比特币市场进入关键的一天，期权有165亿美元

投资者凭借超凡的165亿美元比特币期权期权，因此发现自己处于复杂情况。

The bitcoin market is entering a crucial day with the expiration of $16.5 billion in options, a record that could shape its short-term trajectory.

比特币市场将进入至关重要的一天，期权的期限为165亿美元，这一记录可以塑造其短期轨迹。

While a move toward $90,000 seemed likely, an unexpected pullback has weakened bullish positions, offering sellers a strategic opportunity. In this battle between buyers and sellers, the outcome will depend on price movements in the coming hours, with potential impact far beyond this single deadline. The market is holding its breath, ready to flip in one direction or the other.

虽然似乎有可能向90,000美元迈进，但意想不到的回调削弱了看涨的立场，为卖家提供了战略机会。在买卖双方之间的这场战斗中，结果将取决于未来几个小时的价格变动，潜在影响远远超出了这个单一的截止日期。市场正在屏住呼吸，准备向一个方向或另一个方向翻转。

A Bitcoin Options Expiration Under High Tension

在高张力下的比特币选项到期

With an exceptional amount of $16.5 billion in Bitcoin options set to expire today, investors are facing a decisive moment that could have significant implications for the cryptocurrency's short-term trends.

由于今天有165亿美元的比特币期权将到期，投资者正面临一个决定性的时刻，这可能会对加密货币的短期趋势产生重大影响。

Among these options, a majority (74%) are traded on Deribit, the leading platform in the BTC options market, followed by the Chicago Mercantile Exchange (CME) and Binance, which hold smaller market shares.

在这些选择中，大多数（74％）在BTC期权市场的领先平台Deribit上进行交易，其次是芝加哥商业交易所（CME）和Binance，持有较小的市场份额。

Of the $13 billion in open positions on Deribit, $9 billion are call options, granting the right to buy bitcoin at a predetermined price, and $4 billion are put options, which provide the right to sell bitcoin at a specific price.

在Deribit的130亿美元公开头寸中，有90亿美元的呼叫选择权，以预定的价格授予购买比特币的权利，而40亿美元的票据是PUT，这些选择权提供了以特定价格出售比特币的权利。

If bitcoin does not surpass the $90,000 threshold, a majority of these contracts will become worthless. Conversely, short sellers can take advantage of this pressure to strengthen their position.

如果比特币没有超过90,000美元的门槛，那么这些合同中的大多数将变得毫无价值。相反，卖空者可以利用这种压力来加强其位置。

To maximize their gains, bullish investors must push bitcoin beyond $90,000. At this level, they would benefit from a significant advantage, with a favorable gap of $3 billion between call and put options.

为了最大化他们的收益，看涨的投资者必须将比特币推到90,000美元以上。在这个级别上，他们将从巨大的优势中受益，而呼叫和权利选项之间的良好差距为30亿美元。

However, conversely, bearish traders seek to drive the price below $84,000, which would strengthen the value of the put options at stake.

但是，相反，看跌贸易商试图将价格提高到84,000美元以下，这将加强权利期权的价值。

The scenarios considered are clear:

考虑的方案很明确：

The behavior of traders in the coming hours will thus be decisive for the short-term direction of bitcoin.

因此，在接下来的几个小时内，交易者的行为对于比特币的短期方向而言是决定性的。

A Market Influenced by External Factors

受外部因素影响的市场

The price of bitcoin remains heavily influenced by global economic trends. Indeed, the persistent correlation with the S&P 500 (above 70 % since early March) illustrates how much crypto is still perceived as a risky asset. The uncertainty surrounding monetary policies and international economic tensions weighs on investor morale.

比特币的价格仍然受到全球经济趋势的影响。确实，与标准普尔500指数（自3月初以来70％以上）的持续相关性说明了多少加密货币仍然被认为是一种冒险的资产。围绕货币政策和国际经济紧张局势的不确定性使投资者的士气重视。

Some, however, hope for a gradual decoupling, driven by increasing institutional adoption. GameStop, Rumble, Metaplanet, and Semler Scientific have invested heavily in bitcoin, reinforcing its position as an alternative store of value. This phenomenon could, in the long term, change the balance of forces in the market, but the short-term impact remains uncertain.

但是，有些人希望逐步取消耦合，这是由于机构采用的增加而驱动的。 GameStop，Rumble，Metaplanet和Semler Scientific在比特币上进行了大量投资，从而加强了其作为价值替代存储的地位。从长远来看，这种现象可能会改变市场力量的平衡，但短期影响仍然不确定。

The expiration of options today could serve as a catalyst for a more pronounced price movement in the coming days. If bitcoin surpasses $90,000, it could trigger a bullish momentum for April, especially in the event of a resurgence of inflows into spot Bitcoin ETFs. Conversely, a break below $84,000 would reinforce bearish positions and could exacerbate the correction.

当今期权的到期可以作为未来几天价格更明显的价格转移的催化剂。如果比特币超过90,000美元，它可能会引发4月的看涨势头，尤其是在大量流入到现货比特币ETF中时。相反，低于$ 84,000的休息时间将加强看跌职位，并可能加剧更正。

Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.

通过我们的“阅读赚取”计划最大化您的共同成员体验！对于您阅读的每篇文章，请赚取积分并获得独家奖励。立即注册并开始赚取福利。

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. J'essaye chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

我是Alyra发行的区块链顾问认证的科学毕业生，我于2019年加入了Cointribuna冒险。我坚信区块链有可能改变经济的许多部门，我承诺提高认识，并向公众提高人们对这个不断发展的生态系统的认识。我的目标是让每个人都能更好地了解区块链并抓住他们提供的机会。我每天都尝试对新闻进行客观分析，破译市场趋势，传达最新的技术创新，并将其视为正在进行的革命的经济和社会挑战。