大量期权到期引发比特币、以太坊市场波动

大量与比特币和以太坊相关的期权合约于 2024 年 4 月 26 日到期，其中包括 987,000 份 ETH 期权和 96,172 份 BTC 标准期权，这是历史上最大的到期合约之一。这是在地缘政治紧张局势和比特币 ETF 资金外流的情况下发生的，可能导致市场波动和价格调整。比特币期权占未平仓合约的 62%，名义价值为 95 亿美元，而以太坊期权则占其余部分，由于到期，未平仓合约大幅减少。

Massive Expiry of Bitcoin and Ethereum Options Contracts Sparks Market Volatility

比特币和以太坊期权合约大规模到期引发市场波动

On April 26, 2024, a colossal number of options contracts linked to Bitcoin and Ethereum reached their expiration date, triggering a pivotal event in the cryptocurrency markets. This unprecedented expiry involved 987,000 ETH options contracts and 96,172 BTC standard options contracts, representing a staggering notional value of approximately $9.5 billion for Bitcoin alone.

2024 年 4 月 26 日，大量与比特币和以太坊相关的期权合约到期，引发了加密货币市场的关键事件。此次前所未有的到期涉及 987,000 份 ETH 期权合约和 96,172 份 BTC 标准期权合约，仅比特币的名义价值就高达约 95 亿美元。

Collision with Geopolitical Tensions and ETF Outflows

地缘政治紧张局势和 ETF 流出的冲突

The options expiry coincided with escalating geopolitical tensions and sizable outflows from Bitcoin Exchange-traded funds (ETFs). These factors created a volatile environment, fueling concerns about potential market swings and price fluctuations. Analysts cautioned traders to brace for the potential impact on the dynamics and pricing of these digital assets.

期权到期之际，地缘政治紧张局势不断升级，比特币交易所交易基金（ETF）出现大量资金外流。这些因素造成了不稳定的环境，加剧了人们对潜在市场波动和价格波动的担忧。分析师警告交易者要做好对这些数字资产动态和定价的潜在影响的准备。

Bitcoin Options Data: Staking a Bullish Position

比特币期权数据：看涨头寸

According to Deribit, the world's leading cryptocurrency options exchange, Bitcoin's put-to-call ratio stood at 0.68, indicating a bullish sentiment among traders. This ratio suggested that traders were predominantly selling more calls (long contracts) than puts (short contracts). The maximum pain point, the price at which the asset would cause financial losses to the largest number of holders, was set at $61,000. However, Bitcoin surged to $64,600 at the expiration moment, suggesting a strong bias towards the upside.

根据全球领先的加密货币期权交易所 Deribit 的数据，比特币的看跌期权与看涨期权比率为 0.68，表明交易者的看涨情绪。这一比率表明，交易者主要卖出的看涨期权（多头合约）多于看跌期权（空头合约）。最大痛点，即该资产会给最大数量的持有者造成经济损失的价格，被设定为 61,000 美元。然而，比特币在到期时飙升至 64,600 美元，表明强烈的上行趋势。

Ethereum Options Data: A Bleak Puzzled Picture

以太坊期权数据：一幅惨淡而令人困惑的图景

Ethereum's options landscape painted a contrasting picture. Its put/call ratio rested at 0.51, indicating a slightly bearish sentiment, with $3,100 serving as the maximum pain point. Despite the expiry, Ethereum experienced negligible price volatility, trading within a narrow range between $64,200 and $64,600.

以太坊的期权格局描绘了一幅截然不同的图景。其看跌期权/看涨期权比率维持在 0.51，表明市场情绪略显看跌，其中 3,100 美元是最大痛点。尽管到期，以太坊的价格波动微乎其微，交易价格在 64,200 美元至 64,600 美元之间的窄幅区间内。

Investment Strategies in the Face of Options Expiry

期权到期时的投资策略

The expiry of such a large volume of options contracts is a significant event that can significantly shape market dynamics. Bitcoin options accounted for an astounding 62% of the total notional open interest due for settlement, with Ether options comprising the rest. This massive reduction in open interest can potentially create price volatility as market participants adjust their positions.

如此大量的期权合约到期是一个重大事件，可以显着影响市场动态。比特币期权占待结算名义未平仓合约总额的 62%，令人震惊，其余为以太坊期权。随着市场参与者调整头寸，未平仓合约的大幅减少可能会造成价格波动。

Outflows from Bitcoin ETFs: A Sign of Caution

比特币 ETF 资金流出：一个谨慎的信号

Adding to the complexity of the market outlook are the dynamics of spot Bitcoin exchange-traded funds (ETFs). Data from SoSo Value revealed substantial net outflows of $218 million from US Bitcoin spot ETFs as of April 25, 2024. Major funds, such as Grayscale's GBTC, Fidelity's FBTC, and Valkyrie's BRRR, witnessed significant withdrawals.

现货比特币交易所交易基金（ETF）的动态增加了市场前景的复杂性。 SoSo Value 的数据显示，截至 2024 年 4 月 25 日，美国比特币现货 ETF 大幅净流出 2.18 亿美元。Grayscale 的 GBTC、Fidelity 的 FBTC 和 Valkyrie 的 BRRR 等主要基金都出现了大量撤资。

Implications for Investor Sentiment and Market Liquidity

对投资者情绪和市场流动性的影响

The movements of these ETFs are pivotal indicators of investor sentiment and market liquidity. If net outflows persist, it could signal a cautious or bearish attitude among investors, who may be anticipating price corrections following the options expiry. Alternatively, inflows could mitigate the effects of the expiry or even intensify upward price moves.

这些 ETF 的走势是投资者情绪和市场流动性的关键指标。如果净流出持续存在，则可能表明投资者持谨慎或看跌态度，他们可能预计期权到期后价格会出现调整。或者，资金流入可能会减轻到期的影响，甚至加剧价格上涨。

Market Volatility in the Wake of Options Exiry: Tread with Caution

期权到期后的市场波动：谨慎行事

In the wake of the options expiry and amidst geopolitical uncertainties, observers anticipate increased price volatility in the Bitcoin and Ethereum markets. Traders are advised to proceed with caution and vigilance, closely monitoring market dynamics to make informed trading decisions. The key to success lies in adapting to the evolving conditions and exercising prudent risk management strategies.

在期权到期和地缘政治不确定性的背景下，观察人士预计比特币和以太坊市场的价格波动将加剧。建议交易者谨慎行事，保持警惕，密切关注市场动态，以做出明智的交易决策。成功的关键在于适应不断变化的形势并采取审慎的风险管理策略。