本周五，大约50亿美元的比特币（BTC）期权合约到期

大约50亿美元的比特币（BTC）期权合约将在本周五08:00 UTC在Deribit到期，这增加了已经波动的加密货币市场。

A large sum of bitcoin (BTC) options contracts on crypto exchange Deribit are set to expire this Friday at 08:00 UTC, adding to an already volatile crypto market.

Crypto Exchange Deribit上的大量比特币（BTC）期权合约定于本周五在08:00 UTC到期，这增加了已经波动的加密货币市场。

Bitcoin’s prolonged consolidation had kept Deribit’s volatility index (DVOL) in a downward trend throughout 2025. However, after bitcoin’s sharp decline, DVOL spiked to 52 before retreating back below 50—signaling a temporary surge in market uncertainty.

比特币的延长巩固使Deribit的波动率指数（DVOL）保持在整个2025年的下降趋势。但是，在比特币急剧下降之后，DVOL升至52，然后撤退到50岁以下，在50岁以下 - 信号临时降低了市场不确定性的临时激增。

The recent price drop below $90,000 has left a majority of options out-of-the-money (OTM) and traders facing significant unrealized losses.

最近的价格下跌低于$ 90,000，使大部分货币外（OTM）以及面临重大未实现损失的交易者。

An option allows the holder the right, but not the obligation, to buy or sell an underlying asset at a specific price within a certain time period.

选项允许持有人在一定时间段内以特定价格以特定价格购买或出售基础资产的权利，但不能承担义务。

According to Deribit data, out of the $5 billion of notional value that is due to expire, $3.9 billion (78%) of it is due to expire out-the-money (OTM), meaning these contracts will expire worthless.

根据Deribit数据，在耗资50亿美元到期的名义价值中，其中39亿美元（78％）是由于到期的货币（OTM），这意味着这些合同将毫无价值。

Almost 100% of calls are OTM, which are bullish bets, as the bitcoin price dropped significantly over the past few days, leaving investors with a significant amount of unrealized losses.

几乎100％的电话是OTM，这是看涨的赌注，因为在过去几天中，比特币的价格大大下降，这使投资者造成了大量未实现的损失。

While, the remaining $1.1 billion (22%), was in-the-money (ITM) with it being dominated with puts. ITM puts are investors having their strike prices above the spot price, meaning they hold value.

而剩下的11亿美元（22％）的货币（ITM）却被投票所占据主导地位。 ITM投票是投资者的罢工价格高于现货价格，这意味着他们拥有价值。

However, max pain is at $98,000, that is, $10,000 higher than the current spot price. Max pain is the price at which option sellers, typically institutions, achieve maximum profit, while buyers experience the greatest amount of losses.

但是，Max Pain为98,000美元，即比当前现货价格高10,000美元。最大痛苦是期权销售商（通常是机构）获得最大利润的价格，而买家则经历最大的损失。

As the max pain price is so much higher than the spot price, this could incentivize options sellers to push bitcoin price higher closer to the pain level, according to PowerTrade.

根据PowerTrade的数据，由于最大疼痛价格远高于现货价格，因此这可能会激励期权销售商将比特币价格提高到更接近疼痛水平的水平。

"With the end of the month approaching, bitcoin options traders should take note. Max Pain for Feb. 28 sits at $98,000, with a massive $5 billion notional value. This means the highest open interest is clustered here, and it incentivizes market makers to keep bitcoin close to this price. Expect increased volatility and potential price gravitation toward this level," PowerTrade said on X.

“随着本月底的临近，比特币期权交易员应注意。2月28日的最大痛苦为98,000美元，有50亿美元的名义价值。这意味着这里最高的开放兴趣是在这里聚集的，并且它激励了营销者向市销商激励营销者，保持比特币接近此价格。

Let's see if the so-called max pain theory holds true.

让我们看看所谓的最大疼痛理论是否成立。