市场洞察
围绕加密期权持仓、BTC 与 ETH 结构,以及如何把有效信号和噪音区分开来的实用文章。
基于期权、持仓、波动率和风险数据的市场结构报告。
流动性、政策、波动率制度和跨资产压力。
每日覆盖成交量排名前三的已验证美股期权标的,分析价格结构、期权库存与执行风险。
交易心理、决策纪律、认知结构和市场哲学。
覆盖数字货币期权、OI、IV、Skew 和到期结构的核心内容。
聚焦 BTC 期权 OI、IV 和近端到期压力的专题页。
聚焦 ETH 期权 IV、Skew、活跃 Strike 和期限结构的专题页。
把美股价格行为、指数波动率、利率与期权链结构放在同一研究工作流中审视。
围绕询价、风控门和入场价格带的机构期权执行工作流。
围绕 RFQ、大宗执行和多腿结构的机构级数字货币期权工作流。
研究稿
基于期权、持仓、波动率和风险数据的市场结构报告。
Expiry Focus for September 11, 2026: The Next Two Weeks Matter More Than the Headline Flow
An expiry-led desk note on BTC near $77,365, ETH near $2,466, front-end open-interest concentration, and the strike zones that can still bend short-term price action.
Crypto Macro Pulse for September 8, 2026: Liquidity Is Helping, but BTC and ETH Still Need Confirmation
A macro-first desk read on BTC near $79,810, ETH near $2,508, and whether liquidity, policy tone, and live options positioning are actually pointing in the same direction.
月度研究归档
过往研究按月份沉淀,保留完整研究脉络,便于回看不同阶段的市场结构变化。
2026年9月7 篇
Positioning Shift for September 4, 2026: BTC Still Warehouses Size While ETH Trades Louder
A positioning-led view of BTC near $81,455, ETH near $2,516, where size is sitting, and whether the latest move is being confirmed by the options board.
Crypto Leadership Rotation for September 1, 2026: BTC and ETH Are Not Pulling the Same Tape
A relative-strength read on BTC near $79,102, ETH near $2,480, where leadership is rotating, and whether that rotation is broadening into a real trend.
2026年8月39 篇
Trend Balance for August 28, 2026: BTC Holds Structure and ETH Keeps the Volatility Premium
A trend-quality check on BTC near $81,246, ETH near $2,532, current volatility premiums, and the support levels that decide whether momentum is still clean.
Crypto Macro Pulse for August 25, 2026: Liquidity Is Helping, but BTC and ETH Still Need Confirmation
A macro-first desk read on BTC near $80,095, ETH near $2,498, and whether liquidity, policy tone, and live options positioning are actually pointing in the same direction.
Positioning Shift for August 21, 2026: BTC Still Warehouses Size While ETH Trades Louder
A positioning-led view of BTC near $74,365, ETH near $2,352, where size is sitting, and whether the latest move is being confirmed by the options board.
Leadership Rotation for August 18, 2026: Relative Strength Still Matters More Than the Narrative
A relative-strength read on BTC near $64,708, ETH near $1,914, where leadership is rotating, and whether that rotation is broadening into a real trend.
Crypto Trend Check for August 14, 2026: BTC Keeps the Lead While ETH Still Trades Rich
A trend-quality check on BTC near $63,895, ETH near $1,892, current volatility premiums, and the support levels that decide whether momentum is still clean.
Crypto Macro Pulse for August 11, 2026: Liquidity Is Helping, but BTC and ETH Still Need Confirmation
A macro-first desk read on BTC near $64,423, ETH near $1,883, and whether liquidity, policy tone, and live options positioning are actually pointing in the same direction.
Crypto Positioning Shift for August 7, 2026: The Options Board Is Moving Before Price Fully Confirms
A positioning-led view of BTC near $64,777, ETH near $1,911, where size is sitting, and whether the latest move is being confirmed by the options board.
Leadership Rotation for August 4, 2026: Relative Strength Still Matters More Than the Narrative
A relative-strength read on BTC near $63,912, ETH near $1,859, where leadership is rotating, and whether that rotation is broadening into a real trend.
2026年7月37 篇
Crypto Expiry Focus for July 31, 2026: Front-End Positioning Can Still Bend the Tape
An expiry-led desk note on BTC near $65,577, ETH near $1,937, front-end open-interest concentration, and the strike zones that can still bend short-term price action.
Volatility Regime Check for July 28, 2026: ETH Still Pays Up While BTC Holds the Cleaner Book
A volatility-first read on BTC near $63,552, ETH near $1,881, how the IV surface is shaping the week, and why the front-end board still matters.
