本週五，大約50億美元的比特幣（BTC）期權合約到期

大約50億美元的比特幣（BTC）期權合約將在本週五08:00 UTC在Deribit到期，這增加了已經波動的加密貨幣市場。

A large sum of bitcoin (BTC) options contracts on crypto exchange Deribit are set to expire this Friday at 08:00 UTC, adding to an already volatile crypto market.

Crypto Exchange Deribit上的大量比特幣（BTC）期權合約定於本週五在08:00 UTC到期，這增加了已經波動的加密貨幣市場。

Bitcoin’s prolonged consolidation had kept Deribit’s volatility index (DVOL) in a downward trend throughout 2025. However, after bitcoin’s sharp decline, DVOL spiked to 52 before retreating back below 50—signaling a temporary surge in market uncertainty.

比特幣的延長鞏固使Deribit的波動率指數（DVOL）保持在整個2025年的下降趨勢。但是，在比特幣急劇下降之後，DVOL升至52，然後撤退到50歲以下，在50歲以下- 信號臨時降低了市場不確定性的臨時激增。

The recent price drop below $90,000 has left a majority of options out-of-the-money (OTM) and traders facing significant unrealized losses.

最近的價格下跌低於$ 90,000，使大部分貨幣外（OTM）以及面臨重大未實現損失的交易者。

An option allows the holder the right, but not the obligation, to buy or sell an underlying asset at a specific price within a certain time period.

選項允許持有人在一定時間段內以特定價格以特定價格購買或出售基礎資產的權利，但不能承擔義務。

According to Deribit data, out of the $5 billion of notional value that is due to expire, $3.9 billion (78%) of it is due to expire out-the-money (OTM), meaning these contracts will expire worthless.

根據Deribit數據，在耗資50億美元到期的名義價值中，其中39億美元（78％）是由於到期的貨幣（OTM），這意味著這些合同將毫無價值。

Almost 100% of calls are OTM, which are bullish bets, as the bitcoin price dropped significantly over the past few days, leaving investors with a significant amount of unrealized losses.

幾乎100％的電話是OTM，這是看漲的賭注，因為在過去幾天中，比特幣的價格大大下降，這使投資者造成了大量未實現的損失。

While, the remaining $1.1 billion (22%), was in-the-money (ITM) with it being dominated with puts. ITM puts are investors having their strike prices above the spot price, meaning they hold value.

而剩下的11億美元（22％）的貨幣（ITM）卻被投票所佔據主導地位。 ITM投票是投資者的罷工價格高於現貨價格，這意味著他們擁有價值。

However, max pain is at $98,000, that is, $10,000 higher than the current spot price. Max pain is the price at which option sellers, typically institutions, achieve maximum profit, while buyers experience the greatest amount of losses.

但是，Max Pain為98,000美元，即比當前現貨價格高10,000美元。最大痛苦是期權銷售商（通常是機構）獲得最大利潤的價格，而買家則經歷最大的損失。

As the max pain price is so much higher than the spot price, this could incentivize options sellers to push bitcoin price higher closer to the pain level, according to PowerTrade.

根據PowerTrade的數據，由於最大疼痛價格遠高於現貨價格，因此這可能會激勵期權銷售商將比特幣價格提高到更接近疼痛水平的水平。

"With the end of the month approaching, bitcoin options traders should take note. Max Pain for Feb. 28 sits at $98,000, with a massive $5 billion notional value. This means the highest open interest is clustered here, and it incentivizes market makers to keep bitcoin close to this price. Expect increased volatility and potential price gravitation toward this level," PowerTrade said on X.

“隨著本月底的臨近，比特幣期權交易員應注意。2月28日的最大痛苦為98,000美元，有50億美元的名義價值。這意味著這裡最高的開放興趣是在這裡聚集的，並且它激勵了營銷者向市銷商激勵營銷者，保持比特幣接近此價格。

Let's see if the so-called max pain theory holds true.

讓我們看看所謂的最大疼痛理論是否成立。