价值 $2.27B 的比特币 (BTC) 和以太坊 (ETH) 期权今天到期，市场为价格波动做好准备

加密货币市场处于高度戒备状态，价值 22.7 亿美元的比特币 (BTC) 和以太坊 (ETH) 期权将于今天到期。

Major cryptocurrency options, including $2.27 billion worth of Bitcoin (BTC) and Ethereum (ETH) options, are set to expire on Friday, an event that could significantly impact the price direction of these leading digital assets.

主要的加密货币期权，包括价值 22.7 亿美元的比特币 (BTC) 和以太坊 (ETH) 期权，将于周五到期，这一事件可能会严重影响这些领先数字资产的价格走向。

This massive expiry has put the cryptocurrency market on high alert, with investors and analysts anticipating potential price swings that could disrupt current market trends.

这次大规模的到期使加密货币市场处于高度戒备状态，投资者和分析师预计潜在的价格波动可能会扰乱当前的市场趋势。

Understanding Options Expiry

了解期权到期日

Options contracts provide traders with the right, but not the obligation, to buy or sell an asset at a predetermined price before a specified date. These contracts can be used for various strategies, such as hedging, speculating, or generating income.

期权合约为交易者提供在指定日期之前以预定价格买卖资产的权利，但没有义务。这些合约可用于各种策略，例如对冲、投机或创收。

As options contracts approach expiry, market dynamics can shift due to traders closing positions, hedging, or rolling over contracts to future dates. In the case of Bitcoin and Ethereum, such large expiries can amplify market volatility as traders adjust their strategies.

随着期权合约临近到期，市场动态可能会因交易者平仓、对冲或将合约展期至未来日期而发生变化。就比特币和以太坊而言，随着交易者调整策略，如此大的到期日可能会放大市场波动。

The decisions made during this period can significantly impact the price direction of these leading cryptocurrencies.

在此期间做出的决策可能会对这些领先加密货币的价格方向产生重大影响。

Breaking Down the $2.27 Billion Expiry

解析 22.7 亿美元的到期日

This split showcases substantial interest and activity in both assets, highlighting their dominance in the digital asset landscape.

此次拆分展示了对这两种资产的浓厚兴趣和活动，凸显了它们在数字资产领域的主导地位。

Potential Market Reactions

潜在的市场反应

Several scenarios could unfold as the options expire:

当期权到期时，可能会出现几种情况：

Bitcoin, Ethereum Options Open Interest at Key Levels

比特币、以太坊期权未平仓合约处于关键水平

A crucial metric to watch during this expiry event is the “max pain” level—the price point where the highest number of options contracts expire worthless. For Bitcoin, this level currently sits near $26,000, while for Ethereum, it hovers around $1,600.

在此到期事件期间需要关注的一个关键指标是“最大痛苦”水平，即最大数量的期权合约到期时一文不值的价格点。对于比特币来说，这一水平目前接近 26,000 美元，而对于以太坊来说，这一水平徘徊在 1,600 美元左右。

Traders often pay close attention to these levels as they can act as magnets, drawing prices toward them as expiry nears.

交易者经常密切关注这些水平，因为它们可以起到磁铁的作用，在到期日临近时将价格吸引到这些水平。

Investor Strategies Amid Expiry Turbulence

到期动荡中的投资者策略

Broader Market Context

更广泛的市场背景

This expiry comes at a time when macroeconomic factors and regulatory developments are already influencing crypto prices. As global financial markets react to interest rate changes and evolving regulations, the behavior of Bitcoin and Ethereum during this period could offer insights into the resilience of the crypto market.

此次到期之际，宏观经济因素和监管发展已经影响了加密货币价格。随着全球金融市场对利率变化和不断变化的法规做出反应，比特币和以太坊在此期间的行为可以为人们提供有关加密货币市场弹性的见解。

Market participants will be closely watching to see how the expiry event unfolds and what it signals for the next phase of crypto market movements.

市场参与者将密切关注到期事件如何展开，以及它对加密货币市场下一阶段走势的信号。