Crypto Positioning Shift for July 24, 2026: The Options Board Is Moving Before Price Fully Confirms
A positioning-led view of BTC near $65,389, ETH near $1,879, where size is sitting, and whether the latest move is being confirmed by the options board.
Crypto Leadership Rotation for July 21, 2026: BTC and ETH Are Not Pulling the Same Tape
A relative-strength read on BTC near $65,935, ETH near $1,921, where leadership is rotating, and whether that rotation is broadening into a real trend.
Expiry Focus for July 17, 2026: The Next Two Weeks Matter More Than the Headline Flow
An expiry-led desk note on BTC near $64,351, ETH near $1,874, front-end open-interest concentration, and the strike zones that can still bend short-term price action.
BTC and ETH Macro Pulse for July 14, 2026: Options Positioning Still Matters More Than the Noise
A macro-first desk read on BTC near $62,840, ETH near $1,792, and whether liquidity, policy tone, and live options positioning are actually pointing in the same direction.
Trend Balance for July 10, 2026: BTC Holds Structure and ETH Keeps the Volatility Premium
A trend-quality check on BTC near $63,452, ETH near $1,748, current volatility premiums, and the support levels that decide whether momentum is still clean.
Crypto Leadership Rotation for July 7, 2026: BTC and ETH Are Not Pulling the Same Tape
A relative-strength read on BTC near $64,352, ETH near $1,802, where leadership is rotating, and whether that rotation is broadening into a real trend.
Positioning Shift for July 3, 2026: BTC Still Warehouses Size While ETH Trades Louder
A positioning-led view of BTC near $61,985, ETH near $1,719, where size is sitting, and whether the latest move is being confirmed by the options board.
2026年6月38 篇
Crypto Volatility Regime for June 30, 2026: The Surface Still Sets the Weekly Tone
A volatility-first read on BTC near $60,172, ETH near $1,597, how the IV surface is shaping the week, and why the front-end board still matters.
Crypto Expiry Focus for June 26, 2026: Front-End Positioning Can Still Bend the Tape
An expiry-led desk note on BTC near $59,849, ETH near $1,569, front-end open-interest concentration, and the strike zones that can still bend short-term price action.
BTC and ETH Macro Pulse for June 23, 2026: Options Positioning Still Matters More Than the Noise
A macro-first desk read on BTC near $64,485, ETH near $1,736, and whether liquidity, policy tone, and live options positioning are actually pointing in the same direction.
Crypto Positioning Shift for June 19, 2026: The Options Board Is Moving Before Price Fully Confirms
A positioning-led view of BTC near $63,227, ETH near $1,716, where size is sitting, and whether the latest move is being confirmed by the options board.
Volatility Regime Check for June 16, 2026: ETH Still Pays Up While BTC Holds the Cleaner Book
A volatility-first read on BTC near $66,567, ETH near $1,797, how the IV surface is shaping the week, and why the front-end board still matters.
Crypto Expiry Focus for June 12, 2026: Front-End Positioning Can Still Bend the Tape
An expiry-led desk note on BTC near $63,736, ETH near $1,674, front-end open-interest concentration, and the strike zones that can still bend short-term price action.
Leadership Rotation for June 9, 2026: Relative Strength Still Matters More Than the Narrative
A relative-strength read on BTC near $62,925, ETH near $1,669, where leadership is rotating, and whether that rotation is broadening into a real trend.
Crypto Selloff Audit for June 5, 2026: BTC Support Is Under Review and ETH Volatility Stays Firm
A downside-pressure audit on BTC near $63,587, ETH near $1,761, the volatility surface, and the conditions that would turn relief into stabilisation.
Volatility Regime Check for June 2, 2026: ETH Still Pays Up While BTC Holds the Cleaner Book
A volatility-first read on BTC near $71,674, ETH near $2,006, how the IV surface is shaping the week, and why the front-end board still matters.
2026年5月39 篇
Positioning Shift for May 29, 2026: BTC Still Warehouses Size While ETH Trades Louder
A positioning-led view of BTC near $74,031, ETH near $2,019, where size is sitting, and whether the latest move is being confirmed by the options board.
Crypto Macro Pulse for May 26, 2026: Liquidity Is Helping, but BTC and ETH Still Need Confirmation
A macro-first desk read on BTC near $77,093, ETH near $2,105, and whether liquidity, policy tone, and live options positioning are actually pointing in the same direction.
Expiry Focus for May 22, 2026: The Next Two Weeks Matter More Than the Headline Flow
An expiry-led desk note on BTC near $77,766, ETH near $2,140, front-end open-interest concentration, and the strike zones that can still bend short-term price action.
