價值 95 億美元的比特幣選擇權將於週五到期，加劇波動

本週五，加密貨幣市場將發生一件重大事件，價值 95 億美元的比特幣選擇權和總計 57 億美元的以太坊選擇權將在 Deribit 交易所到期。這些選擇權的到期預計將加劇波動，對比特幣價格造成上行壓力。選擇權是允許買家以預設價格無義務購買資產的法律合同，在塑造市場動態方面發揮至關重要的作用。

This Friday will mark another Bitcoin options expiry event where the crypto options exchange Deribit will expire 135000 Bitcoin options worth $9.5 billion. But that’s not all, as $5.7 Billion worth of Ether options will also finish their journey here.

本週五將是另一場比特幣選擇權到期事件，加密貨幣選擇權交易所 Deribit 將到期 135,000 個比特幣選擇權，價值 95 億美元。但這還不是全部，價值 57 億美元的以太幣選擇權也將在這裡結束它們的旅程。

With the crypto options expiring, an upward pressure would get injected, leading to volatility issues in the crypto market.

隨著加密貨幣選擇權到期，將會注入上漲壓力，導致加密貨幣市場出現波動問題。

What are the Bitcoin Options?

Options in general are known to be the legal contracts under which a buyer has the right to buy an underlying asset at a specific price and at a specific time without any obligations. Here, the user can buy at the preset price and at a later date.

什麼是比特幣選擇權？選擇權通常被認為是一種法律合同，根據該合同，買方有權在特定時間以特定價格購買標的資產，而無需承擔任何義務。在這裡，用戶可以按預設價格以及稍後的日期購買。

In the case of Bitcoin, the buyer gets to buy or sell the Bitcoin early and with a specific price. With this, the user can predict the bitcoin price amid the fluctuations and make profits.

就比特幣而言，買家可以提前以特定價格購買或出售比特幣。這樣，用戶就可以在波動中預測比特幣價格並獲利。

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Other than this, two other important terms related to this are “Call and Put.” If the buyer wants to buy the underlying asset, the right is called a call, whereas if the buyer wants to sell, that will be called a put option.

除此之外，與此相關的另外兩個重要術語是「買權和賣權」。如果買方想購買標的資產，則該權利稱為看漲期權，而如果買方想出售標的資產，則稱為看跌期權。

Why Bitcoin Options Are Expiring?

With the quarterly contract expiration date set for this Friday on the Deribit exchange, billions of dollars worth of Bitcoin options contracts come to an end. Overall, around $15.2 billion in contracts will expire, out of which $9.5 Billion (40% of the total Bitcoin option) will be lost, and the rest are for Ether.

為什麼比特幣選擇權即將到期？隨著 Deribit 交易所定於本週五的季度合約到期日，價值數十億美元的比特幣選擇權合約即將到期。總體而言，約 152 億美元的合約將到期，其中 95 億美元（比特幣選擇權總額的 40%）將損失，其餘的則用於以太坊。

The Deribit exchange holds more than 85% of the total market options where one contract option is equal to one Bitcoin. It is one of the biggest expirations that will happen for Deribit, leading to the wipeout of 62% of total national open interest (dollar value of active contracts), out of which 40% will be of Bitcoin’s total option value, whereas 43% of Ether’s total.

Deribit 交易所持有超過 85% 的市場選擇權，其中一份合約選擇權等於一份比特幣。這是Deribit 將發生的最大的到期之一，導致全國未平倉合約總額（活躍合約的美元價值）的62% 消失，其中40% 將是比特幣期權總價值，而43% 將是比特幣選擇權總價值的43%。以太幣總量。

It is comparatively lower than the end-of-month expiration for the past two months. As for January, the amount was around $3.74 billion, whereas February went with $3.72 billion in value.

與過去兩個月的月末到期相比，該價格相對較低。 1月份的金額約為37.4億美元，而2月份的金額為37.2億美元。

How This Will Affect Bitcoin’s Value?

According to the chief commercial officer of Deribit, Luuk Strijers, with this large amount of options expiration in ITM (in-the-money), it will cause upward pressure, which will cause increased volatility in the crypto market.

這將如何影響比特幣的價值？根據 Deribit 首席商務官 Luuk Strijers 的說法，隨著大量 ITM（價內）選擇權到期，將造成上行壓力，從而導致加密貨幣波動性增加市場。

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Usually, such call expiration ITM causes the price to fall lower than the current market rate. So, in the case of Bitcoin, the buyers will get 1 Bitcoin at a lower price than the spot market. As a result, the buyer will make a profit on this buying. It is only possible if the options get exercised before Friday. Once the expiration finishes, it will push the value to max pain.

通常，此類看漲期權到期 ITM 會導致價格跌至低於當前市場匯率。因此，就比特幣而言，買家將以低於現貨市場的價格獲得 1 個比特幣。結果，買家將從這次購買中獲利。只有在周五之前行使選擇權才有可能。一旦到期結束，它將把疼痛值推至最大。

Bitcoin is currently trading around the $70K mark, and as said, the 40% worth of Bitcoin options will expire ITM. It will lead to the maximum pain points for Bitcoin at $50,000. Here, the buyer will lose money because of the maximum pain point.

比特幣目前的交易價格在 7 萬美元左右，正如前面所說，價值 40% 的比特幣選擇權將在 ITM 到期。這將導致比特幣的最大痛點達到 50,000 美元。在這裡，買家會因為最大的痛點而賠錢。

Conclusion

This year has already witnessed a few Bitcoin options, and another one will happen tomorrow. It is schedule to happen at 8:00 UTC (Coordinated Universal Time), where 135000 Bitcoin Options will expire. There are possibilities of increased volatility in the crypto market. But it is predicted, that the bullish nature of the  market might stay the same.

結論今年已經出現了一些比特幣選擇，明天還會出現另一個選擇。計劃於 UTC（協調世界時間）8:00 發生，屆時 135000 個比特幣期權將到期。加密貨幣市場的波動性可能會增加。但據預測，市場的看漲性質可能會維持不變。

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