$2.6B 比特幣和以太坊選擇權今天到期，市場波動預計將飆升

今天是加密貨幣市場的重大事件，價值超過 26 億美元的選擇權合約即將到期，其中比特幣 (BTC) 和以太幣 (ETH) 處於領先地位。

More than $2.6 billion in cryptocurrency options contracts are expiring today, setting the stage for a potentially pivotal event in the digital asset markets. As the clock ticks down to the expiration, traders and investors are bracing for the immense market implications.

超過 26 億美元的加密貨幣選擇權合約今天即將到期，這為數位資產市場潛在的關鍵事件奠定了基礎。隨著到期日的臨近，交易者和投資者正在準備迎接巨大的市場影響。

At the forefront of attention are Bitcoin (BTC) and Ethereum (ETH), the two leading cryptocurrencies that account for the bulk of the expiring options contracts. The astronomical sum involved in today's expiration is expected to amplify the market volatility, price movements, and potential strategies employed by investors.

最受關注的是比特幣（BTC）和以太幣（ETH），這兩種主要的加密貨幣佔到期選擇權合約的大部分。今天到期涉及的天文數字預計將放大市場波動、價格變動和投資者採用的潛在策略。

A closer look at cryptocurrency options reveals that these contracts grant investors the right, but not the obligation, to buy or sell an asset at a predetermined price before a specific expiration date. In the context of Bitcoin and Ethereum, options trading empowers investors to hedge, speculate, or leverage their positions in the market.

仔細研究加密貨幣選擇權就會發現，這些合約賦予投資者在特定到期日之前以預定價格買賣資產的權利，但沒有義務。在比特幣和以太坊的背景下，選擇權交易使投資者能夠對沖、投機或利用其在市場中的部位。

While these contracts can be a powerful tool, their expiration can trigger sharp movements, especially when large sums are involved.

雖然這些合約可以是一個強大的工具，但它們的到期可能會引發劇烈的波動，特別是當涉及大筆金額時。

Out of the total expiring today, a large portion comprises both call (buy) and put (sell) options. Call options give the holder the right to buy Bitcoin or Ethereum at a set price, while put options allow the holder to sell at a set price. The final price of these assets at expiration will determine how many options holders can exercise, potentially leading to significant buying or selling pressure in the market.

在今天到期的總數中，很大一部分包括看漲（買入）和看跌（賣出）選擇權。買權賦予持有者以設定價格購買比特幣或以太幣的權利，而賣權則允許持有人以設定價格出售。這些資產到期時的最終價格將決定有多少選擇權持有者可以行使，這可能會導致市場出現巨大的買賣壓力。

Bitcoin and Ethereum are no strangers to price volatility, and the expiration of such a large number of options contracts could amplify the fluctuations.

比特幣和以太坊對價格波動並不陌生，如此大量的選擇合約到期可能會放大波動。

As of the latest market data, Bitcoin has been hovering around $35,000, while Ethereum has been trading near $2,000. The expiration of these options contracts could trigger a cascade of buying or selling activity depending on where the price stands relative to the strike prices of the options.

截至最新市場數據，比特幣一直徘徊在 35,000 美元左右，而以太坊則一直在 2,000 美元附近交易。這些選擇權合約的到期可能會引發一連串的買入或賣出活動，具體取決於價格相對於選擇權執行價格的位置。

For instance, if Bitcoin or Ethereum closes near key strike prices, a massive number of options could be exercised, leading to increased buying or selling pressure. This could either push prices higher if demand exceeds supply or create downward pressure if there is a greater volume of sell orders.

例如，如果比特幣或以太幣收盤價接近關鍵執行價格，則可能會行使大量選擇權，從而導致買入或賣出壓力增加。如果需求超過供應，這可能會推高價格；如果賣單數量增加，可能會造成下行壓力。

Historically, large options expirations have led to sharp movements in the crypto markets, with traders quickly adjusting their positions in reaction.

從歷史上看，大量選擇權到期會導致加密貨幣市場劇烈波動，交易者會迅速調整部位作為反應。

Moreover, the expiration of these contracts could also encourage short-term traders to enter the market, either to capitalize on volatility or to hedge against potential price swings. As such, liquidity may increase, further enhancing the potential for significant price movements.

