價值 $2.639B 的比特幣 (BTC) 和以太幣 (ETH) 選擇權合約今天到期，加密貨幣市場的波動性會擴大嗎？

加密市場價值 26.39 億美元的比特幣 (BTC) 和以太坊 (ETH) 選擇權合約今天將到期。這次大規模的到期可能會影響

A total of $2.639 billion in Bitcoin (BTC) and Ethereum (ETH) options contracts are set to expire today, Friday, January 6. This massive expiration could have an impact on short-term price action, especially given the volatility seen in both assets over the past few days.

總計26.39 億美元的比特幣(BTC) 和以太坊(ETH) 選擇權合約將於今天（1 月6 日星期五）到期。這兩種資產的波動性在過去的幾天裡。

With Bitcoin options valued at $1.9 billion and Ethereum at $712 million, the question arises: will crypto markets see volatility extend or witness a steady kickoff to 2025? Here’s a closer look at what these options expiration entails for BTC and ETH prices.

比特幣選擇權價值 19 億美元，以太幣價值 7.12 億美元，問題出現了：到 2025 年，加密貨幣市場的波動性會延續還是會穩定啟動？以下是這些選擇權到期對 BTC 和 ETH 價格的影響的詳細分析。

First Crypto Options Expiry of 2025: Over $2.6 Options Expire

第一個加密貨幣選擇權將於 2025 年到期：超過 2.6 美元的選擇權到期

Data on Deribit shows today’s Bitcoin options expiration involves 19,885 contracts, compared to 88,537 contracts last week. Similarly, Ethereum’s expiring options total 205,724 contracts, down from 796,021 contracts the previous week. The disparity stems from last week’s contracts, which marked the end-of-year options expiry.

Deribit 數據顯示，今日比特幣選擇權到期涉及 19,885 份合約，而上週則為 88,537 份合約。同樣，以太坊的到期期權總數為 205,724 份合約，低於前一周的 796,021 份合約。這種差異源於上週的合約，該合約標誌著年末期權到期。

For Bitcoin, the expiring options have a maximum pain point (strike price) of $97,000 and a put-to-call ratio of 0.69. This indicates a generally bullish sentiment despite the pioneer crypto’s ongoing struggle to reclaim the $100,000 milestone.

對於比特幣來說，到期期權的最大痛點（執行價格）為 97,000 美元，看跌期權與看漲期權比率為 0.69。儘管這家加密貨幣先驅公司一直在努力奪回 10 萬美元的里程碑，但這表明人們普遍看漲情緒。

In comparison, the Ethereum contracts expiring today have a maximum pain price of $3,400 and a put-to-call ratio of 0.81, reflecting a similar market outlook. When the put-to-call ratio is below 1, more traders are betting on price increases.

相比之下，今天到期的以太坊合約的最高痛苦價格為 3,400 美元，看跌期權與看漲期權比率為 0.81，反映了類似的市場前景。當看跌期權與看漲期權比率低於 1 時，更多交易者押注價格上漲。

In options trading, the strike price is a crucial metric that often guides market behavior. It represents the price level at which most options expire worthless, inflicting maximum financial “pain” on traders as options expire worthless.

在選擇權交易中，執行價格是通常指導市場行為的關鍵指標。它代表了大多數期權到期時一文不值的價格水平，當期權到期時一文不值，給交易者帶來了最大的財務「痛苦」。

Traders and investors should brace for volatility, as options expirations often cause short-term price fluctuations, which create market uncertainty. Specifically, the asset’s price tends to gravitate toward the price to optimize profits for options sellers, who, in most cases, are large financial institutions of smart money.

交易者和投資者應做好應對波動的準備，因為選擇權到期往往會導致短期價格波動，造成市場不確定性。具體來說，資產的價格往往傾向於優化選擇權賣方利潤的價格，而選擇權賣方在大多數情況下都是精明資金的大型金融機構。

According to BeInCrypto data, BTC was trading for $96,912 as of this writing, whereas ETH was exchanging hands for $3,465. Gravitating toward their respective strike prices would, therefore, signify a modest value increase for Bitcoin and a slight drop in Ethereum’s price, hence potential volatility.

根據 BeInCrypto 數據，截至撰寫本文時，BTC 的交易價格為 96,912 美元，而 ETH 的交易價格為 3,465 美元。因此，傾向於各自的執行價格將意味著比特幣的價值適度上漲，而以太坊的價格略有下降，因此存在潛在的波動性。

“Volatility levels have retained a consistent level and shape throughout the post-Christmas period. December’s end-of-year expiration of a significant proportion of the market’s open interest in options did not result in the fireworks that some expected. Instead, ETH volatility trades more than 5 points lower while BTC displays the same, slightly steeper shape that it has since Christmas day,” Deribit shared.

「在整個聖誕節後時期，波動性水平保持了一致的水平和形狀。 12月年底，市場上很大一部分未平倉選擇權到期，但並沒有像一些人預期的那樣爆發出火花。相反，ETH 的波動性下降了 5 個多點，而 BTC 的波動性則與聖誕節以來的走勢相同，但略顯陡峭。

Even in the face of potential volatility, however, markets usually stabilize soon after as traders adapt to the new price environment. With today’s high-volume expiration, traders and investors can expect a similar outcome, potentially influencing short-term market trends.

然而，即使面對潛在的波動，隨著交易者適應新的價格環境，市場通常很快就會穩定下來。隨著今天的大量到期，交易者和投資者可以預期類似的結果，可能會影響短期市場趨勢。