價值 $2.27B 的比特幣 (BTC) 和以太坊 (ETH) 選擇權今天到期，市場為價格波動做好準備

加密貨幣市場處於高度戒備狀態，價值 22.7 億美元的比特幣 (BTC) 和以太幣 (ETH) 選擇權將於今天到期。

Major cryptocurrency options, including $2.27 billion worth of Bitcoin (BTC) and Ethereum (ETH) options, are set to expire on Friday, an event that could significantly impact the price direction of these leading digital assets.

主要的加密貨幣選擇權，包括價值 22.7 億美元的比特幣 (BTC) 和以太幣 (ETH) 選擇權，將於週五到期，這一事件可能會嚴重影響這些領先數位資產的價格走向。

This massive expiry has put the cryptocurrency market on high alert, with investors and analysts anticipating potential price swings that could disrupt current market trends.

這次大規模的到期使加密貨幣市場處於高度戒備狀態，投資者和分析師預計潛在的價格波動可能會擾亂當前的市場趨勢。

Understanding Options Expiry

了解期權到期日

Options contracts provide traders with the right, but not the obligation, to buy or sell an asset at a predetermined price before a specified date. These contracts can be used for various strategies, such as hedging, speculating, or generating income.

選擇權合約為交易者提供在指定日期之前以預定價格買賣資產的權利，但沒有義務。這些合約可用於各種策略，例如對沖、投機或創收。

As options contracts approach expiry, market dynamics can shift due to traders closing positions, hedging, or rolling over contracts to future dates. In the case of Bitcoin and Ethereum, such large expiries can amplify market volatility as traders adjust their strategies.

隨著選擇權合約接近到期，市場動態可能會因交易者平倉、避險或將合約展期至未來日期而有所變動。就比特幣和以太坊而言，隨著交易者調整策略，如此大的到期日可能會放大市場波動。

The decisions made during this period can significantly impact the price direction of these leading cryptocurrencies.

在此期間做出的決策可能會對這些領先加密貨幣的價格方向產生重大影響。

Breaking Down the $2.27 Billion Expiry

解析 22.7 億美元的到期日

This split showcases substantial interest and activity in both assets, highlighting their dominance in the digital asset landscape.

此次拆分展示了對這兩種資產的濃厚興趣和活動，凸顯了它們在數位資產領域的主導地位。

Potential Market Reactions

潛在的市場反應

Several scenarios could unfold as the options expire:

當期權到期時，可能會出現幾種情況：

Bitcoin, Ethereum Options Open Interest at Key Levels

比特幣、以太坊選擇權未平倉合約處於關鍵水平

A crucial metric to watch during this expiry event is the “max pain” level—the price point where the highest number of options contracts expire worthless. For Bitcoin, this level currently sits near $26,000, while for Ethereum, it hovers around $1,600.

在此到期事件期間需要關注的一個關鍵指標是「最大痛苦」水平，即最大數量的選擇權合約到期時一文不值的價格點。對於比特幣來說，這一水平目前接近 26,000 美元，而對於以太坊來說，這一水平徘徊在 1,600 美元左右。

Traders often pay close attention to these levels as they can act as magnets, drawing prices toward them as expiry nears.

交易者經常密切關注這些水平，因為它們可以起到磁鐵的作用，在到期日臨近時將價格吸引到該水平。

Investor Strategies Amid Expiry Turbulence

到期動盪中的投資者策略

Broader Market Context

更廣泛的市場背景

This expiry comes at a time when macroeconomic factors and regulatory developments are already influencing crypto prices. As global financial markets react to interest rate changes and evolving regulations, the behavior of Bitcoin and Ethereum during this period could offer insights into the resilience of the crypto market.

這次到期之際，宏觀經濟因素和監管發展已經影響了加密貨幣價格。隨著全球金融市場對利率變化和不斷變化的法規做出反應，比特幣和以太幣在此期間的行為可以為人們提供有關加密貨幣市場彈性的見解。

Market participants will be closely watching to see how the expiry event unfolds and what it signals for the next phase of crypto market movements.

市場參與者將密切關注到期事件如何展開，以及它對加密貨幣市場下一階段走勢的訊號。