比特幣和以太坊期權合約價值超過$ 2.5B今天到期，為潛在的價格行動奠定了基礎

加密貨幣市場今天處於高度戒備狀態，超過25億美元的比特幣和以太坊期權合約即

A total of 27,657 Bitcoin options contracts are set to expire today, amounting to $2.23 billion at an average price of $80,305. The put-to-call ratio stands at 0.86, and the maximum pain point is at $81,000.

總共有27,657個比特幣期權合約將於今天到期，平均價格為80,305美元，總計為22.3億美元。 pall鍵比為0.86，最大疼痛點為81,000美元。

At the time of writing, BTC is trading at $80,622 on major crypto exchanges, and it’s likely to encounter strong resistance or support at key levels.

在撰寫本文時，BTC在主要加密交易所的交易價格為80,622美元，並且很可能在關鍵水平上遇到強烈的抵抗力或支持。

Chart 1: Bitcoin Open Interest by Strike Price – TradingView, April 11, 2025

圖表1：罷工價格的比特幣開放興趣 - 貿易見圖，2025年4月11日

Among the main topics discussed in the crypto sphere today is the upcoming expiry of a massive batch of Bitcoin (BTC) and Ethereum (ETH) options contracts.

當今加密貨幣領域討論的主要主題之一是即將到來的大量比特幣（BTC）和以太坊（ETH）期權合約。

The event will take place on Tuesday, with over $2.5 billion in notional value set to expire, setting the stage for potentially major price action and volatility.

該活動將在周二舉行，其名義價值將超過25億美元，為潛在的重大價格行動和波動奠定了基礎。

As Bitcoin trades at around $80,622 and Ethereum at $1,543, traders are keenly interested in put-to-call ratios, maximum pain levels, and broader macroeconomic crosswinds to gauge the next market move.

隨著比特幣的交易價格約為80,622美元，以太坊的交易價格為1,543美元，交易者對提起呼叫比率，最大疼痛水平和更廣泛的宏觀經濟交叉風向非常感興趣，以評估下一個市場的轉變。

Bitcoin Options Expiry: A Signal of Mildly Bullish Sentiment

比特幣選項到期：一個溫和看漲的信號

A total of 27,657 BTC options contracts, valued at $2.23 billion, are set to expire. The put-to-call ratio stands at 0.86, which signals a mildly bullish sentiment.

總共有27,657個BTC期權合約，價值22.3億美元，將到期。提議的比例為0.86，這標誌著溫和的看漲情緒。

The maximum pain point—the price at which most options traders would experience maximum loss—is around $81,000, just slightly above the current spot price. This close proximity may lead to more volatile price action as market forces try to push BTC toward or away from this critical level.

最大疼痛點（大多數期權交易者都會遭受最大損失的價格）約為81,000美元，略高於當前現貨價格。隨著市場力量試圖將BTC推向或遠離這一關鍵水平，這種近距離可能會導致更大的價格行動。

Ethereum Options Expiry: A Neutral Picture Emerges

以太坊選項到期：出現中性圖片

On the other hand, 183,468 Ethereum options contracts, valued at $283.6 million, are also expiring. The put-to-call ratio is 0.92, which indicates a neutral market stance.

另一方面，價值為2.836億美元的183,468個以太坊期權合約也正在到期。提取比率為0.92，表明中立市場立場。

ETH’s maximum pain point is at $1,700, presenting a clear resistance zone. However, Ethereum is currently trading well below this threshold. Unless a strong bullish catalyst emerges to propel ETH toward this resistance, the token might remain at these price ranges, contributing to market stagnation.