Volatility Regime Check for May 19, 2026: ETH Still Pays Up While BTC Holds the Cleaner Book
A volatility-first read on BTC near $77,361, ETH near $2,142, how the IV surface is shaping the week, and why the front-end board still matters.
Positioning Shift for May 15, 2026: BTC Still Warehouses Size While ETH Trades Louder
A positioning-led view of BTC near $81,852, ETH near $2,301, where size is sitting, and whether the latest move is being confirmed by the options board.
BTC and ETH Macro Pulse for May 12, 2026: Options Positioning Still Matters More Than the Noise
A macro-first desk read on BTC near $81,722, ETH near $2,335, and whether liquidity, policy tone, and live options positioning are actually pointing in the same direction.
Crypto Expiry Focus for May 8, 2026: Front-End Positioning Can Still Bend the Tape
An expiry-led desk note on BTC near $80,034, ETH near $2,292, front-end open-interest concentration, and the strike zones that can still bend short-term price action.
Crypto Options Market Structure Brief: BTC and ETH (2026-05-07)
Daily BTC and ETH options market structure update covering spot context, support and resistance zones, liquidity walls, macro conditions, risk points and response measures.
Crypto Market Pressure and Liquidity Wall Update: BTC and ETH (2026-05-06)
Daily BTC and ETH options market structure update covering spot context, support and resistance zones, liquidity walls, macro conditions, risk points and response measures.
Leadership Rotation for May 5, 2026: Relative Strength Still Matters More Than the Narrative
A relative-strength read on BTC near $80,550, ETH near $2,369, where leadership is rotating, and whether that rotation is broadening into a real trend.
BTC and ETH Options Risk Map: BTC and ETH (2026-05-05)
Daily BTC and ETH options market structure update covering spot context, support and resistance zones, liquidity walls, macro conditions, risk points and response measures.
Crypto Options Market Structure Brief: BTC and ETH (2026-05-04)
Daily BTC and ETH options market structure update covering spot context, support and resistance zones, liquidity walls, macro conditions, risk points and response measures.
Crypto Market Pressure and Liquidity Wall Update: BTC and ETH (2026-05-03)
Daily BTC and ETH options market structure update covering spot context, support and resistance zones, liquidity walls, macro conditions, risk points and response measures.
BTC and ETH Options Risk Map: BTC and ETH (2026-05-02)
Daily BTC and ETH options market structure update covering spot context, support and resistance zones, liquidity walls, macro conditions, risk points and response measures.
Crypto Trend Check for May 1, 2026: BTC Keeps the Lead While ETH Still Trades Rich
A trend-quality check on BTC near $76,860, ETH near $2,272, current volatility premiums, and the support levels that decide whether momentum is still clean.
Crypto Options Market Structure Brief: BTC and ETH (2026-05-01)
Daily BTC and ETH options market structure update covering spot context, support and resistance zones, liquidity walls, macro conditions, risk points and response measures.
2026年4月10 篇
Crypto Market Pressure and Liquidity Wall Update: BTC and ETH (2026-04-30)
Daily BTC and ETH options market structure update covering spot context, support and resistance zones, liquidity walls, macro conditions, risk points and response measures.
Volatility Regime Check for April 28, 2026: ETH Still Pays Up While BTC Holds the Cleaner Book
A volatility-first read on BTC near $77,642, ETH near $2,316, how the IV surface is shaping the week, and why the front-end board still matters.
Positioning Shift for April 24, 2026: BTC Still Warehouses Size While ETH Trades Louder
A positioning-led view of BTC near $78,450, ETH near $2,334, where size is sitting, and whether the latest move is being confirmed by the options board.
Crypto Options Macro Pulse for April 21, 2026: BTC Holds Structure While ETH Volatility Remains Rich
A desk-style read on BTC near $76,415, ETH near $2,331, current options positioning, macro and policy drivers, and the chart levels that matter next.
Crypto Leadership Rotation for April 21, 2026: BTC and ETH Are Not Pulling the Same Tape
A relative-strength read on BTC near $76,717, ETH near $2,336, where leadership is rotating, and whether that rotation is broadening into a real trend.
Crypto Options Macro Pulse for April 17, 2026: BTC Holds Structure While ETH Volatility Remains Rich
A desk-style read on BTC near $77,126, ETH near $2,423, current options positioning, macro and policy drivers, and the chart levels that matter next.
2026 年 4 月 17 日加密期权展望:BTC 站稳 7.6 万美元附近,ETH 波动率仍偏贵
一篇偏研究台口吻的市场笔记:BTC 约 75,923 美元,ETH 约 2,363 美元,比特币市占率接近 59%,以及这些数据对后续走势意味着什么。