$9.4B 加密貨幣選擇權即將到期，顯示市場情緒

Deribit 上約 94 億美元的加密貨幣選擇權（主要是價值 63.5 億美元的比特幣合約）將於本週五到期。比特幣選擇權的看跌期權與看漲期權比率高達 0.68，顯示人們更加謹慎，而以太坊期權的比率較低，為 0.49，表明看漲情緒。值得注意的是，執行價格為 10 萬美元的看漲期權擁有最大的未平倉合約，表明比特幣到年底將飆升的預期，與分析師預測的到 2024 年達到 15 萬美元的預測一致。

Deribit Options Expiry: $9.4 Billion Worth of Cryptocurrency Options Poised for Settlement

Deribit 選擇權到期：價值 94 億美元的加密貨幣選擇權即將結算

The derivatives market is poised for a significant event this Friday, as approximately $9.4 billion worth of cryptocurrency options are set to expire on the Deribit derivatives exchange. This sizeable expiry volume underscores the growing significance of derivatives trading in the cryptocurrency ecosystem and provides insights into market sentiment and expectations.

衍生性商品市場將於本週五發生重大事件，價值約 94 億美元的加密貨幣選擇權將在 Deribit 衍生性商品交易所到期。如此大的到期量凸顯了衍生性商品交易在加密貨幣生態系統中日益增長的重要性，並提供了對市場情緒和預期的洞察。

Bitcoin Dominates Options Expiry

比特幣主導選擇權到期

Bitcoin options account for the lion's share of the expiring contracts, with a combined notional value of $6.35 billion. As the flagship cryptocurrency, Bitcoin attracts significant interest from traders who use options to speculate on its future price movements. The elevated put-call ratio of 0.68 for Bitcoin options indicates a slightly cautious stance among traders, with a greater number of puts being purchased relative to calls. This suggests that some market participants anticipate potential downside risks for Bitcoin in the near term.

比特幣選擇權佔到期合約的最大份額，名義價值合計達 63.5 億美元。作為旗艦加密貨幣，比特幣吸引了交易者的極大興趣，他們使用選擇權來推測其未來的價格走勢。比特幣選擇權的看跌期權與看漲期權比率高達 0.68，這表明交易者的立場略顯謹慎，買入的看跌期權數量多於看漲期權。這顯示一些市場參與者預期比特幣在短期內有潛在的下行風險。

Ethereum Options Show Bullishness

以太坊選擇權顯示看漲

Ethereum options, with a notional value of $3.08 billion, are also set to expire this Friday. Unlike Bitcoin, the put-call ratio for Ethereum options stands at a lower 0.49, indicating a more optimistic outlook. The higher proportion of call options suggests that traders anticipate positive price action for Ethereum in the coming weeks.

名義價值 30.8 億美元的以太坊選擇權也將於本週五到期。與比特幣不同，以太坊選擇權的看跌期權與看漲期權比率較低，為 0.49，顯示前景更為樂觀。買權比例較高表示交易者預期以太坊在未來幾週內將出現正面的價格走勢。

Bullish Bets on Bitcoin's End-of-Year Performance

看好比特幣年底表現

One notable feature of the Bitcoin options market is the concentration of open interest at the $100,000 strike price. This suggests that a significant number of traders are betting on Bitcoin to surpass this milestone by the end of the year. The post-halving rally, which typically follows Bitcoin's halving event, is often cited as a potential catalyst for such bullish expectations.

比特幣選擇權市場的一個顯著特徵是未平倉合約集中在 10 萬美元的執行價格。這表明大量交易者押注比特幣將在今年年底超越這一里程碑。減半後的反彈通常發生在比特幣減半事件之後，通常被認為是這種看漲預期的潛在催化劑。

Analysts Predict Optimistic Future for Bitcoin and Ethereum

分析師預測比特幣和以太坊的樂觀未來

The bullish sentiment reflected in the options market is aligned with the recent analyst note from Standard Chartered, which forecast a target price of $150,000 for Bitcoin and $8,000 for Ethereum by the end of 2024. These projections underscore the growing confidence among institutional investors in the long-term growth potential of cryptocurrencies.

選擇權市場反映的看漲情緒與渣打銀行最近的分析師報告一致，該報告預測到2024 年底，比特幣的目標價為15 萬美元，以太坊的目標價為8,000 美元。對長期市場的信心不斷增強。

Options as Derivatives for Speculation

選擇權作為投機衍生性商品

Options, as derivative contracts, provide traders with flexibility and leverage in speculating on the price trajectory of underlying assets. Call options confer the right to buy the asset at a specified price, while put options confer the right to sell. The purchase of put options typically implies a bearish outlook, while call purchases indicate bullish expectations.

選擇權作為衍生性合約，為交易者推測標的資產的價格軌跡提供了靈活性和槓桿作用。買權賦予以指定價格購買資產的權利，而賣權則賦予出售資產的權利。購買看跌期權通常意味著看跌前景，而購買看漲期權則表明看漲預期。

Conclusion

結論

The upcoming expiry of $9.4 billion worth of cryptocurrency options on Deribit offers valuable insights into market sentiment and expectations. The elevated put-call ratio for Bitcoin suggests caution, while the bullish positioning of Ethereum options aligns with the broader optimism expressed by analysts. As the cryptocurrency market evolves, it is evident that derivatives trading is playing an increasingly prominent role in shaping market dynamics and providing opportunities for speculation and risk management.

Deribit 上價值 94 億美元的加密貨幣選擇權即將到期，為了解市場情緒和預期提供了寶貴的見解。比特幣看漲期權比率的上升表明了謹慎態度，而以太坊期權的看漲定位與分析師表達的更廣泛的樂觀情緒一致。隨著加密貨幣市場的發展，衍生性商品交易在塑造市場動態以及為投機和風險管理提供機會方面發揮越來越重要的作用。