Uninzi lwabantu lukholelwa ukuba amaziko athenge i-crypto ngendlela efanayo neyeretail: iakhawunti, ukwabiwa, ukuthenga. Kodwa ayisasebenzi ngolo hlobo.
Utshintsho lokwenene lolo lwenzekayo kwiincwadi zee-option.
Ukuhamba kwe-ETF kulinganisa apho amaziko abeka khona imali. Kodwa ukubekwa (positioning) kwii-option kulinganisa apho belungiselela khona ukujongana nomngcipheko—kwaye umahluko phakathi kwezi zinto zimbini apho inyathelo elilandelayo lidla ukuqala khona.
Kwisininzi sembali ye-crypto, i-volatility surface ibikhutshwe yiyeretail: ibinamandla ngaphambili, ilungelelaniswe ngendlela yokunyuka/ukuncipha (directionally leveraged), kwaye i-call-skewed. Ngaloo ndlela imarike iziphatha ngayo xa abathathi-nxaxheba bezama ukuba babe zizityebi.
Into ebekwakhiwayo ngaphantsi kwayo yi-institutional-shaped: i-strikes ezineminyaka emide, i-collar structures, ii-protective puts ezisongelwe kwiziseko ze-core spot holdings. Ngaloo ndlela imarike iziphatha ngayo xa abathathi-nxaxheba bezama ukugcina into abayiyo.
Oku kubalulekile ngesizathu esinye: ukubekwa kwii-option kudala iindlela zokuhamba (mechanical flows). I-put skew enzima inyanzela abenzi bemarike ukuba hedge short. I-term structure ekwibackwardation icinezela i-realized volatility nokuba ngaba umntu uyayicwangcisa okanye akayicwangcisi. Ezi zakhiwo ngokwazo ziyayishukuma imarike—ngaphandle kokuba umntu uyakholelwa ntoni.
Ngoko xa ubona i-vol surface iyathamba ngelixa i-spot ibonakala iqhelekile (boring), oko akusikokungakhathali. Kukuphinda kwakhiwe (rebuild) positioning ukuze ibe kuluhlu (range)—kwaye uluhlu yimeko eyimfuneko (precondition) yalo lonke uhlengahlengiso oluhlala ixesha elide (sustained repricing) le marike eye yaba nalo.
Amaziko awakhwaza injongo yawo. Ayayifaka kwi-hedges.
$BTC $ETH $SOL
#Crypto #Bitcoin #OptionsTrading #InstitutionalInvesting #Volatility
Utshintsho lokwenene lolo lwenzekayo kwiincwadi zee-option.
Ukuhamba kwe-ETF kulinganisa apho amaziko abeka khona imali. Kodwa ukubekwa (positioning) kwii-option kulinganisa apho belungiselela khona ukujongana nomngcipheko—kwaye umahluko phakathi kwezi zinto zimbini apho inyathelo elilandelayo lidla ukuqala khona.
Kwisininzi sembali ye-crypto, i-volatility surface ibikhutshwe yiyeretail: ibinamandla ngaphambili, ilungelelaniswe ngendlela yokunyuka/ukuncipha (directionally leveraged), kwaye i-call-skewed. Ngaloo ndlela imarike iziphatha ngayo xa abathathi-nxaxheba bezama ukuba babe zizityebi.
Into ebekwakhiwayo ngaphantsi kwayo yi-institutional-shaped: i-strikes ezineminyaka emide, i-collar structures, ii-protective puts ezisongelwe kwiziseko ze-core spot holdings. Ngaloo ndlela imarike iziphatha ngayo xa abathathi-nxaxheba bezama ukugcina into abayiyo.
Oku kubalulekile ngesizathu esinye: ukubekwa kwii-option kudala iindlela zokuhamba (mechanical flows). I-put skew enzima inyanzela abenzi bemarike ukuba hedge short. I-term structure ekwibackwardation icinezela i-realized volatility nokuba ngaba umntu uyayicwangcisa okanye akayicwangcisi. Ezi zakhiwo ngokwazo ziyayishukuma imarike—ngaphandle kokuba umntu uyakholelwa ntoni.
Ngoko xa ubona i-vol surface iyathamba ngelixa i-spot ibonakala iqhelekile (boring), oko akusikokungakhathali. Kukuphinda kwakhiwe (rebuild) positioning ukuze ibe kuluhlu (range)—kwaye uluhlu yimeko eyimfuneko (precondition) yalo lonke uhlengahlengiso oluhlala ixesha elide (sustained repricing) le marike eye yaba nalo.
Amaziko awakhwaza injongo yawo. Ayayifaka kwi-hedges.
$BTC $ETH $SOL
#Crypto #Bitcoin #OptionsTrading #InstitutionalInvesting #Volatility