期权聚焦 | Coinbase百万美元买入2026年10月220美元虚值Call,Call/Put比2.15,大单情绪明显偏多

期权女巫
Sep 22

Coinbase收报201.05美元,涨3.50%。

今日Coinbase期权市场出现一笔规模达101.75万美元的2026年10月到期虚值看涨期权买入,叠加Call/Put成交量比达2.15,大单情绪明显偏多,资金集中押注其中长期上行空间。

期权指标分析

COIN当前隐含波动率(IV)为72.34%,IV百分位为45.82%,处于中性区间,说明其期权波动率定价整体处于相对正常水平,并未明显偏贵或偏便宜;同时IV/HV比率为0.77,表示隐含波动率低于历史波动率,市场对后续波动的预期相较过去实际波动有所收敛。Call/Put成交量比为2.15,表明看涨期权成交活跃度显著高于看跌期权,市场参与者在成交量层面的多头倾向较为明确。

大单交易

一笔规模达101.75万美元的CALL买入,押注COIN在2026-10-16到期前向上突破。该笔交易买入220.0行权价的虚值看涨期权,对应当前参考股价201.05,属于典型的中远期偏多方向性布局。交易者愿意为虚值Call支付较高权利金,说明其对后续股价上行空间持积极预期,更偏向于博弈未来一段时间内的趋势延续或催化驱动下的上涨弹性。整体来看,当前大单情绪明显偏多,资金方向高度集中在看涨期权买入上,未见与之对冲的显著看空大单出现。这类以中远期虚值Call为主的交易特征,反映出市场对COIN后市走势持积极预期,情绪上更偏向于提前押注股价继续上行。

策略参考

对于期权卖方而言,可关注下方较低行权价的OTM看跌期权,其被行权概率相对较低,但需留意Coinbase股价历史波动较大带来的尾部风险;若不愿承担过多保证金占用,可考虑采用牛市看涨价差策略,通过买入较低行权价Call并卖出更高行权价Call来降低权利金成本,同时保留对股价温和上行的参与空间。

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