一年中最大的期權之一發生在5月16日在加密貨幣市場上

這可能是兩個資產波動率的轉折點。比特幣的名義價值為27.6億美元，令人震驚的27,000個期權過期。

One of the biggest options expiries of the year occurred on May 16 on the cryptocurrency market, when contracts were worth over $3.04 billion in Bitcoin and Ethereum settled at the same time. This could be a turning point for volatility on both assets.

一年中最大的期權之一發生在5月16日在加密貨幣市場上，當時合同價值超過30.4億美元的比特幣，以太坊同時定居。這可能是兩個資產波動率的轉折點。

The notional value of Bitcoin was $2.76 billion, and a startling 27,000 options expired. The Put/Call ratio, which was at 1.03, indicated that traders were feeling somewhat bearish but generally balanced.

比特幣的名義價值為27.6億美元，令人震驚的27,000個期權過期。 put/呼叫比率為1.03，表明交易者感到有些看跌，但通常平衡。

At $100,000, which is still much higher than the current spot price of about $103,800, the maximum pain point or the price at which most options lose value is located. This suggests that most traders were aiming higher but are now below the market.

$ 100,000的價格仍然高於目前的現貨價格約為103,800美元，最大痛點或大多數選項損失價值所在的價格。這表明大多數交易者的瞄準量更高，但現在處於市場之下。

On a smaller scale, Ethereum's expiration followed a similar pattern. Approximately 220,000 Ethereum options, with a $570 million notional value, expired. With a maximum pain point of $2,300, the Put/Call ratio was even more pessimistic at 1.36.

在較小的規模上，以太坊的到期遵循類似的模式。大約220,000個以太坊期權，有5.7億美元的名義價值到期。最大疼痛點為2,300美元，put/呼叫比率更為悲觀，為1.36。

Since ETH is currently trading at about $2,625, many traders, who have short positions, might be feeling pressured.

由於ETH目前的交易價格約為2,625美元，因此許多頭寸短的交易員可能會感到壓力。

Delivery is still lacking, though, as only roughly 9% of the entire Bitcoin options position was exercised despite the significant expiry. Despite general optimism, this suggests prudence on the derivatives market.

但是，仍然缺乏交付，因為儘管有很大的到期，但仍有大約9％的比特幣選項位置行使了。儘管有一般的樂觀，但這表明對衍生品市場進行了審慎。

While implied volatility (IV) fell to less than 45%, short- and medium-term realized volatility (RV) for Bitcoin has dropped below 35%, lowering the volatility risk premium (VRP) and suggesting a cooling speculative environment.

雖然隱含的波動率（IV）下降到不到45％，但比特幣的短期和中期實現的波動率（RV）降至35％以下，降低了波動性風險溢價（VRP），並提出了冷卻的投機性環境。

The growing discrepancy between positioning and market sentiment is more intriguing. Technicals and price action paint a more optimistic picture, even though options data indicates short-term hesitancy and bearish positioning.

定位和市場情緒之間日益增長的差異更加有趣。即使選項數據表明短期猶豫和看跌位置，技術和價格動作都會描繪出更樂觀的畫面。

Ethereum has decisively surpassed its 200 EMA, while Bitcoin remains well above major moving averages.

以太坊果斷地超過了其200 EMA，而比特幣仍然遠高於主要移動平均值。

While the expiration of the options may not result in an immediate explosion, it does set the stage. Given that the majority of bearish bets are losing ground and the market as a whole is displaying technical strength, a breakout driven by short covering and a renewed willingness to take risks could happen soon. The real catalyst might be the data from June.

儘管選項的到期可能不會導致立即爆炸，但確實設定了舞台。鑑於大多數看跌賭注都失去了基礎，而且整個市場都在表現出技術實力，因此可能很快就會發生出於短暫的覆蓋和新願意承擔風險的突破。真正的催化劑可能是6月的數據。