此外，這些合約的到期也可能鼓勵短期交易者進入市場，以利用波動性或對沖潛在的價格波動。因此，流動性可能會增加，進一步增強價格大幅波動的可能性。

Here are some potential outcomes that could result from the expiration of $2.6 billion in options contracts:

以下是 26 億美元選擇權合約到期可能產生的一些潛在結果：

1. Price rallies: If the price of Bitcoin or Ethereum closes significantly above or below a key strike price, a large number of options could be exercised, leading to buying or selling pressure that drives the price further in that direction. This could result in price rallies or sharp corrections.

1. 價格上漲：如果比特幣或以太幣的價格收盤明顯高於或低於關鍵執行價格，則可能會行使大量選擇權，從而導致買入或賣出壓力，從而推動價格進一步朝該方向發展。這可能導致價格上漲或大幅調整。

2. Minimal impact: In the event that the price of Bitcoin or Ethereum does not align closely with any major strike prices, the expiration of the options contracts may have minimal impact on the price movements. This could occur if the price remains within a range or if it moves slowly throughout the expiration period.

2. 影響最小：如果比特幣或以太幣的價格與任何主要執行價格不緊密一致，選擇權合約到期對價格變動的影響可能很小。如果價格保持在一定範圍內或在整個有效期內緩慢移動，則可能會發生這種情況。

3. Increased volatility: Regardless of the specific price movements, the large-scale expiration of options contracts is likely to amplify the volatility in the cryptocurrency markets. As traders and investors adjust their positions and react to the shifting market dynamics, we could see exaggerated price movements both before and after the expiration.

3.波動性加大：無論具體價格走勢如何，選擇權合約的大規模到期都可能放大加密貨幣市場的波動性。隨著交易者和投資者調整頭寸並對不斷變化的市場動態做出反應，我們可能會在到期前後看到誇大的價格變動。

4. Liquidity boost: Typically, large options expirations attract more traders to the market, especially those seeking to capitalize on the short-term volatility or to hedge their positions against the potential price swings. This could increase the liquidity in the cryptocurrency markets, at least for the duration of the expiring contracts.

4. 流動性增加：通常，大型選擇權到期會吸引更多交易者進入市場，特別是那些尋求利用短期波動或對沖潛在價格波動的部位的交易者。這可能會增加加密貨幣市場的流動性，至少在合約到期期間。

5. Minimal price movements: It's also possible that the large options expiration has already been priced into the market by traders, and thus the day of expiration may pass without any major price movements for Bitcoin or Ethereum. This could happen if the traders have already adjusted their positions or strategies ahead of the expiration in anticipation of the potential market impact.

5. 最小的價格變動：也有可能，大額選擇權到期已經被交易者定價到市場中，因此到期日可能會過去，比特幣或以太坊的價格不會出現任何重大變動。如果交易者已經在到期前因預期潛在的市場影響而調整了頭寸或策略，則可能會發生這種情況。

6. Potential for new market highs or lows: In the case of extreme price movements, especially if the price of Bitcoin or Ethereum surges or plummets significantly, the large options expiration could contribute to the market reaching new highs or lows. This is particularly relevant if the price closes close to a key strike price, leading to a large number of options being exercised in one direction.

6.市場新高或新低的可能性：在價格劇烈波動的情況下，特別是如果比特幣或以太坊的價格大幅上漲或暴跌，大額期權到期可能會導致市場觸及新高或新低。如果價格收盤接近關鍵執行價格，導致大量選擇權在一個方向上行使，這一點尤其重要。

7. Options pin risks: One scenario that traders try to avoid is the "pin risk," where the price of Bitcoin or Ethereum ends up precisely at a strike price. In this case, neither the call nor the put options would be exercised fully, potentially leading to losses for the options traders involved.

7. 選擇權固定風險：交易者試圖避免的一種情況是“固定風險”，即比特幣或以太坊的價格最終恰好達到執行價格。在這種情況下，買權和賣權都不會被充分行使，這可能會導致相關選擇權交易者遭受損失。

 

Today's $2.6 billion options expiration is a testament to the rapid growth and institutionalization of the cryptocurrency markets. While options can be a powerful tool for investors, it's essential to approach them with caution and a clear understanding

今天 26 億美元的選擇權到期證明了加密貨幣市場的快速成長和製度化。雖然選擇權對投資者來說是一個強大的工具，但必須謹慎對待並清楚地了解它們