價值 18B 美元的比特幣和以太坊期權今天到期，加密市場準備迎接波動

今天是加密貨幣市場的歷史性時刻，價值破紀錄的 180 億美元的比特幣和以太坊選擇權合約即將到期。

A record-breaking $18 billion worth of Bitcoin and Ethereum options contracts are set to expire today, sparking anticipation of sharp market moves and potential volatility.

價值破紀錄的 180 億美元比特幣和以太坊選擇權合約將於今天到期，引發對市場劇烈波動和潛在波動的預期。

Of the total expiring options, approximately $14.38 billion are Bitcoin options and $3.7 billion are Ethereum options. The volume of contracts expiring today is striking, with 88,537 Bitcoin contracts and 796,021 Ethereum contracts set to expire.

在所有到期期權中，大約 143.8 億美元是比特幣期權，37 億美元是以太坊期權。今天到期的合約數量驚人，其中 88,537 份比特幣合約和 796,021 份以太坊合約即將到期。

This surge in activity reflects heightened trader anticipation of either profit or risk mitigation. At the last glance, Bitcoin was trading at $90,330, while Ethereum was trading at $3,340.

活動的激增反映出交易者對利潤或風險緩解的預期增強。乍一看，比特幣的交易價格為 90,330 美元，而以太坊的交易價格為 3,340 美元。

Both Bitcoin and Ethereum are trading well above their respective maximum pain prices. For Bitcoin, this price is $85,000, while for Ethereum, it is $3,000.

比特幣和以太坊的交易價格都遠高於各自的最高痛苦價格。對於比特幣來說，這個價格是 85,000 美元，而對於以太坊來說，這個價格是 3,000 美元。

The “maximum pain price” refers to the point where options buyers face their largest losses upon expiration, frequently causing market shifts as prices tend to move closer to this level.

「最大痛苦價格」是指選擇權買家在到期時面臨最大損失的點，當價格趨於接近該水準時，經常會導致市場發生變化。

David Lawant, Head of Research at FalconX, pointed out the increasing hedging sentiment, which could be a key factor driving the rise in Bitcoin’s put/call ratio in the final quarter of 2024.

FalconX研究主管David Lawant指出，對沖情緒不斷增強，這可能是推動2024年第四季比特幣看跌/看漲比率上升的關鍵因素。

“Demand for downside protection has been rising,” he noted, suggesting that traders may be looking to safeguard their year-end performance metrics.

「對下行保護的需求一直在上升，」他指出，這表明交易員可能希望保護他們的年終業績指標。

Given the current leveraged positions leaning toward the upside, we may witness sudden market fluctuations, particularly if prices stray considerably from what is anticipated.

鑑於目前的槓桿部位傾向於上行，我們可能會看到突然的市場波動，特別是如果價格與預期相差很大的話。

This unprecedented expiry could influence the market’s storyline for 2025, as traders remain on high alert for upcoming developments.

這項史無前例的到期日可能會影響 2025 年的市場走勢，因為交易者仍對即將發生的事態發展保持高度警惕。