比特币（BTC）期权合约价值50亿美元到期：期望波动性

随着交易者将价值数十亿美元的期权合约卸货的近几周，比特币的下降趋势可能会持续下去。

output: A large wave of Bitcoin (BTC) options contracts, collectively worth a staggering $5 billion, are due to expire this coming Friday, February 28, marking a potential turning point for the cryptocurrency market.

产出：一波大量的比特币（BTC）期权合约，总计价值惊人的50亿美元，将于2月28日星期五到期，这标志着加密货币市场的潜在转折点。

As traders prepare to close out their positions, billions of dollars in options are set to be offloaded, potentially adding to the volatility and price declines that have already been unfolding in recent weeks.

当交易者准备结束职位时，将设置数十亿美元的期权将被卸载，这可能会增加近几周来已经不断发展的波动性和价格下跌。

Bitcoin’s downward trend could continue as traders liquidate their options holdings. The price of Bitcoin remains below the key support level of $90,000 after a steep selloff in recent days, while other crypto, such as Ethereum (ETH), have also sold off sharply.

随着贸易商清算其期权持有量，比特币的下降趋势可能会继续下去。在最近几天出现巨大的抛售后，比特币的价格仍低于90,000美元的关键支持水平，而其他加密货币（例如以太坊（ETH））也急剧出售。

Analysts attribute the decline to investors becoming more risk averse amid signs that the U.S. economy is slowing down, with less jobs growth and a widening trade deficit.

分析师将下降归因于投资者在美国经济正在放缓，就业增长和贸易赤字扩大的迹象中，变得更加厌恶风险。

Now, the expiry of options contracts threatens to add to the volatility and price declines among crypto. An options contract grants the holder the right, but not the obligation, to buy or sell an underlying asset at a specific price within a set period of time.

现在，期权合同的到期可能会增加加密货币的波动和价格下跌。期权合约授予持有人在设定的时间内以特定价格购买或出售基础资产的权利，但没有义务。

According to data from Deribit, out of the $5 billion of options due to expire on February 28, $3.9 billion (78%) is likely to expire out-the-money.

根据Deribit的数据，在2月28日到期的50亿美元期权中，39亿美元（78％）可能会到期。

Out-of-the-Money Calls

无价的电话

According to data from Deribit, out of the $5 billion of options due to expire on Feb. 28, $3.9 billion (78%) is likely to expire out-the-money, meaning those contracts will expire worthless.

根据Deribit的数据，在2月28日到期的50亿美元期权中，39亿美元（78％）可能会到期，这意味着这些合同将毫无价值。

Most of the options contracts that are set to expire were bullish calls that bet on Bitcoin's price rising in the near-term, leaving investors with significant unrealized losses.

将要到期的大多数选项合同都是看涨的呼吁，这些呼吁在短期内押注比特币的价格上涨，这使投资者造成了巨大的未实现损失。

Many analysts see further declines ahead for cryptocurrencies and Bitcoin in particular. Some analysts are now forecasting that Bitcoin's price will fall to $80,000 or lower.

许多分析师认为加密货币和比特币的进一步下降。现在，一些分析师预测比特币的价格将降至80,000美元或更低。

In the past month, the price of BTC has declined 17% to trade at $86,800. Most Wall Street firms don't offer ratings or price targets on Bitcoin, so we'll look at the cryptocurrency's three-month performance instead. As one can see in the chart below, the price of BTC has declined 8.03% in the last 12 weeks.

在过去的一个月中，BTC的价格下跌了17％的交易价格为86,800美元。大多数华尔街公司都不提供比特币的评级或价格目标，因此我们将研究加密货币的三个月性能。正如下图中可以看到的那样，在过去的12周内，BTC的价格下跌了8.03％。