今天，價值超過142.1億美元的比特幣（BTC）和以太坊（ETH）期權到期

如今，價值超過142.1億美元的比特幣（BTC）和以太坊（ETH）期權將到期，這一事件可能會激發短期價格趨勢。

Today marks the expiry of over $14.21 billion in Bitcoin (BTC) and Ethereum (ETH) options, an event that could significantly impact short-term price trends. As this massive expiry approaches, traders are keenly aware of how it might unfold and what implications it could have for the market.

今天，比特幣（BTC）和以太坊（ETH）期權的到期超過142.1億美元，這一事件可能會嚴重影響短期價格趨勢。隨著這種大規模到期的方法，貿易商敏銳地意識到它的發展方式以及它對市場的影響。

The majority of the expiring options, valued at $12.075 billion, are written on Bitcoin, with a put-to-call ratio of 0.49. This ratio indicates that more traders are betting on BTC going up rather than down. The “maximum pain” point of price where most traders would lose money is at $85,000. Currently, Bitcoin is trading at around $85,960.

大多數到期期權的價值為120.75億美元，是在比特幣上書寫的，比例為0.49。該比率表明，越來越多的交易者押注BTC上升而不是下降。大多數交易者虧損的“最大痛苦”點點為85,000美元。目前，比特幣的交易價格約為85,960美元。

This time period also marks a quarterly expiry, which typically sees a higher volume of options trading activity. In total, over 40% of the overall open interest in BTC and ETH options is set to expire today. Of the total options volume, nearly 80% is in Bitcoin, while 20% is in Ethereum.

這個時期還標誌著季度到期，通常會看到更多的期權交易活動。總的來說，超過40％的BTC開放興趣和ETH期權將在今天到期。在總期權量中，將近80％的比特幣，而20％在以太坊中。

The expiring options on Ethereum amount to $2.135 billion, with a put-to-call ratio of 0.39 and a maximum pain level at $2,400. In contrast to Bitcoin, Ethereum’s volatility curve appears flatter, suggesting that while traders anticipate movement, there isn’t a clear directional bias.

以太坊的到期期權為213.5億美元，呼叫比率為0.39，最大疼痛水平為2,400美元。與比特幣相反，以太坊的波動曲線顯得平坦，這表明儘管交易者預計運動，但沒有明顯的方向偏見。

Other cryptocurrencies, such as Solana, have only a minimal share in the expiring options. Despite concerns about Ethereum, the structure of the market remains stable. However, the first quarter ended weaker than anticipated, and the strong volatility has pushed prices towards the lower range of the market.

其他加密貨幣（例如Solana）在到期的選項中只有最少的份額。儘管擔心以太坊，但市場的結構仍然穩定。但是，第一季度的結束比預期的要弱，強大的波動率將價格推向了較低的市場範圍。

This expiry is larger than usual because it falls on the last Friday of March, marking both a monthly and quarterly close. Crypto options trading platform Deribit schedules the expiry of its options contracts for Fridays, aligning with the closing day of the week for traditional financial markets.

這種到期比平常大，因為它落在3月的最後一個星期五，標誌著每月和季度的結束。加密期權交易平台deribit安排其周五期權合約到期，與傳統金融市場的一周結束日保持一致。

In comparison, last week's expiry saw just $1.8 billion in BTC options expire, while today's event will see a significantly larger amount of options expire, making it a crucial moment that could influence market sentiment.

相比之下，上周到期的BTC期權只有18億美元到期，而今天的活動將使期權大大增加到期，這使其成為可能影響市場情感的關鍵時刻。

According to analysts at Greeks.live, the majority of traders expect Bitcoin to retest lower levels, specifically between $84,000 and $85,000. However, Bitcoin has been confined to a rather narrow trading range in recent days, which could lead to some interesting price action as we approach the expiry of this quarter’s options.

根據希臘文的分析師的說法，大多數交易者預計比特幣將重新測試較低的水平，特別是在84,000美元至85,000美元之間。但是，最近幾天，比特幣被局限於相當狹窄的交易範圍，這可能會導致一些有趣的價格行動，因為我們接近本季度期權的到期。

Some traders are keeping an eye on resistance at $88,400 and strong support at $77,000. As for Ethereum, it's showing high trading volume but less of a clear direction in terms of price. This might leave traders adjusting their strategies based on implied volatility (IV), which is currently showing significant fluctuations due to the upcoming quarterly expiry.

一些交易者關注電阻為88,400美元，強勁的支持為77,000美元。至於以太坊，它顯示出很高的交易量，但在價格方面卻不清楚。這可能會使貿易商根據隱含波動率（IV）調整策略，該策略目前由於即將到來的季度到期而顯示出明顯的波動。

As for the broader market, traders are feeling extreme fear, as evidenced by the Fear & Greed Index being at 33. Despite big investors (whales) buying BTC, a large BTC transfer by the U.S. government and today's $16.5B options expiry might cause short-term price swings.

至於更廣泛的市場，貿易商感到極端恐懼，這是33歲的恐懼和貪婪指數所證明的。儘管大型投資者（鯨魚）購買了BTC，美國政府的大量BTC轉移，今天的16.5億美元期權的到期可能會導致短期價格波動。

For Bitcoin to remain bullish, it needs to break $90,000. However, with fear dominating the market, traders are approaching this moment with caution.

為了使比特幣保持看漲，它需要打破90,000美元。但是，由於恐懼主導了市場，交易者謹慎地接近這一刻。

The Fear & Greed Index is at 33, indicating extreme fear among traders, which might make them trade more cautiously and could lead to potential short-term volatility.

恐懼和貪婪指數為33歲，表明交易者的極端恐懼可能會使他們更加謹慎地交易，並可能導致潛在的短期波動。

If cryptocurrency adoption continues and ETH 2.0 improves scalability, we might see Ethereum's market cap surpass Bitcoin's. However, for the time being, Bitcoin is still the dominant cryptocurrency, often referred to as digital gold.

如果採用加密貨幣，ETH 2.0提高了可擴展性，我們可能會看到以太坊的市值超過了比特幣。但是，目前，比特幣仍然是主要的加密貨幣，通常被稱為數字黃金。