$2.6B 比特币和以太坊期权今天到期，市场波动预计将飙升

今天是加密货币市场的重大事件，价值超过 26 亿美元的期权合约即将到期，其中比特币 (BTC) 和以太坊 (ETH) 处于领先地位。

More than $2.6 billion in cryptocurrency options contracts are expiring today, setting the stage for a potentially pivotal event in the digital asset markets. As the clock ticks down to the expiration, traders and investors are bracing for the immense market implications.

超过 26 亿美元的加密货币期权合约今天即将到期，这为数字资产市场潜在的关键事件奠定了基础。随着到期日的临近，交易者和投资者正在准备迎接巨大的市场影响。

At the forefront of attention are Bitcoin (BTC) and Ethereum (ETH), the two leading cryptocurrencies that account for the bulk of the expiring options contracts. The astronomical sum involved in today's expiration is expected to amplify the market volatility, price movements, and potential strategies employed by investors.

最受关注的是比特币（BTC）和以太坊（ETH），这两种主要的加密货币占到期期权合约的大部分。今天到期涉及的天文数字预计将放大市场波动、价格变动和投资者采用的潜在策略。

A closer look at cryptocurrency options reveals that these contracts grant investors the right, but not the obligation, to buy or sell an asset at a predetermined price before a specific expiration date. In the context of Bitcoin and Ethereum, options trading empowers investors to hedge, speculate, or leverage their positions in the market.

仔细研究加密货币期权就会发现，这些合约赋予投资者在特定到期日之前以预定价格买卖资产的权利，但没有义务。在比特币和以太坊的背景下，期权交易使投资者能够对冲、投机或利用其在市场中的头寸。

While these contracts can be a powerful tool, their expiration can trigger sharp movements, especially when large sums are involved.

虽然这些合约可以是一个强大的工具，但它们的到期可能会引发剧烈的波动，尤其是在涉及大额金额时。

Out of the total expiring today, a large portion comprises both call (buy) and put (sell) options. Call options give the holder the right to buy Bitcoin or Ethereum at a set price, while put options allow the holder to sell at a set price. The final price of these assets at expiration will determine how many options holders can exercise, potentially leading to significant buying or selling pressure in the market.

在今天到期的总数中，很大一部分包括看涨（买入）和看跌（卖出）期权。看涨期权赋予持有人以设定价格购买比特币或以太坊的权利，而看跌期权则允许持有人以设定价格出售。这些资产到期时的最终价格将决定有多少期权持有者可以行使，这可能会导致市场出现巨大的买卖压力。

Bitcoin and Ethereum are no strangers to price volatility, and the expiration of such a large number of options contracts could amplify the fluctuations.

比特币和以太坊对价格波动并不陌生，如此大量的期权合约到期可能会放大波动。

As of the latest market data, Bitcoin has been hovering around $35,000, while Ethereum has been trading near $2,000. The expiration of these options contracts could trigger a cascade of buying or selling activity depending on where the price stands relative to the strike prices of the options.

截至最新市场数据，比特币一直徘徊在 35,000 美元左右，而以太坊则一直在 2,000 美元附近交易。这些期权合约的到期可能会引发一连串的买入或卖出活动，具体取决于价格相对于期权执行价格的位置。

For instance, if Bitcoin or Ethereum closes near key strike prices, a massive number of options could be exercised, leading to increased buying or selling pressure. This could either push prices higher if demand exceeds supply or create downward pressure if there is a greater volume of sell orders.

例如，如果比特币或以太坊收盘价接近关键执行价格，则可能会行使大量期权，从而导致买入或卖出压力增加。如果需求超过供应，这可能会推高价格；如果卖单数量增加，则可能会造成下行压力。

Historically, large options expirations have led to sharp movements in the crypto markets, with traders quickly adjusting their positions in reaction.

从历史上看，大量期权到期会导致加密货币市场剧烈波动，交易者会迅速调整头寸作为反应。

Moreover, the expiration of these contracts could also encourage short-term traders to enter the market, either to capitalize on volatility or to hedge against potential price swings. As such, liquidity may increase, further enhancing the potential for significant price movements.

