比特币和以太坊期权合约价值超过$ 2.5B今天到期，为潜在的价格行动奠定了基础

加密货币市场今天处于高度戒备状态，超过25亿美元的比特币和以太坊期权合约即

A total of 27,657 Bitcoin options contracts are set to expire today, amounting to $2.23 billion at an average price of $80,305. The put-to-call ratio stands at 0.86, and the maximum pain point is at $81,000.

总共有27,657个比特币期权合约将于今天到期，平均价格为80,305美元，总计为22.3亿美元。 pall键比为0.86，最大疼痛点为81,000美元。

At the time of writing, BTC is trading at $80,622 on major crypto exchanges, and it’s likely to encounter strong resistance or support at key levels.

在撰写本文时，BTC在主要加密交易所的交易价格为80,622美元，并且很可能在关键水平上遇到强烈的抵抗力或支持。

Chart 1: Bitcoin Open Interest by Strike Price – TradingView, April 11, 2025

图表1：罢工价格的比特币开放兴趣 - 贸易见图，2025年4月11日

Among the main topics discussed in the crypto sphere today is the upcoming expiry of a massive batch of Bitcoin (BTC) and Ethereum (ETH) options contracts.

当今加密货币领域讨论的主要主题之一是即将到来的大量比特币（BTC）和以太坊（ETH）期权合约。

The event will take place on Tuesday, with over $2.5 billion in notional value set to expire, setting the stage for potentially major price action and volatility.

该活动将在周二举行，其名义价值将超过25亿美元，为潜在的重大价格行动和波动奠定了基础。

As Bitcoin trades at around $80,622 and Ethereum at $1,543, traders are keenly interested in put-to-call ratios, maximum pain levels, and broader macroeconomic crosswinds to gauge the next market move.

随着比特币的交易价格约为80,622美元，以太坊的交易价格为1,543美元，交易者对提起呼叫比率，最大疼痛水平和更广泛的宏观经济交叉风向非常感兴趣，以评估下一个市场的转变。

Bitcoin Options Expiry: A Signal of Mildly Bullish Sentiment

比特币选项到期：一个温和看涨的信号

A total of 27,657 BTC options contracts, valued at $2.23 billion, are set to expire. The put-to-call ratio stands at 0.86, which signals a mildly bullish sentiment.

总共有27,657份BTC期权合约，价值22.3亿美元，将到期。提议的比例为0.86，这标志着温和的看涨情绪。

The maximum pain point—the price at which most options traders would experience maximum loss—is around $81,000, just slightly above the current spot price. This close proximity may lead to more volatile price action as market forces try to push BTC toward or away from this critical level.

最大疼痛点（大多数期权交易者都会遭受最大损失的价格）约为81,000美元，略高于当前现货价格。随着市场力量试图将BTC推向或远离这一关键水平，这种近距离可能会导致更大的价格行动。

Ethereum Options Expiry: A Neutral Picture Emerges

以太坊选项到期：出现中性图片

On the other hand, 183,468 Ethereum options contracts, valued at $283.6 million, are also expiring. The put-to-call ratio is 0.92, which indicates a neutral market stance.

另一方面，价值为2.836亿美元的183,468个以太坊期权合约也正在到期。提取比率为0.92，表明中立市场立场。

ETH’s maximum pain point is at $1,700, presenting a clear resistance zone. However, Ethereum is currently trading well below this threshold. Unless a strong bullish catalyst emerges to propel ETH toward this resistance, the token might remain at these price ranges, contributing to market stagnation.

ETH的最大疼痛点为$ 1,700，呈现一个明显的阻力区。但是，以太坊目前的交易远低于此门槛。除非有强大的看涨催化剂将ETH推向这种抵抗，否则代币可能会保持在这些价格范围内，从而导致市场停滞。

Chart 2: Ethereum Open Interest by Strike Price – TradingView, April 11, 2025

图2：以太坊开放利息按行使价格 - 交易景观，2025年4月11日

U.S.-China Tariffs and Global Regulations Keep Traders on Edge

美国 - 中国的关税和全球法规使贸易商处于边缘状态

This options expiry also comes amid broader macroeconomic instability, including the ongoing U.S.-China tariff tensions and new regulations in major crypto markets.

由于宏观经济的不稳定，包括持续的美国关税紧张局势和主要加密市场中的新法规，此期权也会到期。

Traders on Deribit report heightened demand for puts as traders become more cautious. However, they add that traders are not placing big bets on near-term upside, leading to lower call premiums.

随着交易者变得越来越谨慎，deribit报告的交易者对权利的需求提高了。但是，他们补充说，贸易商并没有在短期上下注，导致通话溢价降低。

Another worrying trend is the negative volatility skew: OTM puts are now implying higher volatility than OTM calls, which traders prefer in a downmarket. This structure signals greater anticipation of downside risk.

另一个令人担忧的趋势是负波动率偏斜：OTM puts现在意味着比OTM呼叫更高的波动性，而贸易商在迪斯市场中更喜欢。该结构标志着更大的下行风险期望。

Implied volatility for Bitcoin remains around 50%, while that for Ethereum is a whopping 80%, especially for near-term options, making ETH a hotspot for volatility traders.

比特币的隐含波动率仍然约为50％，而以太坊的波动性高达80％，尤其是对于近期选择，使ETH成为波动性交易者的热点。

Traders Mobilize with Hedging Strategies and Stablecoin Shifts

贸易商通过对冲策略和稳定的转变动员

With the market at a tipping point and traders deploying diverse hedging tactics, here’s a breakdown of the prevailing trends:

随着市场处于临界点，交易者部署了各种对冲策略，以下是现行趋势的细分：

Analysts warn that without fresh capital inflows, the market could become stagnant or, worse, experience a black swan event. Risk-averse investors are advised to prepare for tail risk, making vanilla puts and diversified portfolios increasingly appealing.

分析师警告说，如果没有新的资本流入，市场可能会停滞不前，或者更糟糕的是经历了黑天鹅事件。建议规避风险的投资者为尾巴风险做好准备，使香草投掷和多样化的投资组合越来越吸引人。

Where Will BTC and ETH Go From Here?

BTC和ETH从这里去哪里？

The long-term outlook for Bitcoin and Ethereum depends on key technical, macroeconomic, and sociopolitical factors.

比特币和以太坊的长期前景取决于关键的技术，宏观经济和社会政治因素。

Bitcoin’s momentum hinges on sustained institutional demand, ETF (exchange-traded fund) inflows, and broader macroeconomic relief. A decisive push above $85,000 would flip sentiment and attract aggressive bulls.

比特币的势头取决于持续的机构需求，ETF（交换基金）流入和更广泛的宏观经济救济。超过85,000美元的决定性推动力将翻转情绪并吸引侵略性的公牛。

Conversely, failure to break $75,000 could signal prolonged bearish conditions.

相反，未能打破75,000美元可能会表示长时间的看跌条件。

Ethereum, on the other hand, needs to reclaim the $2,000 mark to revive bullish conviction. This move would be fueled by continued growth in the DeFi ecosystem and new use cases for the Ethereum network.

另一方面，以太坊需要收回2,000美元的大关以复兴看涨信念。 Defi生态系统和以太坊网络的新用例的持续增长将推动这一举动。

However, if Ethereum fails to break through $1,500, it might experience more weakness, especially with major macro events like the U.S.-China trade talks and new crypto regulations impacting market sentiment.

但是，如果以太坊未能突破1,500美元，它可能会遇到更多的弱点，尤其是在美国 - 中国贸易谈判和影响市场情绪的新的加密法规之类的重大宏观事件中。