价值 18B 美元的比特币和以太坊期权今天到期，加密市场准备迎接波动

今天是加密货币市场的历史性时刻，价值破纪录的 180 亿美元的比特币和以太坊期权合约即将到期。

A record-breaking $18 billion worth of Bitcoin and Ethereum options contracts are set to expire today, sparking anticipation of sharp market moves and potential volatility.

价值破纪录的 180 亿美元比特币和以太坊期权合约将于今天到期，引发对市场剧烈波动和潜在波动的预期。

Of the total expiring options, approximately $14.38 billion are Bitcoin options and $3.7 billion are Ethereum options. The volume of contracts expiring today is striking, with 88,537 Bitcoin contracts and 796,021 Ethereum contracts set to expire.

在所有到期期权中，大约 143.8 亿美元是比特币期权，37 亿美元是以太坊期权。今天到期的合约数量惊人，其中 88,537 份比特币合约和 796,021 份以太坊合约即将到期。

This surge in activity reflects heightened trader anticipation of either profit or risk mitigation. At the last glance, Bitcoin was trading at $90,330, while Ethereum was trading at $3,340.

活动的激增反映出交易者对利润或风险缓解的预期增强。乍一看，比特币的交易价格为 90,330 美元，而以太坊的交易价格为 3,340 美元。

Both Bitcoin and Ethereum are trading well above their respective maximum pain prices. For Bitcoin, this price is $85,000, while for Ethereum, it is $3,000.

比特币和以太坊的交易价格均远高于各自的最高痛苦价格。对于比特币来说，这个价格是 85,000 美元，而对于以太坊来说，这个价格是 3,000 美元。

The “maximum pain price” refers to the point where options buyers face their largest losses upon expiration, frequently causing market shifts as prices tend to move closer to this level.

“最大痛苦价格”是指期权买家在到期时面临最大损失的点，当价格趋于接近该水平时，经常会导致市场发生变化。

David Lawant, Head of Research at FalconX, pointed out the increasing hedging sentiment, which could be a key factor driving the rise in Bitcoin’s put/call ratio in the final quarter of 2024.

FalconX研究主管David Lawant指出，对冲情绪不断增强，这可能是推动2024年第四季度比特币看跌/看涨比率上升的关键因素。

“Demand for downside protection has been rising,” he noted, suggesting that traders may be looking to safeguard their year-end performance metrics.

“对下行保护的需求一直在上升，”他指出，这表明交易员可能希望保护他们的年终业绩指标。

Given the current leveraged positions leaning toward the upside, we may witness sudden market fluctuations, particularly if prices stray considerably from what is anticipated.

鉴于目前的杠杆头寸倾向于上行，我们可能会看到突然的市场波动，特别是如果价格与预期相差很大的话。

This unprecedented expiry could influence the market’s storyline for 2025, as traders remain on high alert for upcoming developments.

这一史无前例的到期日可能会影响 2025 年的市场走势，因为交易者仍对即将发生的事态发展保持高度警惕。