观点：3月20日期权行权日后，市场有大资金押注BTC冲上7.5万美元

观点：3月20日期权行权日后，市场有大资金押注BTC冲上7.5万美元

2026-03-16 11:06View Original

ChainThink 消息，3 月 16 日，据加密分析师 Murphy，从 3 月 20 日到期的 GEX（伽玛风险敞口）来看，$74,000 附近存在约 1.8 亿美元的 Gamma 敞口，且为 Long Gamma 结构。在该环境下，做市商的对冲行为通常会抑制波动，使价格更容易围绕该行权价附近震荡，也就客观上在$74,000 附近产生了阻力。然而等 3 月 20 日过后，到下一个主要行权日 3 月 27 日时，期权结构出现了明显变化。Call OI 明显高于 Put，说明市场有大量资金正在押注 BTC 会朝着 75,000 美元的方向上涨。


Murphy 认为，3 月 20 日行权日之后，BTC 的期权结构会让 75,000 美元成为新的焦点，从之前的「抑制波动」转向「放大波动」，同时在向上靠近 80,000 美元时产生阻力，以及向下进入 65,000-67,000 美元区间产生支撑。

Disclaimer: Contains third-party opinions, does not constitute financial advice

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