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How to use options synthesis to create a short position? There is a strategy structure called "risk reversal," where I sell 1 BTC call option and simultaneously buy 1 BTC put option, without paying a premium, so that a market decline can protect the position's value. When I also hold the spot asset at the same time, the entire position strategy combination is called a "collar" strategy. Advantages: The strike price of the sold option can be higher than the current price, providing greater tolerance. In the example, a loss will only definitely occur if the price exceeds 88K by the October expiration. Disadvantages: The protection effect is slightly inferior to directly shorting the contract. The recently constructed structure has already started to provide protection for the spot position.