价值 $1.61B 的比特币和以太坊期权今天到期，可能会出现波动

加密市场将见证价值 16.1 亿美元的比特币和以太坊期权合约今天到期。大量到期可能会导致短期价格上涨

Crypto markets will witness a massive expiration today, with over $1.61 billion in Bitcoin and Ethereum options contracts set to expire on Friday. This high-volume expiration could lead to short-term price impact, especially after Bitcoin briefly slipped below $60,000.

加密货币市场今天将见证大规模到期，价值超过 16.1 亿美元的比特币和以太坊期权合约将于周五到期。这种大量到期可能会导致短期价格影响，特别是在比特币短暂跌破 60,000 美元之后。

The expiring options will play a crucial role in determining the price direction of BTC and ETH. Here's a closer look at the options expiring today and how they could influence the market.

到期期权将在决定 BTC 和 ETH 的价格走向方面发挥至关重要的作用。下面详细介绍了今天到期的期权以及它们如何影响市场。

Bitcoin Options Expiring Today Compared to Last Week

今天到期的比特币期权与上周相比

There is a significant increase in Bitcoin (BTC) and Ethereum (ETH) contracts due for expiry today compared to last week. Data on Deribit shows 18,271 Bitcoin options contracts will expire with a put-to-call ratio of 0.90 and a maximum pain point of $62,000.

与上周相比，今天到期的比特币（BTC）和以太坊（ETH）合约大幅增加。 Deribit 的数据显示，18,271 份比特币期权合约将到期，看跌期权与看涨期权比率为 0.90，最大痛点为 62,000 美元。

Compared to last week, the expiring options show a generally bullish sentiment after Bitcoin briefly slipped below $60,000. With a maximum pain point of $62,000, the pioneer crypto, now trading for $60,612 per share, is well below its strike price.

与上周相比，在比特币短暂跌破 60,000 美元后，到期期权显示出普遍看涨的情绪。先锋加密货币的最大痛点为 62,000 美元，目前每股交易价格为 60,612 美元，远低于其执行价。

On the other hand, Ethereum is trading for $2,407, which is also below its maximum pain price of $2,450. The maximum pain point is a crucial metric that often guides market behavior. It shows where the expiry will cause the greatest financial loss to all option holders that have entered into a contract at that strike rate at expiration.

另一方面，以太坊的交易价格为 2,407 美元，也低于其最高痛苦价格 2,450 美元。最大痛点是通常指导市场行为的关键指标。它显示了到期时对所有在到期时以该执行率签订合同的期权持有者造成最大财务损失的情况。

“Keep an eye on the ratios and max pain levels. They might tell us where the market is leaning,” analysts at Crypto Town Hall suggested.

“密切关注比率和最大疼痛水平。他们可能会告诉我们市场的倾向，”Crypto Town Hall 的分析师表示。

Bitcoin, Ethereum Trade Below Max Pain Price as Options Near Expiry

由于期权即将到期，比特币、以太坊交易价格低于最大痛苦价格

As Bitcoin (BTC) and Ethereum (ETH) options near expiration, both assets are expected to approach their respective strike prices. This is a result of the Max Pain theory, which predicts that options prices will converge around the strike prices where the largest number of contracts — both calls and puts — expire worthless.

随着比特币（BTC）和以太坊（ETH）期权接近到期，这两种资产预计将接近各自的执行价格。这是最大痛苦理论的结果，该理论预测期权价格将集中在执行价格附近，其中最大数量的合约（包括看涨期权和看跌期权）到期时毫无价值。

Large institutions, often referred to as smart money, typically sell these options. They have an incentive to push the price toward the “max pain” level by trading in the spot or futures markets. This strategy causes option buyers, who are their counterparties, to lose the most value.

通常被称为聪明资金的大型机构通常会出售这些期权。他们有动力通过现货或期货市场交易将价格推向“最大痛苦”水平。这种策略导致期权买家（即其交易对手）损失最大的价值。

Heading into the expiry, both Bitcoin and Ethereum could gravitate toward these max pain points. The pressure on prices, however, will fade after the options expire, with Deribit set to settle contracts at 08:00 UTC on Friday.

即将到期时，比特币和以太坊都可能会陷入这些最大的痛点。然而，价格压力将在期权到期后消退，Deribit 将在周五 08:00 UTC 结算合约。

Currently, buyers of put options on BTC and ETH seem poised to benefit. With the current market underperformance, option sellers will likely push prices upward to reduce their losses. An in-the-money put means the current asset price is below the strike price, enabling holders to sell at a better rate than the market offers.

目前，比特币和以太坊看跌期权的买家似乎准备受益。由于当前市场表现不佳，期权卖家可能会推高价格以减少损失。价内看跌期权意味着当前资产价格低于执行价格，使持有者能够以比市场报价更好的价格出售。

Analysts at Greeks.live advise traders to stay alert, as this market shift could open up new trading opportunities. Recent sector weakness could create favorable conditions for strategic moves.

Greeks.live 的分析师建议交易者保持警惕，因为这种市场转变可能会带来新的交易机会。最近的行业疲软可能为战略举措创造有利条件。

The analysts also note that the recent market lull led to Bitcoin showing flat implied volatility (IV). This is ideal for building some medium- to long-term calls at a low level. Further, block call trading (large buy or sell orders that often indicate what an institution is doing to its portfolio) has been progressively more active this week.

分析师还指出，最近的市场平静导致比特币隐含波动率（IV）持平。这非常适合在低位建立一些中长期看涨期权。此外，大宗看涨交易（大额买入或卖出订单通常表明机构对其投资组合正在做什么）本周逐渐变得更加活跃。

“With crypto continuing to weaken the key $60,000 level now hotly contested, and ETH near the long-term support line of $2,300, a market change could be just around the corner. The first two weeks of the fourth quarter of this year were poor; the options market is also more depressed. The current options position has fallen to a new low since 2023. But a sluggish market also breeds new trading opportunities,” the analysts noted.

“随着加密货币继续削弱目前备受争议的 60,000 美元关键水平，而 ETH 接近 2,300 美元的长期支撑线，市场变化可能指日可待。今年第四季度的前两周表现不佳；期权市场也更加低迷。目前期权头寸已跌至2023年以来的新低。但低迷的市场也孕育着新的交易机会。”分析师指出。

Options expirations often cause short-term price fluctuations, creating market uncertainty. However, markets usually stabilize soon after as traders adapt to the new price environment. With today’s high-volume expiration, traders and investors can expect a similar outcome, potentially influencing future crypto market trends.

期权到期往往会引起短期价格波动，造成市场不确定性。然而，随着交易者适应新的价格环境，市场通常很快就会稳定下来。随着今天的大量到期，交易者和投资者可以预期类似的结果，可能会影响未来的加密货币市场趋势。