.

截至撰写本文时，这笔$ 10万美元的电话拥有累积的名义开放兴趣，近12亿美元。名义数字代表给定时间活动期权合约数量的美元价值。今年早些时候，售价为$ 10万美元和12万美元的电话很受欢迎，直到市场上的贸易商在上个月的$ 8.0万美元中部署了钱。