價值 $3.42B 的比特幣 (BTC) 和以太坊 (ETH) 選擇權合約今日到期，市場準備迎接波動

加密市場將見證價值 34.2 億美元的比特幣和以太坊選擇權合約今天到期。大規模到期可能造成短期價格影響。

Crypto markets are set to witness a massive expiration of Bitcoin and Ethereum options contracts today, with a total value of $3.42 billion. This large expiration could have a short-term impact on the prices of these digital assets, especially as markets await the potential for Bitcoin to reach the $100,000 mark.

今天，加密貨幣市場將見證比特幣和以太坊選擇權合約的大規模到期，總價值達 34.2 億美元。此次大幅到期可能會對這些數位資產的價格產生短期影響，尤其是在市場等待比特幣可能突破 10 萬美元大關的情況下。

With Bitcoin options valued at $2.86 billion and Ethereum at $561.66 million, traders are preparing for potential volatility in the coming hours.

比特幣選擇權價值 28.6 億美元，以太坊選擇權價值 5.6166 億美元，交易者正在為未來幾個小時的潛在波動做好準備。

Unlike Ethereum, traders seem to be betting on a pullback in Bitcoin price

與以太坊不同，交易者似乎押注比特幣價格回調

There has been a significant increase in Bitcoin (BTC) and Ethereum (ETH) contracts expiring today compared to last week. According to Deribit data, 28,905 Bitcoin options contracts will expire on Friday with a put-to-call ratio of 1.09 and a maximum pain point of $86,000.

與上週相比，今天到期的比特幣（BTC）和以太幣（ETH）合約顯著增加。 Deribit數據顯示，28,905份比特幣選擇權合約將於週五到期，賣權與買權比率為1.09，最大痛點為86,000美元。

On the other hand, 164,687 Ethereum contracts are due for expiry today, with a put-to-call ratio of 0.66 and a maximum pain point of $3,050.

另一方面，164,687份以太坊合約將於今日到期，賣權與買權比率為0.66，最大痛點為3,050美元。

Bitcoin’s Put-to-call ratio stands above 1, indicating a generally bearish sentiment despite BTC’s whales and long-term holders fueling its recent growth. In comparison, Ethereum counterparts have a put-to-call ratio of 0.66, reflecting a generally bullish market outlook.

比特幣的看跌期權比率高於 1，顯示儘管 BTC 的鯨魚和長期持有者推動了其近期的成長，但人們普遍看跌情緒。相較之下，以太坊的看跌期權與看漲期權比率為 0.66，反映出市場前景普遍看漲。

The put-to-call ratio gauges market sentiment. Put options represent bets on price declines, whereas call options point to bets on price increases.

賣權與買權比率衡量市場情緒。賣權代表對價格下跌的押注，而買權則代表對價格上漲的押注。

When this ratio is above 1, it suggests a lack of optimism in the market, with more traders betting on price decreases. On the other hand, a put-to-call ratio below 1 suggests optimism in the market, and more traders are betting on price increases.

當比率高於 1 時，表示市場缺乏樂觀情緒，更多交易者押注價格下跌。另一方面，看跌期權與看漲期權比率低於 1 表示市場樂觀，更多交易者押注價格上漲。

Bitcoin’s Put-to-Call Ratio, Implications for BTC

比特幣的看跌期權比率，對 BTC 的影響

As options near expiration, traders are betting on BTC prices dropping and ETH prices rising. According to the Max Pain Theory in options trading, BTC and ETH could each pull toward their maximum pain points (strike prices) of $86,000 and $3,050, respectively. Here, the largest number of contracts — both calls and puts — would expire worthless.

隨著選擇權接近到期，交易者押注 BTC 價格下跌而 ETH 價格上漲。根據選擇交易中的最大痛苦理論，BTC 和 ETH 可能分別拉向其最大痛點（執行價格）：86,000 美元和 3,050 美元。在這裡，最大數量的合約（包括看漲期權和看跌期權）將在到期時毫無價值。

Notably, price pressure for both assets will ease after Deribit settles contracts at 08:00 UTC today. At the time of writing, however, BTC was trading for $98,876, whereas ETH was exchanging hands for $3,389.

值得注意的是，在 Deribit 今天 08:00 UTC 結算合約後，這兩種資產的價格壓力將會緩解。然而，在撰寫本文時，BTC 的交易價格為 98,876 美元，而 ETH 的交易價格為 3,389 美元。

Meanwhile, in line with put-to-call ratios, analysts at Greeks.live anticipate an extended move north for ETH and say BTC is at the cusp of a correction.

同時，根據看跌期權與看漲期權比率，Greeks.live 的分析師預計 ETH 將進一步上漲，並表示 BTC 正處於修正的風口浪尖。

“With about 8% of positions expiring this week, the big rally in Ethereum has led to a significant increase in ETH major term options IV [implied volatility], while BTC major term options IV has remained relatively stable. The market sentiment remains extremely optimistic at this point,” Greeks.live analysts said.

「本週約有 8% 的部位到期，以太坊的大幅上漲導致 ETH 主要期限選擇權 IV（隱含波動率）大幅增加，而 BTC 主要期限選擇權 IV 則保持相對穩定。目前市場情緒仍然極為樂觀，」Greeks.live 分析師表示。

The analysts also note that while Bitcoin risks a correction, the generalized market rally keeps this potential pullback at bay. They ascribe the positive sentiment in the market to significant capital inflows into ETFs (exchange-traded funds), specifically BlackRock’s IBIT options, which started to trade only recently alongside a strongly driven spot bull market.

分析師也指出，雖然比特幣面臨回檔風險，但普遍的市場反彈阻止了這種潛在的回檔。他們將市場的正面情緒歸因於大量資本流入 ETF（交易所交易基金），特別是貝萊德的 IBIT 選擇權，該選擇權最近才開始在強勁的現貨牛市中進行交易。

Nevertheless, with today’s high-volume expiration, traders should anticipate fluctuations in Bitcoin and Ethereum prices that could shape their short-term trends.

儘管如此，隨著今天的大量到期，交易者應該預期比特幣和以太坊價格的波動可能會影響他們的短期趨勢。