比特幣（BTC）期權合約價值50億美元到期：期望波動性

隨著交易者將價值數十億美元的期權合約卸貨的近幾週，比特幣的下降趨勢可能會持續下去。

output: A large wave of Bitcoin (BTC) options contracts, collectively worth a staggering $5 billion, are due to expire this coming Friday, February 28, marking a potential turning point for the cryptocurrency market.

產出：一波大量的比特幣（BTC）期權合約，總計價值驚人的50億美元，將於2月28日星期五到期，這標誌著加密貨幣市場的潛在轉折點。

As traders prepare to close out their positions, billions of dollars in options are set to be offloaded, potentially adding to the volatility and price declines that have already been unfolding in recent weeks.

當交易者準備結束職位時，將設置數十億美元的期權將被卸載，這可能會增加近幾週來已經不斷發展的波動性和價格下跌。

Bitcoin’s downward trend could continue as traders liquidate their options holdings. The price of Bitcoin remains below the key support level of $90,000 after a steep selloff in recent days, while other crypto, such as Ethereum (ETH), have also sold off sharply.

隨著貿易商清算其期權持有量，比特幣的下降趨勢可能會繼續下去。在最近幾天出現巨大的拋售後，比特幣的價格仍低於90,000美元的關鍵支持水平，而其他加密貨幣（例如以太坊（ETH））也急劇出售。

Analysts attribute the decline to investors becoming more risk averse amid signs that the U.S. economy is slowing down, with less jobs growth and a widening trade deficit.

分析師將下降歸因於投資者在美國經濟正在放緩，就業增長和貿易赤字擴大的跡像中，變得更加厭惡風險。

Now, the expiry of options contracts threatens to add to the volatility and price declines among crypto. An options contract grants the holder the right, but not the obligation, to buy or sell an underlying asset at a specific price within a set period of time.

現在，期權合同的到期可能會增加加密貨幣的波動和價格下跌。期權合約授予持有人在設定的時間內以特定價格購買或出售基礎資產的權利，但沒有義務。

According to data from Deribit, out of the $5 billion of options due to expire on February 28, $3.9 billion (78%) is likely to expire out-the-money.

根據Deribit的數據，在2月28日到期的50億美元期權中，39億美元（78％）可能會到期。

Out-of-the-Money Calls

無價的電話

According to data from Deribit, out of the $5 billion of options due to expire on Feb. 28, $3.9 billion (78%) is likely to expire out-the-money, meaning those contracts will expire worthless.

根據Deribit的數據，在2月28日到期的50億美元期權中，39億美元（78％）可能會到期，這意味著這些合同將毫無價值。

Most of the options contracts that are set to expire were bullish calls that bet on Bitcoin's price rising in the near-term, leaving investors with significant unrealized losses.

將要到期的大多數選項合同都是看漲的呼籲，這些呼籲在短期內押注比特幣的價格上漲，這使投資者造成了巨大的未實現損失。

Many analysts see further declines ahead for cryptocurrencies and Bitcoin in particular. Some analysts are now forecasting that Bitcoin's price will fall to $80,000 or lower.

許多分析師認為加密貨幣和比特幣的進一步下降。現在，一些分析師預測比特幣的價格將降至80,000美元或更低。

In the past month, the price of BTC has declined 17% to trade at $86,800. Most Wall Street firms don't offer ratings or price targets on Bitcoin, so we'll look at the cryptocurrency's three-month performance instead. As one can see in the chart below, the price of BTC has declined 8.03% in the last 12 weeks.

在過去的一個月中，BTC的價格下跌了17％的交易價格為86,800美元。大多數華爾街公司都不提供比特幣的評級或價格目標，因此我們將研究加密貨幣的三個月性能。正如下圖中可以看到的那樣，在過去的12週內，BTC的價格下跌了8.03％。