Grayscale: Chiến lược Call được bảo vệ bằng Zcash ngụ ý lợi suất hàng năm khoảng 70%, nhưng rủi ro cao hơn bitcoin

The Hu 火星财经 report, on September 9, Zach Pandl, Head of Research at Grayscale, stated that as Bitcoin matures, its price volatility has significantly decreased. Bitcoin’s historical annualized volatility in its early stages was approximately 125%, while over the past year, it averaged only about 40%, nearing the level of the U.S. “Magnificent Seven” tech stocks. In contrast, Zcash’s market cap is only about 1% of Bitcoin’s, and over the past year, ZEC’s price volatility averaged approximately 140%. Based on current volatility levels, if a covered call strategy were applied to Zcash, the implied annualized yield from premium income would be approximately 70%, compared to around 30% for Bitcoin using the same strategy. Pandl cautioned that higher potential returns come with higher risks; if the spot price falls by more than the premium received, a covered call strategy can still result in principal loss. Investors seeking a clearer risk-reward structure may consider going long on call or put options.