加密貨幣市場歷史性的 15B 季度交付標誌著一個分水嶺時刻

隨著價值 150 億美元的最大季度加密合約交付於今日到期，比特幣 (BTC) 和以太坊 (ETH) 期權合約以破紀錄的價值引領交易活動。 135,000份BTC選擇權和158萬份ETH選擇權的交付反映了機構參與度和資本流入加密市場的不斷增長。

Crypto Market Witnesses Historic Quarterly Delivery, Surpassing $15 Billion in Value

加密貨幣市場見證了歷史性的季度交付，價值超過 150 億美元

Today, the cryptocurrency market experienced a monumental event as billions of dollars worth of options contracts, including Bitcoin (BTC) and Ethereum (ETH), expired in a historic quarterly delivery, totaling over $15 billion. This marked the largest quarterly delivery in the history of the crypto market.

今天，加密貨幣市場經歷了一場重大事件，包括比特幣(BTC) 和以太坊(ETH) 在內的價值數十億美元的選擇權合約在歷史性的季度交割中到期，總價值超過150 億美元。這標誌著加密貨幣市場歷史上最大的季度交付。

Institutional Influx and Market Sophistication

機構湧入及市場成熟度

The substantial $15 billion notional value of the delivery reflects a surge in institutional involvement in the cryptocurrency scene and a significant influx of capital. As traditional financial institutions and investors embrace the digital asset class, the market is witnessing a growing level of sophistication and liquidity.

此次交付的名義價值高達 150 億美元，反映出機構參與加密貨幣領域的激增和資本的大量湧入。隨著傳統金融機構和投資者接受數位資產類別，市場的複雜性和流動性不斷提高。

Bitcoin Options Dominate Quarterly Delivery

比特幣選擇權主導季度交割

Bitcoin, the world's leading cryptocurrency, commanded the largest share of options contracts in the quarterly delivery. Approximately 135,000 BTC options contracts expired, carrying a notional value of $9.5 billion. The Put Call Ratio (PCR) for these contracts stood at 0.85, indicating a predominantly optimistic sentiment among traders who anticipate further price appreciation for Bitcoin.

比特幣是全球領先的加密貨幣，在季度交割的選擇權合約中佔最大份額。大約 135,000 個 BTC 選擇權合約到期，名義價值為 95 億美元。這些合約的看跌期權比率 (PCR) 為 0.85，表明交易者的樂觀情緒占主導地位，他們預計比特幣價格將進一步升值。

Bullish Bias and Max Pain Levels

看漲偏見和最大痛苦水平

The max pain point for BTC options was $51,000, representing the price level at which the maximum number of contracts expired worthless. However, Bitcoin's current trading price of $70,385 has moved significantly above this level, suggesting that the recent delivery could trigger substantial price movements as traders adjust their positions.

BTC選擇權的最大痛點是51,000美元，代表最大數量的合約到期時一文不值的價格水準。然而，比特幣目前的交易價格為 70,385 美元，已大幅高於該水平，這表明隨著交易者調整頭寸，近期的交割可能會引發大幅價格波動。

Ethereum Options Surge

以太坊選擇權激增

Ethereum, the second-largest cryptocurrency, also witnessed a significant presence in the quarterly delivery. A total of 1.58 million ETH options contracts expired, with a notional value of $5.6 billion. The PCR for ETH options was recorded at 0.63, indicating a similar bullish bias among traders, although slightly less pronounced than that of Bitcoin. Ethereum's max pain point was $2,600, and the crypto asset is currently trading at $3,533, suggesting that options traders anticipate continued price gains for ETH.

第二大加密貨幣以太幣在季度交付中也佔有重要地位。共有 158 萬份 ETH 選擇權合約到期，名義價值 56 億美元。 ETH 選擇權的 PCR 為 0.63，顯示交易者之間存在類似的看漲偏見，儘管比比特幣稍微不那麼明顯。以太坊的最大痛點是 2,600 美元，該加密資產目前的交易價格為 3,533 美元，這表明選擇交易者預計 ETH 的價格將持續上漲。

Market Volatility and Halving Event

市場波動與減半事件

The quarterly delivery has injected a degree of volatility into the crypto market. Bitcoin's price has surged above $70,000, challenging expectations and indicating that the delivery event may have triggered opportunistic buying. However, market participants remain cautious as the market braces for Bitcoin's halving event next month. This event, which occurs every four years and halves the reward for mining new blocks, is expected to further bolster BTC's price by reducing its inflation rate.

按季度交割給加密市場注入了一定程度的波動。比特幣價格已飆升至 7 萬美元以上，挑戰預期，並表明交割事件可能引發了機會主義買盤。然而，隨著市場為下個月的比特幣減半事件做好準備，市場參與者仍保持謹慎態度。這一事件每四年發生一次，並將開採新區塊的獎勵減半，預計將透過降低通貨膨脹率來進一步提振 BTC 的價格。

Conclusion

結論

The historic quarterly delivery in the crypto market highlights the growing maturity and institutional acceptance of digital assets. The surge in options contracts, particularly in Bitcoin and Ethereum, reflects the liquidity and sophistication of the crypto market. As more institutions embrace cryptocurrencies, it is likely that we will continue to see record-breaking deliveries and increased volatility, shaping the future of the digital asset landscape.

加密貨幣市場歷史性的季度交付凸顯了數位資產的日益成熟和機構接受度。選擇權合約的激增，尤其是比特幣和以太坊選擇權合約的激增，反映了加密市場的流動性和複雜性。隨著越來越多的機構接受加密貨幣，我們很可能會繼續看到創紀錄的交付量和增加的波動性，從而塑造數位資產格局的未來。