今天，对于加密货币市场来说，关键时刻是价值超过142.1亿美元的比特币（BTC）和以太坊（ETH）期权到期。

预计该活动将产生重大的短期价格波动，交易员正在密切关注它如何影响市场。

Today marks a crucial moment for the cryptocurrency market as over $14.21 billion worth of Bitcoin (BTC) and Ethereum (ETH) options are set to expire. This event is expected to cause significant short-term price fluctuations, and traders will be closely watching to see how it could affect the market.

今天，对于加密货币市场来说，关键时刻是价值超过142.1亿美元的比特币（BTC）和以太坊（ETH）期权到期。预计这一事件将引起大幅的短期价格波动，交易者将密切关注，以了解其可能影响市场。

Bitcoin’s $12 Billion Expiry

比特币的120亿美元到期

Bitcoin options expiring today total $12.075 billion, with a put-to-call ratio of 0.49. This indicates that more traders are betting on Bitcoin’s price rising rather than falling. The “maximum pain” point, where most traders would experience losses, is at $85,000.

比特币期权今天到期，总计120.75亿美元，比率为0.49。这表明越来越多的交易者押注比特币的价格上涨而不是下跌。大多数交易者会遭受损失的“最大痛苦”点为85,000美元。

With Bitcoin currently trading at $85,960, there’s a chance the price could dip slightly to meet this level.

由于比特币目前的交易价格为85,960美元，因此价格可能会略有下跌以达到这一水平。

This quarterly expiry is particularly significant, as it makes up over 40% of the total open interest. Bitcoin dominates the expiry, accounting for nearly 80% of the volume, with Ethereum making up the remaining 20%.

该季度到期尤其重要，因为它占总开放率的40％以上。比特币占主导地位，占该数量的近80％，以太坊占剩余的20％。

This massive expiry could stir up market sentiment and trigger notable price movements in both Bitcoin and Ethereum.

这种庞大的到期可能会激起市场的情绪，并引发比特币和以太坊的显着价格变动。

Ethereum’s $2.1 Billion Expiry

以太坊的21亿美元到期

For Ethereum, the total value of options expiring today is $2.135 billion. The put-to-call ratio for Ethereum is 0.39, indicating that most traders expect the price to go up rather than down. The maximum pain point for Ethereum is at $2,400.

对于以太坊而言，今天到期的期权的总价值为213.5亿美元。以太坊的提议比率为0.39，表明大多数交易者期望价格上涨而不是下跌。以太坊的最大疼痛点为2,400美元。

Unlike Bitcoin, Ethereum’s volatility (IV) is flatter, meaning there’s less directional bias, but traders still anticipate movement.

与比特币不同，以太坊的波动性（IV）是平坦的，这意味着方向偏见较小，但交易者仍然期望运动。

Despite concerns, Ethereum’s market structure remains stable. The first quarter ended on a weaker note, with volatility pushing prices toward the lower end of their range. However, Ethereum has been less affected by the options expiry compared to Bitcoin, which is why its price could experience more subtle changes in the short term.

尽管担心，以太坊的市场结构仍然稳定。第一季度以较弱的音符结束，波动性将价格推向其范围的下端。但是，与比特币相比，以太坊受期权到期的影响较小，这就是为什么其价格在短期内会经历更细微的变化的原因。

A Larger-than-Usual Expiry

比平常大的到期

The expiry today is especially significant because it marks both the end of the month and the close of the first quarter of the year. Crypto options platform Deribit schedules expiries on Fridays to align with traditional financial markets, making today’s event even more important.

今天的到期尤其重要，因为它标志着本月底和年度第一季度结束。加密选择平台deribit时间表在星期五到期，以与传统金融市场保持一致，从而使今天的活动变得更加重要。

Compared to last week’s $1.8 billion Bitcoin options expiry, today’s $14.21 billion expiry is far larger, signaling that a substantial shift in market sentiment could occur. This size difference is expected to cause increased volatility and could influence trader strategies going into the weekend.

与上周的18亿美元比特币期权到期相比，当今的142.1亿美元到期的票房要大得多，这表明市场情绪可能发生很大变化。预计这种尺寸差异会导致波动性的增加，并可能影响到周末的交易者策略。

What Traders Expect

交易者期望的

Analysts from Greeks.live have noted that most traders expect Bitcoin to test lower levels between $84,000 and $85,000. Bitcoin has been trading in a narrow range, so a significant price move could break this pattern and create new trends. Traders are also keeping an eye on resistance at $88,400, with strong support at $77,000.

Live的分析师指出，大多数交易者预计比特币在84,000美元至85,000美元之间测试较低的水平。比特币一直在狭窄的范围内进行交易，因此价格转移可能会破坏这种模式并创造新趋势。贸易商还关注电阻为88,400美元，强劲的支持为77,000美元。

As for Ethereum, it is experiencing high trading volumes but no clear price direction. The expiry event could trigger adjustments in trading strategies based on implied volatility (IV), which has been fluctuating due to the quarterly expiry.

至于以太坊，它的交易量很高，但价格方向没有明确的方向。到期的事件可能会触发基于隐含波动率（IV）的交易策略的调整，由于季度到期，该事件一直在波动。

Market Sentiment: Extreme Fear

市场情绪：极端恐惧

Currently, the market sentiment is one of extreme fear, as shown by the Fear & Greed Index, which is at 33. While large investors, or “whales,” are purchasing, a significant Bitcoin transfer by the U.S. government and today’s $16.5 billion options expiry could cause short-term price swings. To stay in a bullish phase, Bitcoin would need to break above $90,000. However, the prevailing fear in the market has many traders remaining cautious, awaiting clearer signals before committing to major moves.

目前，市场情绪是极端的恐惧之一，如33岁的恐惧和贪婪指数所示。而大型投资者或“鲸鱼”正在购买，这是美国政府的大量比特币转移，今天的165亿美元期权可能会导致短期价格波动。要保持看涨阶段，比特币需要折扣90,000美元。但是，市场上普遍的恐惧使许多交易者保持谨慎，在承诺重大行动之前，等待更清晰的信号。