价值 $3.42B 的比特币 (BTC) 和以太坊 (ETH) 期权合约今日到期，市场准备迎接波动

加密市场将见证价值 34.2 亿美元的比特币和以太坊期权合约今天到期。大规模到期可能会造成短期价格影响。

Crypto markets are set to witness a massive expiration of Bitcoin and Ethereum options contracts today, with a total value of $3.42 billion. This large expiration could have a short-term impact on the prices of these digital assets, especially as markets await the potential for Bitcoin to reach the $100,000 mark.

今天，加密货币市场将见证比特币和以太坊期权合约的大规模到期，总价值达 34.2 亿美元。此次大幅到期可能会对这些数字资产的价格产生短期影响，尤其是在市场等待比特币有可能突破 10 万美元大关的情况下。

With Bitcoin options valued at $2.86 billion and Ethereum at $561.66 million, traders are preparing for potential volatility in the coming hours.

比特币期权价值 28.6 亿美元，以太坊期权价值 5.6166 亿美元，交易者正在为未来几个小时的潜在波动做好准备。

Unlike Ethereum, traders seem to be betting on a pullback in Bitcoin price

与以太坊不同，交易者似乎押注比特币价格回调

There has been a significant increase in Bitcoin (BTC) and Ethereum (ETH) contracts expiring today compared to last week. According to Deribit data, 28,905 Bitcoin options contracts will expire on Friday with a put-to-call ratio of 1.09 and a maximum pain point of $86,000.

与上周相比，今天到期的比特币（BTC）和以太坊（ETH）合约显着增加。 Deribit数据显示，28,905份比特币期权合约将于周五到期，看跌期权与看涨期权比率为1.09，最大痛点为86,000美元。

On the other hand, 164,687 Ethereum contracts are due for expiry today, with a put-to-call ratio of 0.66 and a maximum pain point of $3,050.

另一方面，164,687份以太坊合约将于今天到期，看跌期权与看涨期权比率为0.66，最大痛点为3,050美元。

Bitcoin’s Put-to-call ratio stands above 1, indicating a generally bearish sentiment despite BTC’s whales and long-term holders fueling its recent growth. In comparison, Ethereum counterparts have a put-to-call ratio of 0.66, reflecting a generally bullish market outlook.

比特币的看跌期权比率高于 1，表明尽管 BTC 的鲸鱼和长期持有者推动了其近期的增长，但人们普遍看跌情绪。相比之下，以太坊的看跌期权与看涨期权比率为 0.66，反映出市场前景普遍看涨。

The put-to-call ratio gauges market sentiment. Put options represent bets on price declines, whereas call options point to bets on price increases.

看跌期权与看涨期权比率衡量市场情绪。看跌期权代表对价格下跌的押注，而看涨期权则代表对价格上涨的押注。

When this ratio is above 1, it suggests a lack of optimism in the market, with more traders betting on price decreases. On the other hand, a put-to-call ratio below 1 suggests optimism in the market, and more traders are betting on price increases.

当该比率高于 1 时，表明市场缺乏乐观情绪，更多交易者押注价格下跌。另一方面，看跌期权与看涨期权比率低于 1 表明市场乐观，更多交易者押注价格上涨。

Bitcoin’s Put-to-Call Ratio, Implications for BTC

比特币的看跌期权比率，对 BTC 的影响

As options near expiration, traders are betting on BTC prices dropping and ETH prices rising. According to the Max Pain Theory in options trading, BTC and ETH could each pull toward their maximum pain points (strike prices) of $86,000 and $3,050, respectively. Here, the largest number of contracts — both calls and puts — would expire worthless.

随着期权临近到期，交易者押注 BTC 价格下跌而 ETH 价格上涨。根据期权交易中的最大痛苦理论，BTC 和 ETH 可能分别拉向其最大痛点（执行价格）：86,000 美元和 3,050 美元。在这里，最大数量的合约（包括看涨期权和看跌期权）将在到期时毫无价值。

Notably, price pressure for both assets will ease after Deribit settles contracts at 08:00 UTC today. At the time of writing, however, BTC was trading for $98,876, whereas ETH was exchanging hands for $3,389.

值得注意的是，在 Deribit 今天 08:00 UTC 结算合约后，这两种资产的价格压力将会缓解。然而，在撰写本文时，BTC 的交易价格为 98,876 美元，而 ETH 的交易价格为 3,389 美元。

Meanwhile, in line with put-to-call ratios, analysts at Greeks.live anticipate an extended move north for ETH and say BTC is at the cusp of a correction.

与此同时，根据看跌期权与看涨期权比率，Greeks.live 的分析师预计 ETH 将进一步上涨，并表示 BTC 正处于修正的风口浪尖。

“With about 8% of positions expiring this week, the big rally in Ethereum has led to a significant increase in ETH major term options IV [implied volatility], while BTC major term options IV has remained relatively stable. The market sentiment remains extremely optimistic at this point,” Greeks.live analysts said.

“本周约有 8% 的头寸到期，以太坊的大幅上涨导致 ETH 主要期限期权 IV（隐含波动率）大幅增加，而 BTC 主要期限期权 IV 则保持相对稳定。目前市场情绪仍然极其乐观，”Greeks.live 分析师表示。

The analysts also note that while Bitcoin risks a correction, the generalized market rally keeps this potential pullback at bay. They ascribe the positive sentiment in the market to significant capital inflows into ETFs (exchange-traded funds), specifically BlackRock’s IBIT options, which started to trade only recently alongside a strongly driven spot bull market.

分析师还指出，虽然比特币面临回调风险，但普遍的市场反弹阻止了这种潜在的回调。他们将市场的积极情绪归因于大量资本流入 ETF（交易所交易基金），特别是贝莱德的 IBIT 期权，该期权最近才开始在强劲的现货牛市中进行交易。

Nevertheless, with today’s high-volume expiration, traders should anticipate fluctuations in Bitcoin and Ethereum prices that could shape their short-term trends.

尽管如此，随着今天的大量到期，交易者应该预计比特币和以太坊价格的波动可能会影响他们的短期趋势。