BTC is at historic highs and crypto traders are just like let's stay delta-neutral😅

JUST IN: Michael Saylor hints at buying more Bitcoin. "Connect the Dots."

Massive delta in BTC options! The total delta of BTC options (crypto-native ETFs) has surpassed $9B, with total open interest reaching $43B. Option market makers are actively hedging this delta exposure, driven by substantial new positions and notable shifts in strike pricing. BTC Options Market Update (Apr 23, 2025 – 10:45 ET) Price and Volatility → Spot BTC: $93,227 → IBIT: $52.99 → BVIV (BTC Volatility): 53.67 Open Interest (OI): IBIT ETF options now represent roughly 55% of Deribit BTC OI, underscoring TradFi's rising appetite for BTC exposure via options. → Deribit BTC options: $27B → IBIT options: $15B Option Delta: Option deltas have increased to record levels as open interest grew and strike deltas shifted significantly. → Deribit BTC: $4.6B → IBIT: $4.2B OI-Weighted Strike Price: Crypto-native option traders are positioning more bullishly than those in TradFi. → IBIT: $106,416 (BTC equivalent price) → Deribit BTC: $125,712 Average Expiry (OI-weighted): The average expiry of BTC ETF options became even longer-dated compared to prior weeks. → IBIT: Sep 11, 2025 → Deribit BTC: Jun 25, 2025

买Call（看涨期权）移仓的社区讨论要点（精简版） 什么是移仓？ 移仓（rollover）就是把当前持有的期权（如call）平掉，再买入新的同类期权，通常是更远到期日或更高行权价。这样做可以延长持仓、锁定利润、调整风险。 社区常见讨论： 频繁移仓的“麻”感：行情持续单边，移仓多次容易疲惫，有时还不如一直持有早期call赚得多。 收益与格局：频繁移仓虽然稳健，但可能错过大行情的全部利润。早期call长期持有收益最大，但风险也大。 大Delta的爽感：行情单边上涨时，持有深度实值call（delta高），收益随标的上涨暴涨，但风险也大。 双开策略：同时买call和put，大行情时call赚得多，put亏损有限，但整体收益不如all-in call。 移仓的优缺点： 优点：锁定利润、分散风险、延长持仓。 缺点：手续费、滑点、收益缩水，行情反转时新call损失快。 经验建议： 结合自身风险承受能力，合理设定移仓频率。 注意交易成本，分散到期日和仓位。 保持心态，避免因FOMO或疲惫影响操作。 一句话总结： 买call移仓是风险和收益的平衡艺术，格局和稳健之间需要自己把握，社区讨论正是大家真实心声的体现。

Bitcoin’s Evolving Market: From Volatility to Maturity As global economic challenges continue, #Bitcoin shows its resilience with lower volatility compared to riskier assets. Sidrah Fariq, Head of Retail at Deribit, shares how this shift reflects the growing maturity of the digital market and its increasing adoption by institutions. @AsharqBusiness #crypto

GMILADY

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JUST IN: Bitcoin falls under $80,000