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挖矿的小羊
挖矿的小羊
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9月25日,Deribit。 约140亿美元的比特币期权,将在同一天完成结算。 今年最大的一次单日到期。 但真正让人后背发凉的,不是这个数字。 是7万美元。 这是当前这批期权的最大痛点。而比特币现在,在8.6万上方。 差了整整1.5万美元。 过去7天,比特币从7.5万一路干到87,363美元,涨了15%,空头清算超过10亿美元。 但这场狂欢,正在撞上一堵墙——做市商的伽马墙。 先说清楚一件事:谁是庄家 卖出期权的人,通常是大机构和做市商。 他们收了权利金,承诺在特定价格交割比特币。为了控制风险,他们必须在市场上不断买卖BTC来对冲。 9万和10万的看涨期权持仓最密集。 Deribit数据显示,9万附近约27亿美元,9.5万附近约27亿,10万附近约23亿,合计约77亿美元。 这意味着:大量做市商卖出了9万以上的看涨期权。 如果比特币继续涨,他们必须不断买入BTC对冲——这叫伽马挤压,会加速上涨。 但如果比特币被打下去,这些看涨期权全部归零,做市商赚翻。 这就是为什么7万是最大痛点 最大痛点的逻辑很简单:期权卖方利益最大化的到期价格。 当前最大痛点大约在7万到7.2万之间。 现货价格和最大痛点之间,差了大约1.5万美元。 这是做市商必须在周五之前管理的实际对冲压力。 说白了:做市商的利益,是让比特币跌回7万附近。 而当前市场看涨情绪极浓,put/call比率只有0.52——看涨期权几乎是看跌的两倍。 所有人都在押涨。 所有人都在同一侧的时候,往往是市场最危险的时候。 周五怎么走?两个剧本 剧本A:伽马挤压,比特币冲9万甚至更高 条件:ETF流入继续爆。 9月21日,美国现货比特币ETF单日净流入9.99亿美元,创2026年新高。IBIT、ARKB、FBTC三家贡献了91%。 如果这种级别的资金继续涌入,价格突破88,000-89,000,做市商被迫买入对冲,伽马挤压会把比特币推向9万甚至更高。 Deribit上已有320万美元的蝶式价差交易,目标10月30日达到95,000美元。 剧本B:到期压制,价格被拉回8.5万甚至更低 条件:ETF流入断档,空头挤压的燃料耗尽。 注意一个细节:推动这轮上涨的核心力量,是空头的被动回补,不是新增买盘。空头清算规模已超10亿美元,但这部分买盘压力在快速释放。 如果价格继续突破,偏空仓位还可能被清算。但如果突破失败,到期前的仓位调整可能把价格拉回85,000甚至更低。 到期后更危险。 做市商手里持有的对冲比特币,在期权到期后不再需要。他们在到期前买入的每一枚BTC,到期后都可能变成砸盘的子弹。 周五之后的日子,可能比周五本身更关键。 一个值得注意的信号 油价正在暴跌。 WTI原油跌至每桶89美元,比9月高点低了15%。原因是伊朗可能重新开放霍尔木兹海峡——这是结构性变化,不是情绪层面的。 能源价格下跌→通胀压力缓解→加息理由削弱。 宏观面正在给加密市场递刀子。 但递的是刀柄还是刀刃,得看周五之后谁先动手。 周五之前,市场是顺风的。周五之后,才是真正的方向选择。 不要在高杠杆下追多。用现货仓位参与,把杠杆留给到期后的确认信号。 期权到期不是终点,是波动率释放的起点。 $BTC $ETH $DOGE #BTC冲高$87000,加密总市值重返3万亿
挖矿的小羊
挖矿的小羊
On September 23, UNI reached $10.85, rising 18% in 24 hours, hitting a new high for the year. Geoff Kendrick, Global Head of Digital Asset Research at Standard Chartered Bank, gave a target price: $100 by the end of 2030. Starting from today's $10.8, that's nearly a 10x increase. But don't get too excited just yet. The $10 valuation of UNI itself is a problem. How much it is really worth depends on what it resembles. Benchmark A: If UNI follows the "RWA infrastructure" route Then it is no longer a DEX token. It is an on-chain clearing network. On September 18, Superstate announced the promotion of tokenized stock trading on Uniswap, with the SEC's newly issued innovation exemption clearing regulatory hurdles. Uniswap confirmed cooperation, using v4's Permissioned Pools to perform on-chain compliance checks. What does this mean? Stocks, funds, bonds—these traditional financial assets are being settled on-chain through Uniswap. If this path succeeds, the valuation logic of UNI changes. It’s no longer about DEX fees, but about the trading volume × fee rate × growth premium of a global asset clearing network. Standard Chartered's $100 target bets on this scenario. Kendrick explicitly said his forecast is "based on the growth of tokenized RWA." Benchmark B: If UNI essentially remains a "DEX fee token" Then it is closer to a platform coin—like BNB. The valuation logic becomes: revenue × multiple. Currently, UNI's market cap is about $3.7 billion. According to Standard Chartered's forecast, UNI will reach $6.5 by the end of 2026, with an annual burn rate of about 2.2%. A $3.7 billion market cap corresponds to an annualized $90 million burn scale—this is already a relatively optimistic valuation. If UNI is just a "DEX fee token," the $3.7 billion market cap reflects a fairly optimistic expectation. In other words, a $10 UNI already prices in the "infrastructure narrative" ahead of time. Key difference: the essential distinction between UNI and platform coins BNB burns are decided by Binance. Centralized decision-making. UNI burns are decided by arbitrage bots. On-chain automatic execution, no human intervention. As long as there are assets in the TokenJar, Firepit will have someone burning UNI for arbitrage. This is a structural difference and a reasonable source of UNI's valuation premium. One relies on company discretion, the other on code enforcement. Institutional infrastructure signal: CME to launch UNI futures On October 19, CME plans to launch UNI futures, with standard contracts of 10,000 UNI per lot and micro contracts of 1,000 UNI per lot. This means regulated funds finally have a compliant way to trade UNI. Listing itself does not create demand, but it removes compliance barriers that previously made it impossible for some buyers to participate. Previously, institutions wanting to allocate UNI could only go to offshore exchanges. Now with CME, the compliant channel is open. So, who does UNI really resemble? Standard Chartered's $100 is essentially based on "Benchmark A." But if September's real data proves that UNI's revenue heavily depends on speculative trading volume of Meme coins on Robinhood Chain—then it is just a "Meme chain fee token," and its valuation needs to revert toward platform coins. The gap between these is the risk you need to manage. $ETH $UNI $HOOD

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