比特币和以太坊持有者准备迎接波动，因为 $2.27B 期权今天到期

加密货币市场预计将有 22.7 亿美元的比特币和以太坊期权今天到期，这一发展可能会引发短期价格波动

A total of $2.27 billion in Bitcoin (BTC) and Ethereum (ETH) options are set to expire on Deribit today, an event that could influence the short-term price volatility of both cryptocurrencies and impact the profitability of traders.

Deribit 上总计 22.7 亿美元的比特币 (BTC) 和以太坊 (ETH) 期权将于今天到期，这一事件可能会影响这两种加密货币的短期价格波动并影响交易者的盈利能力。

Out of this amount, BTC options account for $1.81 billion, while ETH options comprise $459 million. Both BTC and ETH prices have been fluctuating notably in recent days.

其中，BTC 期权占 18.1 亿美元，而 ETH 期权占 4.59 亿美元。最近几天，BTC 和 ETH 价格波动明显。

Bitcoin Options Expirations: Key TakeawaysPut-to-call ratio of 0.65 with a maximum pain point of $97,000.Prices are expected to approach the max pain points.Hot capital, an indicator of short-term trading activity, has plunged by 66.7%.This indicates a steep decline in speculative activity.A total of 19,364 Bitcoin options will expire on Deribit today, which is slightly lower than the year’s opener, where 19,885 BTC contracts went bust last week. These options expiring today have a put-to-call ratio of 0.65 and a maximum pain point of $97,000.

比特币期权到期：关键要点看跌期权与看涨期权比率为 0.65，最大痛点为 97,000 美元。价格预计将接近最大痛点。作为短期交易活动指标的热门资金已暴跌 66.7%。表明投机活动急剧下降。今天，Deribit 上共有 19,364 个比特币期权到期，略低于今年开盘价，其中上周有 19,885 个 BTC 合约破产。这些今天到期的期权的看跌期权与看涨期权比率为 0.65，最大痛点为 97,000 美元。

The put-to-call ratio generally indicates the options traders’ directional bias for the underlying asset. A higher ratio, driven by more put option premiums, suggests bearish sentiment, while a lower ratio with more call option premiums indicates bullish tendencies.

看跌期权与看涨期权比率通常表明期权交易者对标的资产的方向性偏差。由更多的看跌期权溢价驱动的较高比率表明看跌情绪，而较低的比率随着更多的看涨期权溢价表明看涨趋势。

In this case, the put-to-call ratio of 0.65 points toward a bullish bias among options traders, despite BTC’s ongoing descent from the $100,000 mark. This could indicate that options traders are largely optimistic about BTC’s ability to hold key support levels as the options approach their expiration.

在这种情况下，尽管 BTC 从 100,000 美元大关持续下跌，但看跌期权与看涨期权比率为 0.65 点，期权交易者倾向于看涨。这可能表明期权交易者对 BTC 在期权临近到期时保持关键支撑位的能力持乐观态度。

According to BeInCrypto data, BTC is currently trading at $93,792 at the time of this report, while ETH is changing hands at $3,258.

根据 BeInCrypto 数据，截至本报告发布时，BTC 目前的交易价格为 93,792 美元，而 ETH 的易手价格为 3,258 美元。

This suggests that prices might rise as smart money aims to move them toward the “max pain” level. Based on the Max Pain principle, options prices tend to gravitate toward strike prices where the highest number of contracts, both calls and puts, expire worthless.

这表明，随着精明资金的目标是将价格推向“最大痛苦”水平，价格可能会上涨。根据最大痛苦原则，期权价格往往会趋向于执行价格，在该价格下，最多数量的合约（包括看涨期权和看跌期权）到期时将变得毫无价值。

Hence, we might see some price pressure on BTC and ETH after 08:00 UTC on Friday, when Deribit settles the contracts. However, the sheer scale of these expirations is still bound to inject some heightened volatility into the crypto markets.

因此，在周五 08:00 UTC（Deribit 结算合约）之后，我们可能会看到 BTC 和 ETH 面临一些价格压力。然而，这些到期的巨大规模仍然必然会给加密货币市场带来更大的波动性。

“Is it a breakout or another consolidation,” Deribit mused in a post on X (Twitter).

“这是一次突破还是另一次整合，”Deribit 在 X（Twitter）上的一篇帖子中沉思道。

Meanwhile, analysts remain split on the next directional bias for BTC’s price, with some hoping for further upside and others betting on downside if the support around $92,000 breaks. Elsewhere, Glassnode indicates a weakening of short-term demand momentum in the market.

与此同时，分析师对 BTC 价格的下一个方向偏差仍然存在分歧，一些人希望进一步上涨，另一些人则押注如果 92,000 美元左右的支撑位被打破，比特币价格将下跌。另一方面，Glassnode 表明市场短期需求势头减弱。

Bitcoin Short-Term Demand Momentum Weakens: Hot Capital Drops by 66.7%

比特币短期需求动能减弱：热门资金下跌66.7%

The hot capital metric often gauges short-term trading activity and liquidity. A decrease in hot capital could indicate traders moving to the sidelines.

热门资本指标通常衡量短期交易活动和流动性。热门资金的减少可能表明交易者转向观望。

As the options approach their expiration time at 8:00 UTC today, both BTC and ETH prices are expected to approach their respective maximum pain points.

随着期权于今天 8:00 UTC 到期，预计 BTC 和 ETH 价格将接近各自的最大痛点。

Moreover, both cryptocurrencies have been seeing price declines in the lead-up to the options expiry. BTC has slid by around 4% over the past 24 hours, while ETH has dropped by about 1.5%.

此外，在期权到期之前，两种加密货币的价格都在下跌。 BTC 在过去 24 小时内下跌了约 4%，而 ETH 则下跌了约 1.5%。

These price movements could put pressure on options traders to adjust their strategies or face potential losses if the prices deviate significantly from their anticipated max pain points.

这些价格变动可能会给期权交易者带来调整策略的压力，或者如果价格显着偏离其预期的最大痛点，则可能面临潜在的损失。

With the massive scale of these options expiring today, the crypto markets are likely to experience heightened volatility, which could influence the short-term price movements of both BTC and ETH.

随着这些期权的大规模到期，加密货币市场可能会经历更大的波动，这可能会影响 BTC 和 ETH 的短期价格走势。