此外，这些合约的到期还可能鼓励短期交易者进入市场，以利用波动性或对冲潜在的价格波动。因此，流动性可能会增加，进一步增强价格大幅波动的可能性。

Here are some potential outcomes that could result from the expiration of $2.6 billion in options contracts:

以下是 26 亿美元期权合约到期可能产生的一些潜在结果：

1. Price rallies: If the price of Bitcoin or Ethereum closes significantly above or below a key strike price, a large number of options could be exercised, leading to buying or selling pressure that drives the price further in that direction. This could result in price rallies or sharp corrections.

1. 价格上涨：如果比特币或以太坊的价格收盘明显高于或低于关键执行价格，则可能会行使大量期权，从而导致买入或卖出压力，从而推动价格进一步朝该方向发展。这可能导致价格上涨或大幅调整。

2. Minimal impact: In the event that the price of Bitcoin or Ethereum does not align closely with any major strike prices, the expiration of the options contracts may have minimal impact on the price movements. This could occur if the price remains within a range or if it moves slowly throughout the expiration period.

2. 影响最小：如果比特币或以太坊的价格与任何主要执行价格不紧密一致，期权合约到期对价格变动的影响可能很小。如果价格保持在一定范围内或者在整个有效期内缓慢移动，则可能会发生这种情况。

3. Increased volatility: Regardless of the specific price movements, the large-scale expiration of options contracts is likely to amplify the volatility in the cryptocurrency markets. As traders and investors adjust their positions and react to the shifting market dynamics, we could see exaggerated price movements both before and after the expiration.

3、波动性加大：无论具体价格走势如何，期权合约的大规模到期都可能会放大加密货币市场的波动性。随着交易者和投资者调整头寸并对不断变化的市场动态做出反应，我们可能会在到期前后看到夸大的价格变动。

4. Liquidity boost: Typically, large options expirations attract more traders to the market, especially those seeking to capitalize on the short-term volatility or to hedge their positions against the potential price swings. This could increase the liquidity in the cryptocurrency markets, at least for the duration of the expiring contracts.

4. 流动性增加：通常，大型期权到期会吸引更多交易者进入市场，特别是那些寻求利用短期波动或对冲潜在价格波动的头寸的交易者。这可能会增加加密货币市场的流动性，至少在合约到期期间是如此。

5. Minimal price movements: It's also possible that the large options expiration has already been priced into the market by traders, and thus the day of expiration may pass without any major price movements for Bitcoin or Ethereum. This could happen if the traders have already adjusted their positions or strategies ahead of the expiration in anticipation of the potential market impact.

5. 最小的价格变动：也有可能，大额期权到期已经被交易者定价到市场中，因此到期日可能会过去，比特币或以太坊的价格不会出现任何重大变动。如果交易者已经在到期前因预期潜在的市场影响而调整了头寸或策略，则可能会发生这种情况。

6. Potential for new market highs or lows: In the case of extreme price movements, especially if the price of Bitcoin or Ethereum surges or plummets significantly, the large options expiration could contribute to the market reaching new highs or lows. This is particularly relevant if the price closes close to a key strike price, leading to a large number of options being exercised in one direction.

6.市场新高或新低的可能性：在价格剧烈波动的情况下，特别是如果比特币或以太坊的价格大幅上涨或暴跌，大额期权到期可能会导致市场触及新高或新低。如果价格收盘接近关键执行价格，导致大量期权在一个方向上行使，这一点尤其重要。

7. Options pin risks: One scenario that traders try to avoid is the "pin risk," where the price of Bitcoin or Ethereum ends up precisely at a strike price. In this case, neither the call nor the put options would be exercised fully, potentially leading to losses for the options traders involved.

7. 期权固定风险：交易者试图避免的一种情况是“固定风险”，即比特币或以太坊的价格最终恰好达到执行价格。在这种情况下，看涨期权和看跌期权都不会被充分行使，这可能会导致相关期权交易者遭受损失。

Today's $2.6 billion options expiration is a testament to the rapid growth and institutionalization of the cryptocurrency markets. While options can be a powerful tool for investors, it's essential to approach them with caution and a clear understanding

今天 26 亿美元的期权到期证明了加密货币市场的快速增长和制度化。虽然期权对于投资者来说是一个强大的工具，但必须谨慎对待并清楚地了解它们