# Сопутствующие статьи по теме Options

Новостной центр HTX предлагает последние статьи и углубленный анализ по "Options", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

The Real Reason for the "February 5th Crash": A Case of Collateral Damage from Wall Street Deleveraging

On February 5th, the crypto market experienced a sharp crash, with Bitcoin briefly plummeting to $60,000 and over $2.6 billion in liquidations. The article argues that the sell-off was not driven by crypto-native factors but by a broader Wall Street deleveraging event, likely originating from multi-strategy hedge funds facing extreme losses in software stocks and other risk assets. Key evidence includes record-high trading volumes in Bitcoin ETFs like IBIT, dominated by put options, and unusually high correlation between Bitcoin and software stocks. Forced deleveraging triggered the unwinding of delta-neutral strategies (such as basis trades), causing a violent, cascade-like sell-off. This was exacerbated by negative gamma dynamics in the options market, where dealers were forced to aggressively sell underlying assets as volatility spiked. Despite the steep decline, Bitcoin ETFs saw net inflows—not outflows—suggesting the selling pressure came from paper/financial system positioning (e.g., hedge fund liquidations and dealer hedging), not long-term investor redemptions. The rebound on February 6th further indicated that traditional market-neutral capital re-entered to capture renewed basis trade opportunities. The author concludes that the crash was a result of accidental contagion from traditional finance deleveraging, not a crypto-specific crisis, and expects a strong rebound given Bitcoin’s deeper integration into global capital markets.

marsbit02/09 03:00

The Real Reason for the "February 5th Crash": A Case of Collateral Damage from Wall Street Deleveraging

marsbit02/09 03:00

The Black Swan Revealed: The True Cause of This Bitcoin Crash

In a detailed analysis, Bitwise CIO Jeff Park explains the true cause behind the recent Bitcoin crash, attributing it to a complex interplay of traditional finance mechanisms rather than crypto-native factors. The initial trigger was a broad-based de-leveraging event within multi-strategy hedge funds, prompted by an extreme down day in software stocks and correlated risk assets—a statistically rare "black swan" event. This forced, indiscriminate selling included Bitcoin exposure, much of which was held in delta-neutral hedged positions like basis trades. The violent unwind then interacted with negative gamma dynamics in the options market. Market makers, who were structurally short gamma due to prior low volatility and client demand for puts, were forced to aggressively sell spot Bitcoin (including the IBIT ETF) as price fell, accelerating the downward move. This created a scenario where dealers effectively shorted into the sell-off, generating new ETF inventory and paradoxically preventing the expected massive outflows. Instead, the ETF complex saw net inflows. The analysis concludes that the crash was not driven by directional bearishness but by hedging and de-risking needs within traditional finance. This integration means that future rallies could be even more violent due to the same structural mechanics, highlighting Bitcoin's maturation within global capital markets.

marsbit02/08 00:36

The Black Swan Revealed: The True Cause of This Bitcoin Crash

marsbit02/08 00:36

The Black Swan Was This: The Real Reason Behind This Bitcoin Crash

Bitcoin experienced a sharp sell-off on February 5th, with prices briefly crashing to $60,000 and over $2.6 billion in liquidations. The primary catalyst was likely a broad-based de-leveraging event within multi-strategy hedge funds, triggered by extreme underperformance in software stocks and correlated risk assets. This forced liquidation included delta-neutral positions like basis trades (selling spot Bitcoin while buying futures), exacerbating the downturn. Despite the severe price drop, Bitcoin ETFs, including IBIT, saw net inflows of over $300 million, contradicting expectations of significant outflows. The sell-off was amplified by negative gamma dynamics in the options market, where dealers were short puts and forced to aggressively hedge by selling underlying assets as volatility spiked. The event highlighted Bitcoin's integration into traditional finance, with the initial selling pressure originating from non-crypto systemic de-risking rather than directional bearishness. The rapid rebound on February 6th suggested the sell-off was primarily technical and hedging-driven, not fundamental. The resilience of ETF inflows indicates underlying institutional demand, potentially setting the stage for a sharp upward move once market conditions stabilize.

Odaily星球日报02/08 00:33

The Black Swan Was This: The Real Reason Behind This Bitcoin Crash

Odaily星球日报02/08 00:33

Ethereum’s 40% decline is an early 2025-like ‘opportunity’ – Exec

Ethereum has declined by 40%, causing BitMine Immersion Technologies, the world's largest Ethereum treasury firm, to face a paper loss of over $5 billion. Despite this, the firm's chairman Tom Lee remains optimistic, comparing the current downturn to a buying opportunity similar to early 2025. Lee attributes the market's weakness to macro factors like metals surges and Federal Reserve changes but emphasizes Ethereum's growing traction as the "future of finance." Options market data shows mixed sentiment, with bullish targets at $2.15k–$2.2k and potential downside to $1.7k. Lee views the crash as a strategic entry point for potential gains.

ambcrypto02/07 13:17

Ethereum’s 40% decline is an early 2025-like ‘opportunity’ – Exec

ambcrypto02/07 13:17

Bitcoin: Why Fidelity calls $65K an ‘attractive entry point’

Bitcoin experienced a sharp decline in early February, dropping below $60,000 for the first time since 2024, leading to extreme fear in the market. Despite the bearish sentiment, some analysts, including Fidelity’s Jurrien Timmer, view the $65,000 level as an attractive entry point, citing historical significance of the $60,000 support zone. However, gold has outperformed Bitcoin amid macroeconomic uncertainty and anticipation of a new Fed chair. ETF inflows for Bitcoin have contracted, while gold and silver ETFs saw increased interest. Analysts at Bitwise warn that sustained ETF outflows could lead to further market capitulation, despite current relative resilience. Options data indicates lingering caution, with investors still favoring puts over calls, suggesting underlying bearish sentiment persists.

