今天超過31億美元的比特幣（BTC）和以太坊（ETH）期權到期，提高了波動性的潛力

根據Deribit數據，大約26.6億美元的BTC期權和5.25億美元的ETH期權將到期，這是本季度最大的到期活動之一。

A massive batch of Bitcoin (BTC) and Ethereum (ETH) options are set to expire on Friday morning, potentially setting the stage for increased volatility in the crypto market.

大量的比特幣（BTC）和以太坊（ETH）選項將在周五上午到期，有可能為加密貨幣市場的波動增加奠定基礎。

According to Deribit data, about $2.66 billion in BTC options and $525 million in ETH options will expire by 8:00 AM (GMT+8) on Friday, August 25. This makes it one of the largest expiry events of the quarter.

根據Deribit的數據，8月25日星期五，到8:00 AM（GMT+8）將在8:00 AM（GMT+8）到期，約26.6億美元的ETH期權將到期。這使其成為本季度最大的到期活動之一。

Usually, large expirations like this lead to short-term price swings as traders adjust their positions or hedge against unexpected moves.

通常，當交易者根據意外行動調整其頭寸或樹籬時，諸如此類的大量到期會導致短期價格波動。

The put-to-call ratio for Bitcoin stands at 0.99, indicating a nearly even balance between bearish and bullish positions in the options market.

比特幣的提議比率為0.99，表明看跌和看跌期權市場的平衡幾乎平衡。

The "max pain" level, or the price at which the most options expire worthless, is set at $100,000. With Bitcoin currently trading above that threshold at $101,800, the $100K mark could serve as a gravitational pull in the short term.

“最大痛苦”水平或最多選擇最終毫無價值的價格定為100,000美元。由於比特幣目前以101,800美元的價格交易該門檻，因此$ 101,800的商標可以在短期內用作引力。

Option sellers, aiming to reduce payouts, may have an incentive to steer prices closer to that level ahead of Friday’s expiry.

旨在減少支出的期權銷售商可能會激勵在周五到期之前將價格轉移到該水平上。

Moreover, options skew remains neutral, suggesting a lack of strong directional bets, which could further amplify the influence of technical levels like max pain.

此外，選擇偏度仍然保持中立，表明缺乏強大的方向賭注，這可以進一步擴大技術水平（如Max Pain）的影響。

In this scenario, the max pain level could emerge as a focal point for short-term price movements in the final days of August.

在這種情況下，最大疼痛水平可能成為八月份最後幾天短期價格變動的焦點。

Meanwhile, the put-to-call ratio for Ethereum (ETH) stands at 1.24, signaling that more traders are betting on a price drop by buying puts than expecting a rise with calls.

同時，以太坊（ETH）的提議比率為1.24，這表明，通過購買投票比預期的電話漲幅，更多的交易者正在賭注下降。

The key "max pain" level is $2,200. Since Ethereum is currently trading above that at about $2,500, the $2,200 mark could act as a support zone in the short term.

密鑰“最大疼痛”水平為$ 2,200。由於以太坊目前的交易高於2500美元，因此2,200美元的大關可以在短期內充當支撐區。

Sellers of options might try to keep the price near this level to limit their losses before the contracts expire.

期權賣方可能會試圖將價格保持在此水平上，以限制合同到期之前的損失。

Implied volatility skew also points to a cautious market, with a slight bias toward protection against price drops. Given this setup, the max pain price could be an important factor shaping Ethereum’s price moves in the coming days.

隱含的波動性偏斜也指向一個謹慎的市場，對防禦價格下跌的偏見略有偏見。鑑於此設置，最大疼痛價格可能是塑造以太坊價格轉移的重要因素。

The expiration of over $3.1 billion in BTC and ETH options could spark short-term market volatility as traders and option sellers try to minimize their losses by influencing the price toward "max pain" levels. This often leads to bigger price swings and increased trading activity around expiry.

超過31億美元的BTC和ETH期權的到期可能會引起短期市場的波動，因為交易者和期權銷售商試圖通過影響“最大痛苦”水平的價格來最大程度地減少損失。這通常會導致更大的價格波動，並在到期周圍增加交易活動。