價值 97.4 億美元的比特幣選擇權合約即將結算

今天的比特幣選擇權到期事件是今年規模最大的一次，價值約 97.4 億美元的合約到期。看跌/買權比率為0.85，顯示對多頭合約略有偏好。執行價格為 65,000 美元和 70,000 美元時有大量未平倉合約，多頭主導市場，未平倉合約價格較高，如 75,000 美元和 100,000 美元。

Bitcoin Options Expiration Event: $9.74 Billion Worth of Contracts Set to Settle

比特幣選擇權到期事件：價值 97.4 億美元的合約即將結算

March 29th marks a significant event in the Bitcoin market, as approximately 135,250 Bitcoin (BTC) options contracts, with a notional value of a staggering $9.74 billion, are set to expire. This constitutes the largest options expiration event witnessed thus far in 2024, according to data from Deribit.

3 月 29 日是比特幣市場的重大事件，約 135,250 個比特幣 (BTC) 選擇權合約即將到期，名義價值高達 97.4 億美元。根據 Deribit 的數據，這是 2024 年迄今最大規模的選擇到期事件。

Put/Call Ratio Indicates Bullish Sentiment

看跌/看漲比率表示看漲情緒

The put/call ratio for today's sizable batch of options stands at 0.85, implying that there are marginally more long (i.e., bullish) contracts being sold than short (i.e., bearish) contracts. Notably, over a billion dollars in open interest (OI) is concentrated at the $65,000 and $70,000 strike prices, with the latter value being closer to current spot prices.

今天大量期權的看跌/看漲比率為 0.85，這意味著賣出的多頭（即看漲）合約略多於空頭（即看跌）合約。值得注意的是，超過 10 億美元的未平倉合約 (OI) 集中在 65,000 美元和 70,000 美元的執行價格，後者的價值更接近當前現貨價格。

Bullish sentiment appears to prevail in the derivatives markets, with nearly a billion dollars in OI accumulating at significantly higher strike prices, including $75,000 and even $100,000. Open interest represents the number or value of contracts that remain outstanding and have not yet been settled.

看漲情緒似乎在衍生性商品市場盛行，近 10 億美元的 OI 累積在顯著更高的執行價格上，包括 75,000 美元甚至 100,000 美元。未平倉合約代表未平倉且尚未結算的合約數量或價值。

Options Data Reveals Market Dynamics

選擇權數據揭示市場動態

Crypto derivatives tooling provider Greeks Live has reported on the total value of crypto options expiring today. With a substantial quarterly delivery and roughly $15 billion of crypto options pending settlement, Greeks Live noted that "market participants are ramping up to adjust their positions, with BTC calls remaining the driving force of this movement."

加密貨幣衍生工具提供商 Greeks Live 報告了今天到期的加密貨幣選擇權的總價值。 Greeks Live 指出，隨著季度交付量的大幅增加以及大約 150 億美元的加密貨幣期權等待結算，“市場參與者正在加緊調整頭寸，而 BTC 的看漲期權仍然是這一運動的驅動力。”

Additionally, the provider highlights that the $70,000 strike price has garnered significant interest, with the call option currently holding the second-largest options contract. Deribit reports its size to be marginally greater than the $65,000 strike price for calls.

此外，該提供者強調，70,000 美元的執行價格引起了人們的極大興趣，看漲期權目前持有第二大期權合約。 Deribit 報告稱，其規模略高於看漲期權的 65,000 美元執行價。

Ethereum Options Contracts Also Expiring

以太坊選擇權合約也即將到期

In conjunction with the sizeable batch of Bitcoin contracts, approximately 1.58 million Ethereum options contracts are also set to expire on March 29th. These contracts carry a notional value of around $5.67 billion and exhibit a put/call ratio of 0.63, indicating a predominance of calls over puts expiring today.

與大量比特幣合約一起，大約 158 萬份以太坊選擇權合約也將於 3 月 29 日到期。這些合約的名義價值約為 56.7 億美元，看跌/看漲期權比率為 0.63，表明看漲期權佔今天到期的看跌期權的主導地位。

Strike prices at $4,000 and $3,000 have attracted substantial OI, with the former boasting the larger notional value of approximately $700 million.

4,000 美元和 3,000 美元的執行價格吸引了大量 OI，其中前者的名義價值更高，約為 7 億美元。

Market Impact Remains Uncertain

市場影響仍不確定

Historically, spot markets have not been significantly affected by derivatives expiration events. However, given the scale of today's event, some additional volatility is not out of the realm of possibility.

從歷史上看，現貨市場並未受到衍生性商品到期事件的重大影響。然而，考慮到今天事件的規模，一些額外的波動並非不可能。

Total capitalization across the cryptocurrency market has experienced a 2% increase on the day, reaching $2.77 trillion during the Asian trading session on Friday morning.

週五上午亞洲交易時段，加密貨幣市場總市值成長 2%，達到 2.77 兆美元。

Bitcoin has been oscillating around a resistance level of just over $70,000 for the majority of the past 24 hours, where it currently remains. Ethereum prices have been trading within the $3,500 range for the past 18 hours.

在過去 24 小時的大部分時間裡，比特幣一直在略高於 70,000 美元的阻力位附近波動，目前仍保持在該水平。過去 18 小時內，以太坊價格一直在 3,500 美元區間內交易。