价值 $2.639B 的比特币 (BTC) 和以太坊 (ETH) 期权合约今天到期，加密货币市场的波动性会扩大吗？

加密市场价值 26.39 亿美元的比特币 (BTC) 和以太坊 (ETH) 期权合约今天将到期。这次大规模的到期可能会影响

A total of $2.639 billion in Bitcoin (BTC) and Ethereum (ETH) options contracts are set to expire today, Friday, January 6. This massive expiration could have an impact on short-term price action, especially given the volatility seen in both assets over the past few days.

总计 26.39 亿美元的比特币 (BTC) 和以太坊 (ETH) 期权合约将于今天（1 月 6 日星期五）到期。如此大规模的到期可能会对短期价格走势产生影响，特别是考虑到这两种资产的波动性在过去的几天里。

With Bitcoin options valued at $1.9 billion and Ethereum at $712 million, the question arises: will crypto markets see volatility extend or witness a steady kickoff to 2025? Here’s a closer look at what these options expiration entails for BTC and ETH prices.

比特币期权价值 19 亿美元，以太坊价值 7.12 亿美元，问题出现了：到 2025 年，加密货币市场的波动性会延续还是会稳定启动？以下是这些期权到期对 BTC 和 ETH 价格的影响的详细分析。

First Crypto Options Expiry of 2025: Over $2.6 Options Expire

第一个加密货币期权将于 2025 年到期：超过 2.6 美元的期权到期

Data on Deribit shows today’s Bitcoin options expiration involves 19,885 contracts, compared to 88,537 contracts last week. Similarly, Ethereum’s expiring options total 205,724 contracts, down from 796,021 contracts the previous week. The disparity stems from last week’s contracts, which marked the end-of-year options expiry.

Deribit 数据显示，今日比特币期权到期涉及 19,885 份合约，而上周为 88,537 份合约。同样，以太坊的到期期权总数为 205,724 份合约，低于前一周的 796,021 份合约。这种差异源于上周的合约，该合约标志着年末期权到期。

For Bitcoin, the expiring options have a maximum pain point (strike price) of $97,000 and a put-to-call ratio of 0.69. This indicates a generally bullish sentiment despite the pioneer crypto’s ongoing struggle to reclaim the $100,000 milestone.

对于比特币来说，到期期权的最大痛点（执行价格）为 97,000 美元，看跌期权与看涨期权比率为 0.69。尽管这家加密货币先驱公司一直在努力夺回 10 万美元的里程碑，但这表明人们普遍看涨情绪。

In comparison, the Ethereum contracts expiring today have a maximum pain price of $3,400 and a put-to-call ratio of 0.81, reflecting a similar market outlook. When the put-to-call ratio is below 1, more traders are betting on price increases.

相比之下，今天到期的以太坊合约的最高痛苦价格为 3,400 美元，看跌期权与看涨期权比率为 0.81，反映了类似的市场前景。当看跌期权与看涨期权比率低于 1 时，更多交易者押注价格上涨。

In options trading, the strike price is a crucial metric that often guides market behavior. It represents the price level at which most options expire worthless, inflicting maximum financial “pain” on traders as options expire worthless.

在期权交易中，执行价格是通常指导市场行为的关键指标。它代表了大多数期权到期时一文不值的价格水平，当期权到期时一文不值，给交易者带来了最大的财务“痛苦”。

Traders and investors should brace for volatility, as options expirations often cause short-term price fluctuations, which create market uncertainty. Specifically, the asset’s price tends to gravitate toward the price to optimize profits for options sellers, who, in most cases, are large financial institutions of smart money.

交易者和投资者应做好应对波动的准备，因为期权到期往往会导致短期价格波动，从而造成市场不确定性。具体来说，资产的价格往往倾向于优化期权卖方利润的价格，而期权卖方在大多数情况下都是精明资金的大型金融机构。

According to BeInCrypto data, BTC was trading for $96,912 as of this writing, whereas ETH was exchanging hands for $3,465. Gravitating toward their respective strike prices would, therefore, signify a modest value increase for Bitcoin and a slight drop in Ethereum’s price, hence potential volatility.

根据 BeInCrypto 数据，截至撰写本文时，BTC 的交易价格为 96,912 美元，而 ETH 的交易价格为 3,465 美元。因此，倾向于各自的执行价格将意味着比特币的价值适度上涨，而以太坊的价格略有下降，因此存在潜在的波动性。

“Volatility levels have retained a consistent level and shape throughout the post-Christmas period. December’s end-of-year expiration of a significant proportion of the market’s open interest in options did not result in the fireworks that some expected. Instead, ETH volatility trades more than 5 points lower while BTC displays the same, slightly steeper shape that it has since Christmas day,” Deribit shared.

“在整个圣诞节后时期，波动性水平保持了一致的水平和形状。 12月年底，市场上很大一部分未平仓期权到期，但并没有像一些人预期的那样爆发出火花。相反，ETH 的波动性下降了 5 个点以上，而 BTC 的波动性则与圣诞节以来的走势相同，但略显陡峭。”Deribit 分享道。

Even in the face of potential volatility, however, markets usually stabilize soon after as traders adapt to the new price environment. With today’s high-volume expiration, traders and investors can expect a similar outcome, potentially influencing short-term market trends.

然而，即使面对潜在的波动，随着交易者适应新的价格环境，市场通常很快就会稳定下来。随着今天的大量到期，交易者和投资者可以预期类似的结果，可能会影响短期市场趋势。