FPG财盛国际:比特币期权押注波动率

Group 1 - The core viewpoint of the article highlights a surge in call options for Bitcoin with a strike price of $20,000 expiring on June 2026, attracting over $191 million in nominal open interest, indicating a speculative bet on volatility rather than traditional hedging or directional speculation [1][2][3] - The active trading of deep out-of-the-money options does not imply a general market bet on Bitcoin's price decline; instead, it reflects a more optimistic long-term volatility outlook when combined with high strike call options [2][4] - The strategy of holding both out-of-the-money call and put options allows investors to gain asymmetric returns during extreme volatility, while the value of these options declines rapidly if the market remains stable [4] Group 2 - The cryptocurrency options market is evolving into a mature field for institutional and large investors to engage in complex risk management and yield optimization [4] - Currently, Bitcoin put options are trading at a premium, partly due to ongoing covered call strategies aimed at enhancing spot holdings' returns, indicating a systematic operation on volatility and low-cost positioning despite a seemingly bearish market sentiment [2][4]