加密货币市场将目睹价值超过25亿美元的比特币（BTC）和以太坊（ETH）期权今天到期。

检查提取的比率和最大疼痛点可以为交易者的期望和可能的市场方向提供见解。

Today will see over $2.5 billion in Bitcoin (BTC) and Ethereum (ETH) options expire, a significant event that has traders attentive.

如今，比特币（BTC）和以太坊（ETH）期权的25亿美元将超过25亿美元，这是一项重要的事件，具有交易者的关注。

The volume of expiring contracts and their notional value can influence short-term trends. Examining the put-to-call ratios and maximum pain points can provide insights into traders’ expectations and possible market directions.

到期合同及其名义价值的数量可能会影响短期趋势。检查提取的比率和最大疼痛点可以为交易者的期望和可能的市场方向提供见解。

Bitcoin And Ethereum Options Expiring Today

比特币和以太坊选项今天到期

The expiring BTC options today have a notional value of $2.23 billion. According to Deribit's data, these 27,657 expiring Bitcoin options have a put-to-call ratio of 0.86. This ratio suggests a greater portion of purchase options (calls) compared to sales options (puts).

今天到期的BTC选项的名义价值为22.3亿美元。根据Deribit的数据，这些27,657个到期的比特币选项的张值比率为0.86。与销售选项相比，该比率表明购买选项的一部分（呼叫）更大。

The data further indicates that the maximum pain point for these expiring options is at $81,000. In crypto options trading, the maximum pain point is the price at which most contracts will expire worthless, resulting in the asset causing the greatest financial loss for the majority of holders.

数据进一步表明，这些到期选项的最大疼痛点为81,000美元。在加密期权交易中，最大痛点是大多数合同到期毫无价值的价格，导致资产造成大多数持有人的最大财务损失。

In addition to Bitcoin options, 183,468 Ethereum contracts are set to expire today. These expiring options have a notional value of $283.6 million and a put-to-call ratio of 0.92. The maximum pain point for ETH options is at $1,700.

除了比特币选项外，今天还将有183,468个以太坊合同今天到期。这些到期的期权的名义价值为2.836亿美元，而呼叫比率为0.92。 ETH选项的最大疼痛点为$ 1,700。

Currently, both Bitcoin and Ethereum are trading below their respective maximum pain points. BTC is changing hands at around $80,622, while ETH is available for around $1,543.

目前，比特币和以太坊的交易都低于其各自的最大疼痛点。 BTC的价格约为80,622美元，而ETH的价格约为1,543美元。

"With recent market volatility and ongoing tariff developments, how do you think these expiries will impact price action?" Deribit asked.

“随着最近的市场波动和持续的关税开发，您认为这些到期将如何影响价格行动？” deribit问。

Deribit is an options and futures exchange. Evidently, crypto markets have seen massive volatility from the trade war chaos following President Trump's tariffs. However, Cardano founder Charles Hoskinson says future tariffs will have no impact on crypto.

deribit是一种选择和期货交换。显然，在特朗普总统的关税之后，加密货币市场从贸易战混乱中引起了巨大的波动。但是，Cardano创始人查尔斯·霍斯金森（Charles Hoskinson）表示，未来的关税不会对加密货币产生影响。

He believes that tariffs are already priced in and any future announcements will be a ‘dud’ for the crypto market.

他认为，关税已经定价，未来的任何公告将成为加密市场的“笨蛋”。

As the call premium continues to fade until September, analysts at Deribit observe a shift in crypto options, with short-term dips still bringing put demand.

随着呼叫溢价一直逐渐消失，直到9月，Deribit的分析师观察到加密货币选择的转变，短期下降仍带来了质疑。

“You now have to look all the way to September before calls retake the skew. Traders might be bracing for extended weakness,” said the analysts at Deribit.

Deribit的分析师说：“您现在必须一直望向9月，然后再召集偏斜。交易者可能会为延长的弱点做好准备。”

This suggests that traders are anticipating a prolonged period of weakness in the crypto market. A diminishing call premium, where the implied volatility (IV) of calls drops compared to puts, indicates that traders are less optimistic about price increases in the near to medium term.

这表明，交易者预计加密货币市场的弱点会长时间。呼叫溢价的降低，与PUTS相比，呼叫的隐含波动率（IV）下降表明，交易者对接近中期的价格上涨的乐观程度较小。

Moreover, a negative or reverse volatility skew, like OTM (out-of-the-money) puts having higher IV than OTM calls, is commonly observed in equity markets when investors have a strong fear of price declines.

此外，当投资者强烈担心价格下降时，通常在股票市场观察到，通常在股票市场上观察到负面波动性偏差，例如OTM（OTM（货币货币货币货币货币货币多）高于OTM的呼叫高于OTM。

This pattern seems to be unfolding in the crypto options market, reflecting heightened concerns about downside risks.

这种模式在加密货币期权市场中似乎正在发展，这反映了对下行风险的担忧。

Analysts at Greeks.live note that BTC's IV has declined significantly and is now largely holding at nearly 50% across all maturities. On the other hand, ETH's IV has remained at a higher level, with short to medium-term volatility remaining around 80%. This makes selling ETH options in the short term a favorable trade.

Live指出，BTC的IV已大大下降，目前在所有期限中的持有近50％。另一方面，ETH的IV一直保持较高水平，短到中期波动率仍保持在80％左右。这使得在短期内出售ETH期权成为有利的交易。

Global economic uncertainty, such as the US-China tariff dispute, has dampened risk appetite. Crypto's inherent volatility could also be fueling this cautious outlook.

全球经济不确定性，例如美国 - 中国关税纠纷，已经抑制了风险食欲。加密货币的固有波动也可能助长这种谨慎的前景。

“Sentiment was more panicky this week, with Trump’s frequent switching of tariff policies making the market extremely risk averse,” said the analysts at Greeks.live.

“本周的情绪更加恐慌，特朗普经常改变关税政策，使市场极为避开市场，”希腊语的分析师说。

The analysts at Greeks.live agree with Deribit's view of extended weakness. However, they anticipate continued uncertainty and volatility in the market for a long time.

希腊人的分析师同意Deribit对弱点的观点。但是，他们预计很长一段时间以来，市场上会持续不确定性和波动性。

For traders, this calls for hedging strategies, such as buying puts or diversifying into stablecoins.

对于贸易商而言，这需要采取对冲策略，例如购买投票或多元化成稳定的策略。

“Cryptocurrencies are currently suffering from a lack of new incoming money, a lack of new narratives, and a more subdued investor sentiment. In this worse market of bulls to bears, the probability of a black swan will be significantly higher, and buying some deep vanilla puts would be a good choice,” concluded the analysts at Greeks.live.

“加密货币目前正在遭受缺乏新的传入金钱，缺乏新的叙述以及更柔和的投资者情绪的困扰。在这个更糟糕的公牛市场对熊市的较差市场中，黑天鹅的可能性将大大提高，购买一些深层的香草股会是一个不错的选择，”在Greeks.s.live上结束了分析师。