ambcrypto02/07 12:17

Bitcoin: Why Fidelity calls $65K an ‘attractive entry point’

ambcrypto02/07 12:17

$2.1B in Bitcoin Options Expire Today as Traders Watch Volatility And $BMIC’s Presale Narrative Builds

A significant $2.15 billion in Bitcoin options and $408 million in Ethereum options are expiring on February 6, 2026, creating potential market volatility. The high put-to-call ratio of 1.42 indicates traders are hedging against downside risk. Bitcoin and Ethereum are experiencing volatility, trading around $66K and $1,920 respectively. Post-expiry, implied volatility may reset, influencing market direction. Amid this uncertainty, BMIC ($BMIC) is gaining attention as a quantum-secure wallet project on Ethereum. It aims to address security risks like "harvest now, decrypt later" attacks through zero public-key exposure, AI-enhanced threat detection, and post-quantum cryptography. The presale has raised over $437K, with tokens priced at $0.049474. The narrative aligns with increased risk-off sentiment, offering a hedge against security threats rather than price fluctuations.

bitcoinist02/06 13:02

$2.1B in Bitcoin Options Expire Today as Traders Watch Volatility And $BMIC’s Presale Narrative Builds

bitcoinist02/06 13:02

The Culprit Behind Bitcoin's Plunge on Thursday: Massive IBIT-Related Leveraged Options Forced to Liquidate?

Bitcoin experienced a sharp decline on Thursday, with BlackRock's spot Bitcoin ETF (IBIT) hitting a record trading volume of over 284 million shares, valued at more than $10 billion—a 169% increase from the previous record. IBIT’s price fell 13% to around $36, its lowest since October 2024. Market analysts suggest the sell-off may have been triggered by the forced liquidation of highly leveraged IBIT options positions held by one or more non-crypto hedge funds. Redemptions from IBIT reached $175 million, accounting for 40% of the total net outflows from Bitcoin ETFs that day. Put option premiums surged over 25 volatility points above calls, indicating extreme fear. Parker White, CIO of DeFi Dev Corp, speculated that large leveraged positions, combined with broader market stress including silver sell-offs and unwinding yen carry trades, likely exacerbated the losses. While such extreme volume and price action often signal capitulation, it remains uncertain whether the market bottom has been reached. Full details of the institutional positions involved may not be clear until mid-May due to delayed regulatory disclosures.

华尔街日报02/06 08:16

The Culprit Behind Bitcoin's Plunge on Thursday: Massive IBIT-Related Leveraged Options Forced to Liquidate?

华尔街日报02/06 08:16

Why is Bitcoin’s price down today? U.S tech slump, ETF outflows & more

Bitcoin's price declined to the $70K range, a 14-month low, driven by a strong correlation with U.S. tech sector weakness. The iShares Expanded Tech-Software ETF and Nasdaq both fell, contributing to BTC's drop. Additionally, U.S. Spot Bitcoin ETFs experienced significant outflows of $544 million, accelerating the sell-off. Analysts cite concerns over the slow progress of the CLARITY Act and quantum computing risks as factors dampening investor sentiment. While medium-to-long-term prospects remain bullish, near-term pressure persists, with options flow indicating expectations of further downside. However, whale accumulation at current levels may support a potential rebound or consolidation.

ambcrypto02/05 10:32

Why is Bitcoin’s price down today? U.S tech slump, ETF outflows & more

ambcrypto02/05 10:32

Glassnode On-Chain Data Reveals: True Mean Lost, Bitcoin Enters 'Bear Time'

Bitcoin has broken below its "Realized Price" (the average on-chain acquisition cost of active supply), signaling a shift to a bearish market structure. On-chain data reveals initial accumulation between $70K-$80K and a dense cost basis cluster at $66.9K-$70.6K, which may provide short-term support. However, investor capitulation is intensifying, with realized losses exceeding $1.26B daily. Spot trading volume remains weak despite the price decline from $98K to $72K, indicating a lack of buying interest and poor sell-side absorption. Derivatives markets show forced deleveraging, with record long liquidations adding downward pressure. Institutional inflows have weakened significantly, with ETF flows diminishing. Options markets reflect heightened downside risk expectations, as put option demand rises and implied volatility remains elevated. The volatility risk premium turned negative, suggesting increased hedging activity may exacerbate near-term volatility. While the liquidation of leveraged positions removes excess speculation, a sustainable recovery requires renewed spot demand and fundamental improvement. Without substantial buying pressure, any price bounce is likely technical and temporary, with risks skewed to the downside.

marsbit02/05 10:21

Glassnode On-Chain Data Reveals: True Mean Lost, Bitcoin Enters 'Bear Time'

marsbit02/05 10:21

CME Group Explores Launching Its Own Digital Token To Enable 24/7 Crypto Trading

CME Group is exploring the creation of its own digital token to enable 24/7 cryptocurrency trading and improve settlement processes. CEO Terry Duffy confirmed the initiative during the company's Q4 2026 earnings call, though the project remains under review with no set launch date. The token would function primarily as collateral for crypto futures and options, facilitating margin payments and settlements within CME’s regulated ecosystem—not as a general-purpose cryptocurrency. This move aims to address the mismatch between crypto markets, which trade continuously, and traditional finance hours. CME is also advancing tokenized cash initiatives with Google Cloud and plans to launch 24/7 trading for crypto derivatives in Q2 2026. The exchange has seen significant growth, with crypto trading volumes averaging $12 billion in 2025 and new futures products expanding to include assets like Solana, XRP, Cardano, Chainlink, and Stellar.

TheNewsCrypto02/05 07:54

CME Group Explores Launching Its Own Digital Token To Enable 24/7 Crypto Trading