12月9日，近期，比特币期权市场出现对2026年6月2万美元行权价的看涨热潮，吸引了超过1.91亿美元 的名义未平仓合约。FPG财盛国际认为，这类深度价外（OTM）期权的交易更多是对波动率的押注， 而非传统意义上的看跌对冲或纯粹的方向性投机。换句话说，投资者购买这些期权类似于低成本的"彩 票"，期待比特币在未来数月内可能出现的剧烈波动。 在领先的加密期权交易平台Deribit上，2万美元行权价的看跌期权是2026年6月到期合约中第二受欢迎的 选择，名义未平仓合约超过1.91亿美元。FPG财盛国际认为，名义未平仓合约反映了活跃合约的美元价 值，而价外看跌期权由于行权价远低于现货价，价格通常低于接近或高于现货价的期权。这种交易策略 也出现在3万美元、4万美元、6万美元和7.5万美元等多档价外看跌期权上，显示出投资者对低成本波动 率敞口的广泛兴趣。 值得注意的是，深度价外期权的活跃交易并不意味着市场普遍押注比特币价格下跌。FPG财盛国际分 析，结合高行权价的看涨期权（如20万美元以上），整体资金流量更多体现对长期波动率的乐观态度， 而非单一方向押注。持有价外看涨和看跌期权的投资者可以在极端波动中获得非对称收益，但若 ...

Core Insights - Multi-asset strategy products have gained popularity in recent years, with 1,400 products registered from January to October 2025, second only to stock strategy products [2] - The average annual return for multi-asset strategies is 20.37%, with a Sharpe ratio of 1.65, indicating stable performance compared to other strategies [3][4] Performance Overview - The average returns and performance metrics for various private equity strategies are as follows: - Stock Strategy: 29.54% return, 93.14% positive return ratio, Sharpe ratio of 1.56, volatility of 35.96%, and drawdown of 11.20% [3] - Multi-Asset Strategy: 20.37% return, 91.73% positive return ratio, Sharpe ratio of 1.65, volatility of 25.84%, and drawdown of 7.41% [3] - Composite Fund: 18.98% return, 96.34% positive return ratio, Sharpe ratio of 1.89, volatility of 15.61%, and drawdown of 6.62% [3] - Futures and Derivatives Strategy: 13.79% return, 82.49% positive return ratio, Sharpe ratio of 1.11, volatility of 48.73%, and drawdown of 8.06% [3] - Bond Strategy: 8.46% return, 92.10% positive return ratio, Sharpe ratio of 1.93, volatility of 11.76%, and drawdown of 3.21% [3] Reasons for Increased Attention - Single asset strategies face limitations in risk resistance, prompting managers to seek new alpha across asset classes [4] - In a low-interest-rate environment and under new asset management regulations, high-net-worth clients and managers need to balance net value fluctuations with absolute returns, which multi-asset strategies can provide [4] - The proliferation of tools such as risk parity, machine learning factors, and cross-asset real-time risk control platforms has enabled managers to effectively expand and reconstruct their research and investment systems [4] Sub-Strategy Performance - Among sub-strategies, macro strategies exhibit the highest average returns, positive return ratios, and Sharpe ratios [5][6] - Arbitrage strategies show lower volatility and drawdown compared to macro and composite strategies, indicating more stable performance [5]

Core Insights - The article discusses the challenges faced by individuals with fixed-term deposits due to declining bank deposit interest rates and suggests strategies for managing savings effectively [1][3]. Group 1: Liquidity Management - Liquidity has become a critical concern as unexpected financial needs can lead to significant losses when withdrawing fixed-term deposits early. For example, withdrawing a 500,000 yuan deposit at a 2.5% interest rate after two years could result in a loss of 22,000 yuan in interest, equating to an 88% reduction in expected earnings [3]. - A recommended strategy is the laddering approach, where funds are divided into several portions with different maturity periods to ensure both higher interest rates and liquidity [3]. Group 2: Yield Optimization - Since early 2024, major banks have reduced fixed-term deposit rates, with three-year rates dropping from approximately 3.5% to 2.4% and five-year rates from around 4% to 2.8%. This trend is expected to continue into 2025 [4][5]. - Alternative investment options include: - **Government Bonds**: Three-year bonds yield about 2.6% and five-year bonds yield around 2.8%, which are higher than current bank deposit rates [4]. - **Large Time Deposits**: These typically require a minimum of 200,000 yuan and offer rates 0.2% to 0.5% higher than standard deposits, with some three-year deposits reaching 2.8% [5]. - **Stable Financial Products**: These bank products yield between 3% and 4% annually, presenting a low-risk option [6]. - **Money Market Funds**: While offering lower yields, they provide excellent liquidity [7]. - **Structured Deposits**: These have variable returns based on linked assets but maintain a capital protection feature [8]. Group 3: Safety Considerations - Safety remains the top priority when selecting financial products. It is advised to choose reputable financial institutions to avoid high-risk investments that promise high returns [9]. - Preference should be given to large state-owned and joint-stock banks due to their strong financial stability and risk management capabilities. Caution is advised with smaller banks, despite potentially higher rates [9]. - The deposit insurance system provides basic protection, covering up to 500,000 yuan for individual depositors in the same bank. Therefore, deposits exceeding this amount should be diversified across different banks to ensure coverage [9]. Group 4: Ongoing Management - Continuous monitoring of personal financial strategies is essential, including awareness of new financial scams and policy changes affecting the deposit market. Regular reviews of deposit configurations should align with individual age and financial circumstances [13].

Core Insights - THPX Signal Source is an advanced financial analysis tool that focuses on real-time monitoring of gold price trends through XAUBTC, helping investors efficiently seize market opportunities [1][7] - The combination of gold (XAU) and Bitcoin (BTC) signals provides a unique perspective for analyzing global markets, reflecting both traditional and emerging asset dynamics [1][3] Functionality and Mechanism - The XAUBTC real-time signal operates by analyzing the correlation between gold and Bitcoin price movements, with gold influenced by traditional economic indicators and Bitcoin more sensitive to technological developments [3] - THPX Signal Source collects paired data and uses pattern recognition technology to identify dominant signals for gold trends, filtering out noise to highlight key trend signals [3][5] - The system enhances analysis efficiency and reduces decision-making errors, as evidenced by increased trading success rates reported by users [3][5] Positive Impacts - THPX Signal Source plays a crucial role in risk management by providing real-time alerts that lower the probability of significant losses from overexposure [5][7] - It supports intelligent decision-making, allowing investors to customize strategies and optimize asset allocation for stable returns [5][7] - Historical performance indicates that accurately capturing gold trends can lead to long-term compound growth, while also hedging against risks in the digital market [5][8] Future Directions - The tool aims to enhance market transparency, enabling individual and small investors to gain insights similar to professional institutions, thereby reducing information asymmetry [5] - Future optimizations may include integrating more real-time sources, such as social media data, to improve trend prediction comprehensiveness [5][8]