加密货币期权即将到期，引发波动性担忧

加密市场正在为比特币减半后的首次期权到期做准备，价值超过 94 亿美元的加密期权将于本周五到期。到期的比特币期权价值为 63 亿美元，看跌期权与看涨期权比率为 0.68，表明近期看跌期权有所增加。以太坊期权总额为 31 亿美元，看跌期权与看涨期权比率为 0.49。市场预计到期日价格可能会出现波动。

Massive Crypto Options Expiry Looms, Potentially Triggering Volatility

大量加密货币期权即将到期，可能引发波动

The cryptocurrency market braced itself for a significant event this Friday, April 22nd, as options contracts worth a staggering $9.4 billion were set to expire. This expiry, coinciding with the highly anticipated Bitcoin halving, has heightened anticipation among traders and investors.

4 月 22 日星期五，加密货币市场即将迎来一场重大事件，价值 94 亿美元的期权合约即将到期。此次到期，恰逢备受期待的比特币减半，提高了交易者和投资者的预期。

Following the Bitcoin halving on April 20th, the crypto market has not witnessed the substantial rally that many had anticipated. Traders are now eagerly awaiting the first major expiry after the halving, which could introduce increased volatility. According to Deribit, the world's largest crypto options exchange, the upcoming expiry encompasses over $6.3 billion worth of Bitcoin options and $3.1 billion worth of Ethereum options.

4 月 20 日比特币减半后，加密货币市场并未出现许多人预期的大幅上涨。交易者现在急切地等待减半后的第一次主要到期，这可能会导致波动性增加。根据全球最大的加密货币期权交易所 Deribit 的数据，即将到期的比特币期权包括价值超过 63 亿美元的比特币期权和价值 31 亿美元的以太坊期权。

Bitcoin Options: A Deeper Dive

比特币期权：深入探讨

Delving into the details of Bitcoin options, over 94,000 contracts representing $6.3 billion in notional value are due to expire. The put-call ratio, which gauges the sentiment of options traders, currently stands at 0.68. This ratio indicates a recent rise in put options, which convey a bearish outlook on Bitcoin's price. Notably, the max pain point for Bitcoin options is $61,000, a level below the current market price. This suggests that the market anticipates a potential pullback in Bitcoin's value on Friday.

深入研究比特币期权的细节，超过 94,000 个合约（名义价值 63 亿美元）即将到期。衡量期权交易者情绪的看跌期权与看涨期权比率目前为 0.68。该比率表明最近看跌期权有所增加，这传达了对比特币价格的看跌前景。值得注意的是，比特币期权的最大痛点是 61,000 美元，低于当前市场价格。这表明市场预计周五比特币的价值可能会回调。

Ethereum Options: A Different Picture

以太坊期权：另一幅景象

Turning to Ethereum options, approximately 941,000 contracts representing $3.1 billion in notional value are set to expire. The put-call ratio for Ethereum options is 0.49, which implies a somewhat more optimistic sentiment towards the digital asset. The max pain point for Ethereum options is $3,100, with the current ETH price trading above both the max pain point and the current price of $3,252.

至于以太坊期权，大约 941,000 份合约（名义价值 31 亿美元）即将到期。以太坊期权的看跌期权比率为 0.49，这意味着人们对数字资产的情绪更加乐观。以太坊期权的最大痛点是 3,100 美元，当前 ETH 价格交易高于最大痛点和 3,252 美元的当前价格。

Trading Activity and Volatility

交易活动和波动性

In the 24 hours leading up to the expiry, there has been an increase in put open interest, further indicating bearish sentiment. The put/call ratio for this period is 0.84, suggesting a potential decline in price towards the max pain point.

在到期前的 24 小时内，看跌期权未平仓合约有所增加，进一步表明看跌情绪。这一时期的看跌/看涨比率为 0.84，表明价格可能会下跌至最大痛点。

Additionally, Deribit reported a surge in realized volatility, as measured by the BTC Volatility Index (DVOL). This indicates that traders are bracing for increased price fluctuations as the options expiry approaches.

此外，Deribit 报告称，根据 BTC 波动率指数（DVOL）衡量，实际波动率大幅上升。这表明随着期权到期日的临近，交易者正在准备应对价格波动加剧的情况。

Conclusion

结论

The upcoming $9.4 billion crypto options expiry is a significant event that could have a major impact on the cryptocurrency market. Traders are closely monitoring the situation, which has the potential to trigger significant volatility. As the expiry nears, the market participants will be watching closely to see if their bullish or bearish bets pay off.

即将到期的 94 亿美元加密货币期权是一个重大事件，可能会对加密货币市场产生重大影响。交易员正在密切关注局势，这有可能引发大幅波动。随着到期日的临近，市场参与者将密切关注他们的看涨或看跌押注是否获得回报。