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分析:比特币 7 万美元支撑的期权机制正在反转,市场或迎反弹

2026-06-15 14:27:47

ChainCatcher 消息,10x Research 发文称,推动比特币跌破 7 万美元支撑位的期权市场机制正在发生变化,甚至可能转向助推上涨。BTC 跌破 7 万美元后,期权市场中的负 Gamma 效应放大了跌势。当时做空 Gamma 的做市商被迫在下跌过程中卖出,导致市场从正常回撤演变为连环清算,比特币最低跌至 65,705 美元,如今该机制并未消失,而是转移到了新的关键位置。

现阶段,比特币期权市场中最大的负 Gamma 持仓位于当前现货价格附近,对应规模约 18 亿美元,如果价格出现波动做市商的对冲行为可能再次放大行情。在市场情绪指标改善、伊朗相关协议可能降低通胀风险溢价,以及市场预期新的美联储主席将采取更偏鸽派立场等因素推动下,过去导致比特币下跌的期权结构可能正在转变为推动反弹的力量。

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