ETH的最大疼痛點為$ 1,700，呈現一個明顯的阻力區。但是，以太坊目前的交易遠低於此門檻。除非有強大的看漲催化劑將ETH推向這種抵抗，否則代幣可能會保持在這些價格範圍內，從而導致市場停滯。

Chart 2: Ethereum Open Interest by Strike Price – TradingView, April 11, 2025

圖2：以太坊開放利息按行使價格 - 交易景觀，2025年4月11日

U.S.-China Tariffs and Global Regulations Keep Traders on Edge

美國 - 中國的關稅和全球法規使貿易商處於邊緣狀態

This options expiry also comes amid broader macroeconomic instability, including the ongoing U.S.-China tariff tensions and new regulations in major crypto markets.

由於宏觀經濟的不穩定，包括持續的美國關稅緊張局勢和主要加密市場中的新法規，此期權也會到期。

Traders on Deribit report heightened demand for puts as traders become more cautious. However, they add that traders are not placing big bets on near-term upside, leading to lower call premiums.

隨著交易者變得越來越謹慎，deribit報告的交易者對權利的需求提高了。但是，他們補充說，貿易商並沒有在短期上下注，導致通話溢價降低。

Another worrying trend is the negative volatility skew: OTM puts are now implying higher volatility than OTM calls, which traders prefer in a downmarket. This structure signals greater anticipation of downside risk.

另一個令人擔憂的趨勢是負波動率偏斜：OTM puts現在意味著比OTM呼叫更高的波動性，而貿易商在迪斯市場中更喜歡。該結構標誌著更大的下行風險期望。

Implied volatility for Bitcoin remains around 50%, while that for Ethereum is a whopping 80%, especially for near-term options, making ETH a hotspot for volatility traders.

比特幣的隱含波動率仍然約為50％，而以太坊的波動性高達80％，尤其是對於近期選擇，使ETH成為波動性交易者的熱點。

Traders Mobilize with Hedging Strategies and Stablecoin Shifts

貿易商通過對沖策略和穩定的轉變動員

With the market at a tipping point and traders deploying diverse hedging tactics, here’s a breakdown of the prevailing trends:

隨著市場處於臨界點，交易者部署了各種對沖策略，以下是現行趨勢的細分：

Analysts warn that without fresh capital inflows, the market could become stagnant or, worse, experience a black swan event. Risk-averse investors are advised to prepare for tail risk, making vanilla puts and diversified portfolios increasingly appealing.

分析師警告說，如果沒有新的資本流入，市場可能會停滯不前，或者更糟糕的是經歷了黑天鵝事件。建議規避風險的投資者為尾巴風險做好準備，使香草投擲和多樣化的投資組合越來越吸引人。

Where Will BTC and ETH Go From Here?

BTC和ETH從這裡去哪裡？

The long-term outlook for Bitcoin and Ethereum depends on key technical, macroeconomic, and sociopolitical factors.

比特幣和以太坊的長期前景取決於關鍵的技術，宏觀經濟和社會政治因素。

Bitcoin’s momentum hinges on sustained institutional demand, ETF (exchange-traded fund) inflows, and broader macroeconomic relief. A decisive push above $85,000 would flip sentiment and attract aggressive bulls.

比特幣的勢頭取決於持續的機構需求，ETF（交換基金）流入和更廣泛的宏觀經濟救濟。超過85,000美元的決定性推動力將翻轉情緒並吸引侵略性的公牛。

Conversely, failure to break $75,000 could signal prolonged bearish conditions.

相反，未能打破75,000美元可能會表示長時間的看跌條件。

Ethereum, on the other hand, needs to reclaim the $2,000 mark to revive bullish conviction. This move would be fueled by continued growth in the DeFi ecosystem and new use cases for the Ethereum network.

另一方面，以太坊需要收回2,000美元的大關以復興看漲信念。 Defi生態系統和以太坊網絡的新用例的持續增長將推動這一舉動。

However, if Ethereum fails to break through $1,500, it might experience more weakness, especially with major macro events like the U.S.-China trade talks and new crypto regulations impacting market sentiment.

但是，如果以太坊未能突破1,500美元，它可能會遇到更多的弱點，尤其是在美國 - 中國貿易談判和影響市場情緒的新的加密法規之類的重大宏觀事件中。