價值 12.3 億美元的比特幣選擇權即將到期

今天的比特幣選擇權到期數量明顯小於上週，合約數量約為 18,000 份，名義價值為 12.3 億美元。看跌/看漲比率為 0.64，顯示看漲情緒較為樂觀。最大痛點是 68,000 美元，未平倉合約量很大，為 70,000 美元，這表明有可能恢復到這些水平。此外，還有 27 萬個以太坊選擇權即將到期，看跌/買權比率為 0.38，最大痛點為 3,400 美元。

Bitcoin Options Expiry: Notional Value of $1.23 Billion Set to Lapse

比特幣選擇權到期：12.3億美元的名目價值即將失效

Today, April 5, 2024, approximately 18,000 Bitcoin options contracts, representing a notional value of $1.23 billion, are scheduled to expire. While this expiry event is significantly smaller than the massive $15 billion crypto options expiry witnessed last week at the end of the quarter, it nevertheless remains a noteworthy development in the cryptocurrency market.

今天，即 2024 年 4 月 5 日，大約 18,000 份比特幣選擇權合約（名義價值為 12.3 億美元）預計到期。儘管這次到期事件比上週本季末發生的價值 150 億美元的加密貨幣選擇權到期事件要小得多，但它仍然是加密貨幣市場中值得注意的發展。

Market Sentiment and Option Dynamics

市場情緒和選擇權動態

The current batch of expiring Bitcoin options exhibits a put/call ratio of 0.64, indicating that there are roughly one-third more call (buy) contracts expiring than put (sell) contracts. This suggests a bullish market sentiment, with traders anticipating potential upside in Bitcoin's value.

目前一批即將到期的比特幣選擇權的看跌/買權比率為 0.64，這表明到期的看漲（買入）合約比看跌（賣出）合約多約三分之一。這表明市場情緒看漲，交易員預期比特幣價值可能會上漲。

Moreover, the max pain point for these options is $68,000, approximately $500 higher than current spot prices. This indicates that a majority of the open interest is positioned above the current market price, reflecting the expectation of a price rebound.

此外，這些選擇權的最大痛點是 68,000 美元，比當前現貨價格高出約 500 美元。這表明大部分未平倉合約位於當前市場價格之上，反映出價格反彈的預期。

Notably, there is substantial open interest concentrated at the $70,000 strike price, totaling around $900 million. This suggests that market participants are betting on a potential rally towards those levels. Additionally, there is $840 million in open interest at the $100,000 strike price, according to data from Deribit.

值得注意的是，大量未平倉合約集中在執行價格為 7 萬美元的位置，總計約 9 億美元。這表明市場參與者押注可能會反彈至這些水準。此外，根據 Deribit 的數據，以 10 萬美元的執行價格計算，未平倉合約為 8.4 億美元。

Crypto Market Outlook

加密貨幣市場展望

The cryptocurrency market has experienced some volatility in recent days, with total market capitalization dropping by 5% as approximately $150 billion in value exited the space. Despite the weakness, markets have generally been consolidating around the $2.6 trillion level since early March.

最近幾天，加密貨幣市場經歷了一些波動，總市值下降了 5%，約 1500 億美元的價值退出了該領域。儘管疲軟，但自 3 月初以來，市場總體上一直在 2.6 兆美元水平附近盤整。

Bitcoin, the largest cryptocurrency by market capitalization, reached a high of $69,000 mid-week but retreated to $66,500 during the Friday morning Asian session. BTC remains approximately 10% below its record-high value.

比特幣是市值最大的加密貨幣，周中觸及 69,000 美元的高點，但在周五上午的亞洲時段回落至 66,500 美元。 BTC 仍比歷史最高值低約 10%。

Ethereum, the second-largest cryptocurrency, has also exhibited muted price action, dipping by 1% to $3,275.

第二大加密貨幣以太幣的價格走勢也較為溫和，下跌 1% 至 3,275 美元。

Altcoins have shown mixed performance, with Toncoin (TON), Bitcoin Cash (BCH), and Ethereum Classic (ETC) posting significant gains. Conversely, Solana (SOL), Internet Computer (ICP), and Aptos (APT) have experienced notable losses.

山寨幣表現不一，其中 Toncoin (TON)、比特幣現金 (BCH) 和以太坊經典 (ETC) 漲幅顯著。相反，Solana (SOL)、Internet Computer (ICP) 和 Aptos (APT) 則遭受了顯著損失。

Conclusion

結論

Today's Bitcoin options expiry is expected to create a moderate impact on the cryptocurrency market, as the number of contracts expiring is significantly lower than the previous week's event. However, the put/call ratio and the distribution of open interest suggest that traders remain somewhat optimistic about Bitcoin's price trajectory. The broader crypto market continues to consolidate, with fluctuations in altcoin prices reflecting both bullish and bearish sentiments.

今天的比特幣選擇權到期預計將對加密貨幣市場產生溫和影響，因為到期合約數量顯著低於前一周的事件。然而，看跌/看漲比率和未平倉合約的分佈表明，交易者對比特幣的價格軌跡仍然有些樂觀。更廣泛的加密市場繼續整合，山寨幣價格的波動反映了看漲和看跌情緒。