2月27日消息,衍生品平台Deribit披露,随着比特币价格在7万美元下方震荡,ETF持有者与企业财务部门正集中买入6个月及1年期、行权价6万美元及以下的看跌期权,以对冲潜在下行风险。
Deribit首席商务官Jean-David Péquignot表示,这类6万美元看跌期权相当于“价格保险”,若比特币跌破该水平,买方仍可按约定价格卖出资产,从而锁定底线收益。目前相关合约未平仓量已达约15亿美元,为平台所有行权价与期限中最高水平。该平台占全球加密期权交易量近80%。
期权结构显示市场防御情绪仍在。尽管比特币自本周以来反弹近5%,报约6.75万美元,但30天期25delta风险逆转指标中,看跌期权隐含波动率仍较看涨期权高出约7%。Péquignot指出,资金更愿意为下行保护支付溢价,而非追逐短期上涨。
ETF与企业持仓规模令风险管理更具分量。美国现货比特币ETF累计吸纳约126万枚BTC,约占流通量6%;上市公司合计持有约114万枚BTC,占总供应量约5.7%。若价格跌破6.3万美元,做市商伽玛值下降可能触发被动对冲卖出,从而放大波动。
在比特币关键支撑位临近之际,比特币ETF对冲策略、企业财务比特币配置与期权市场波动率溢价,正成为观察加密市场风险偏好的重要信号。
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