加密貨幣市場將目睹價值超過25億美元的比特幣（BTC）和以太坊（ETH）期權今天到期。

檢查提取的比率和最大疼痛點可以為交易者的期望和可能的市場方向提供見解。

Today will see over $2.5 billion in Bitcoin (BTC) and Ethereum (ETH) options expire, a significant event that has traders attentive.

如今，比特幣（BTC）和以太坊（ETH）期權的25億美元將超過25億美元，這是一項重要的事件，具有交易者的關注。

The volume of expiring contracts and their notional value can influence short-term trends. Examining the put-to-call ratios and maximum pain points can provide insights into traders’ expectations and possible market directions.

到期合同及其名義價值的數量可能會影響短期趨勢。檢查提取的比率和最大疼痛點可以為交易者的期望和可能的市場方向提供見解。

Bitcoin And Ethereum Options Expiring Today

比特幣和以太坊選項今天到期

The expiring BTC options today have a notional value of $2.23 billion. According to Deribit's data, these 27,657 expiring Bitcoin options have a put-to-call ratio of 0.86. This ratio suggests a greater portion of purchase options (calls) compared to sales options (puts).

今天到期的BTC選項的名義價值為22.3億美元。根據Deribit的數據，這些27,657個到期的比特幣選項的張值比率為0.86。與銷售選項相比，該比率表明購買選項的一部分（呼叫）更大。

The data further indicates that the maximum pain point for these expiring options is at $81,000. In crypto options trading, the maximum pain point is the price at which most contracts will expire worthless, resulting in the asset causing the greatest financial loss for the majority of holders.

數據進一步表明，這些到期選項的最大疼痛點為81,000美元。在加密期權交易中，最大痛點是大多數合同到期毫無價值的價格，導致資產造成大多數持有人的最大財務損失。

In addition to Bitcoin options, 183,468 Ethereum contracts are set to expire today. These expiring options have a notional value of $283.6 million and a put-to-call ratio of 0.92. The maximum pain point for ETH options is at $1,700.

除了比特幣選項外，今天還將有183,468個以太坊合同今天到期。這些到期的期權的名義價值為2.836億美元，而呼叫比率為0.92。 ETH選項的最大疼痛點為$ 1,700。

Currently, both Bitcoin and Ethereum are trading below their respective maximum pain points. BTC is changing hands at around $80,622, while ETH is available for around $1,543.

目前，比特幣和以太坊的交易都低於其各自的最大疼痛點。 BTC的價格約為80,622美元，而ETH的價格約為1,543美元。

"With recent market volatility and ongoing tariff developments, how do you think these expiries will impact price action?" Deribit asked.

“隨著最近的市場波動和持續的關稅開發，您認為這些到期將如何影響價格行動？” deribit問。

Deribit is an options and futures exchange. Evidently, crypto markets have seen massive volatility from the trade war chaos following President Trump's tariffs. However, Cardano founder Charles Hoskinson says future tariffs will have no impact on crypto.

deribit是一種選擇和期貨交換。顯然，在特朗普總統的關稅之後，加密貨幣市場從貿易戰混亂中引起了巨大的波動。但是，Cardano創始人查爾斯·霍斯金森（Charles Hoskinson）表示，未來的關稅不會對加密貨幣產生影響。

He believes that tariffs are already priced in and any future announcements will be a ‘dud’ for the crypto market.

他認為，關稅已經定價，未來的任何公告將成為加密市場的“笨蛋”。

As the call premium continues to fade until September, analysts at Deribit observe a shift in crypto options, with short-term dips still bringing put demand.

隨著呼叫溢價一直逐漸消失，直到9月，Deribit的分析師觀察到加密貨幣選擇的轉變，短期下降仍帶來了質疑。

“You now have to look all the way to September before calls retake the skew. Traders might be bracing for extended weakness,” said the analysts at Deribit.

Deribit的分析師說：“您現在必須一直望向9月，然後再召集偏斜。交易者可能會為延長的弱點做好準備。”

This suggests that traders are anticipating a prolonged period of weakness in the crypto market. A diminishing call premium, where the implied volatility (IV) of calls drops compared to puts, indicates that traders are less optimistic about price increases in the near to medium term.

這表明，交易者預計加密貨幣市場的弱點會長時間。呼叫溢價的降低，與PUTS相比，呼叫的隱含波動率（IV）下降表明，交易者對接近中期的價格上漲的樂觀程度較小。

Moreover, a negative or reverse volatility skew, like OTM (out-of-the-money) puts having higher IV than OTM calls, is commonly observed in equity markets when investors have a strong fear of price declines.

此外，當投資者強烈擔心價格下降時，通常在股票市場觀察到，通常在股票市場上觀察到負面波動性偏差，例如OTM（OTM（貨幣貨幣貨幣貨幣貨幣貨幣多）高於OTM的呼叫高於OTM。

This pattern seems to be unfolding in the crypto options market, reflecting heightened concerns about downside risks.

這種模式在加密貨幣期權市場中似乎正在發展，這反映了對下行風險的擔憂。

Analysts at Greeks.live note that BTC's IV has declined significantly and is now largely holding at nearly 50% across all maturities. On the other hand, ETH's IV has remained at a higher level, with short to medium-term volatility remaining around 80%. This makes selling ETH options in the short term a favorable trade.

Live指出，BTC的IV已大大下降，目前在所有期限中的持有近50％。另一方面，ETH的IV一直保持較高水平，短到中期波動率仍保持在80％左右。這使得在短期內出售ETH期權成為有利的交易。

Global economic uncertainty, such as the US-China tariff dispute, has dampened risk appetite. Crypto's inherent volatility could also be fueling this cautious outlook.

全球經濟不確定性，例如美國 - 中國關稅糾紛，已經抑制了風險食慾。加密貨幣的固有波動也可能助長這種謹慎的前景。

“Sentiment was more panicky this week, with Trump’s frequent switching of tariff policies making the market extremely risk averse,” said the analysts at Greeks.live.

“本週的情緒更加恐慌，特朗普經常改變關稅政策，使市場極為避開市場，”希臘語的分析師說。

The analysts at Greeks.live agree with Deribit's view of extended weakness. However, they anticipate continued uncertainty and volatility in the market for a long time.

希臘人的分析師同意Deribit對弱點的觀點。但是，他們預計很長一段時間以來，市場上會持續不確定性和波動性。

For traders, this calls for hedging strategies, such as buying puts or diversifying into stablecoins.

對於貿易商而言，這需要採取對沖策略，例如購買投票或多元化成穩定的策略。

“Cryptocurrencies are currently suffering from a lack of new incoming money, a lack of new narratives, and a more subdued investor sentiment. In this worse market of bulls to bears, the probability of a black swan will be significantly higher, and buying some deep vanilla puts would be a good choice,” concluded the analysts at Greeks.live.

“加密貨幣目前正在遭受缺乏新的傳入金錢，缺乏新的敘述以及更柔和的投資者情緒的困擾。在這個更糟糕的公牛市場對熊市的較差市場中，黑天鵝的可能性將大大提高，購買一些深層的香草股會是一個不錯的選擇，”在Greeks.s.live上結束了分析師。