$ 10 만 ~ $ 30 만 비트 코인 콜 옵션이 BTC 가격 경로를 강세를 나타냅니다.?

The open interest on Bitcoin (BTC) 12 월. 31 call options between $100,000 과 $300,000 reached an impressive 6,700 contracts, which is currently worth $385 백만. These derivatives give the buyer the right to acquire Bitcoin for a fixed price, while the seller is obliged to honor it.

One might think that this is a great way to leverage a long position, but it comes at a cost and is usually quite high. For this right, the buyer pays an upfront fee (프리미엄) to the call option seller. 예를 들면, 그만큼 $100,000 call option is currently trading at 0.164 BTC, 에 상응하는 $9,480.

이런 이유로, option traders seldomly buy these options by themselves. 따라서, longer-expiry derivatives usually involve multiple strike prices or calendar months.

Bitcoin options block trades. 출처: Paradigm Telegram Channel

Shown above is an actual trade arranged by Paradigm, an institutional investor-focused over-the-counter trading desk. In this trade, 총 37 BTC Dec. $100,000 과 $140,000 calls have been traded between two of their clients.

운수 나쁘게, there’s no way to know which side the market maker was, but considering the risks involved, one should assume the client was looking for a bullish position.

BTC Calendar Spread simulation. 출처: 차변 포지션 빌더

By selling the $140,000 call option and simultaneously buying the more expensive $100,000 call, this client paid a $138,000 upfront premium. This amount represents their max loss, which takes place at $100,000 price on Dec. 31.

The red line on the above simulation shows the net outcome at expiry, measured in BTC. 그 동안에, the green line displays the theoretical net return on June 30.

그러므로, this client needs Bitcoin to trade at $65,600 or higher on June 30 to recoup their investment. This number is significantly lower than the $107,150 required for the break-even if this ‘call spreadstrategy buyer holds until the December expiry.

This phenomenon is caused by the $100,000 call option price appreciation being larger than the $140,000. While a Bitcoin increase to $65,600 is quite relevant for a $100,000 option with six months left, it is not so much for the $140,000 one.

Countless strategies can be achieved by trading ultra-bullish call options, although the buyer doesn’t need to wait for the expiry date to lock in profits. 그러므로, if Bitcoin happens to increase by 30% in a couple of months, it makes sense for this ‘call spreadholder to unwind their position.

As shown in the example above, if Bitcoin reaches $75,000 6 월, the buyer can lock in a $23,000 net profit by closing the position.

While it’s exciting to see exchanges offering massive $100,000 ...에 $300,000 expiries, these figures should not be taken as precise analysis-backed price estimates.

Professional traders use these instruments to conduct bullish but controlled investment strategies.

여기에 표현 된 견해와 의견은 전적으로 오토아르 자형 그리고 반드시 Cointelegraph의 견해를 반영하지는 않습니다.. 모든 투자 및 거래에는 위험이 수반됩니다. 결정을 내릴 때 스스로 조사해야합니다.

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출처: 코인 텔레그래프

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