价值 95 亿美元的比特币期权将于周五到期，加剧波动

本周五，加密货币市场将发生一件重大事件，价值 95 亿美元的比特币期权和总计 57 亿美元的以太坊期权将在 Deribit 交易所到期。这些期权的到期预计将加剧波动，给比特币价格带来上行压力。期权是允许买家以预设价格无义务购买资产的法律合同，在塑造市场动态方面发挥着至关重要的作用。

This Friday will mark another Bitcoin options expiry event where the crypto options exchange Deribit will expire 135000 Bitcoin options worth $9.5 billion. But that’s not all, as $5.7 Billion worth of Ether options will also finish their journey here.

本周五将是另一场比特币期权到期事件，加密货币期权交易所 Deribit 将到期 135000 个比特币期权，价值 95 亿美元。但这还不是全部，价值 57 亿美元的以太币期权也将在这里结束它们的旅程。

With the crypto options expiring, an upward pressure would get injected, leading to volatility issues in the crypto market.

随着加密货币期权到期，将会注入上涨压力，导致加密货币市场出现波动问题。

What are the Bitcoin Options?

Options in general are known to be the legal contracts under which a buyer has the right to buy an underlying asset at a specific price and at a specific time without any obligations. Here, the user can buy at the preset price and at a later date.

什么是比特币期权？期权通常被认为是一种法律合同，根据该合同，买方有权在特定时间以特定价格购买标的资产，而无需承担任何义务。在这里，用户可以按预设价格以及稍后的日期购买。

In the case of Bitcoin, the buyer gets to buy or sell the Bitcoin early and with a specific price. With this, the user can predict the bitcoin price amid the fluctuations and make profits.

就比特币而言，买家可以提前以特定价格购买或出售比特币。这样，用户就可以在波动中预测比特币价格并获利。

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Other than this, two other important terms related to this are “Call and Put.” If the buyer wants to buy the underlying asset, the right is called a call, whereas if the buyer wants to sell, that will be called a put option.

除此之外，与此相关的另外两个重要术语是“看涨期权和看跌期权”。如果买方想购买标的资产，则该权利称为看涨期权，而如果买方想出售标的资产，则称为看跌期权。

Why Bitcoin Options Are Expiring?

With the quarterly contract expiration date set for this Friday on the Deribit exchange, billions of dollars worth of Bitcoin options contracts come to an end. Overall, around $15.2 billion in contracts will expire, out of which $9.5 Billion (40% of the total Bitcoin option) will be lost, and the rest are for Ether.

为什么比特币期权即将到期？随着 Deribit 交易所定于本周五的季度合约到期日，价值数十亿美元的比特币期权合约即将到期。总体而言，大约 152 亿美元的合约将到期，其中 95 亿美元（比特币期权总额的 40%）将损失，其余的则用于以太坊。

The Deribit exchange holds more than 85% of the total market options where one contract option is equal to one Bitcoin. It is one of the biggest expirations that will happen for Deribit, leading to the wipeout of 62% of total national open interest (dollar value of active contracts), out of which 40% will be of Bitcoin’s total option value, whereas 43% of Ether’s total.

Deribit 交易所持有超过 85% 的市场期权，其中一份合约期权等于一份比特币。这是 Deribit 将发生的最大的到期之一，导致全国未平仓合约总额（活跃合约的美元价值）的 62% 消失，其中 40% 将是比特币期权总价值，而 43% 将是比特币期权总价值的 43%。以太币总量。

It is comparatively lower than the end-of-month expiration for the past two months. As for January, the amount was around $3.74 billion, whereas February went with $3.72 billion in value.

与过去两个月的月末到期相比，该价格相对较低。 1月份的金额约为37.4亿美元，而2月份的金额为37.2亿美元。

How This Will Affect Bitcoin’s Value?

According to the chief commercial officer of Deribit, Luuk Strijers, with this large amount of options expiration in ITM (in-the-money), it will cause upward pressure, which will cause increased volatility in the crypto market.

这将如何影响比特币的价值？根据 Deribit 首席商务官 Luuk Strijers 的说法，随着大量 ITM（价内）期权到期，将造成上行压力，从而导致加密货币波动性增加市场。

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Usually, such call expiration ITM causes the price to fall lower than the current market rate. So, in the case of Bitcoin, the buyers will get 1 Bitcoin at a lower price than the spot market. As a result, the buyer will make a profit on this buying. It is only possible if the options get exercised before Friday. Once the expiration finishes, it will push the value to max pain.

通常，此类看涨期权到期 ITM 会导致价格跌至低于当前市场汇率。因此，就比特币而言，买家将以低于现货市场的价格获得 1 个比特币。结果，买家将从这次购买中获利。只有在周五之前行使期权才有可能。一旦到期结束，它将把疼痛值推至最大。

Bitcoin is currently trading around the $70K mark, and as said, the 40% worth of Bitcoin options will expire ITM. It will lead to the maximum pain points for Bitcoin at $50,000. Here, the buyer will lose money because of the maximum pain point.

比特币目前的交易价格在 7 万美元左右，正如前面所说，价值 40% 的比特币期权将在 ITM 到期。这将导致比特币的最大痛点达到 50,000 美元。在这里，买家会因为最大的痛点而赔钱。

Conclusion

This year has already witnessed a few Bitcoin options, and another one will happen tomorrow. It is schedule to happen at 8:00 UTC (Coordinated Universal Time), where 135000 Bitcoin Options will expire. There are possibilities of increased volatility in the crypto market. But it is predicted, that the bullish nature of the  market might stay the same.

结论今年已经出现了一些比特币选择，明天还会出现另一个选择。计划于 UTC（协调世界时间）8:00 发生，届时 135000 个比特币期权将到期。加密货币市场的波动性可能会增加。但据预测，市场的看涨性质可能会保持不变。

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