今天超過30億美元的比特幣（BTC）和以太坊（ETH）選項今天到期

它是在美國CPI（消費者價格指數）和冷卻器PPI（生產商價格指數）數據之後進行的。

Today, over $3.3 billion in Bitcoin (BTC) and Ethereum (ETH) options will expire, the largest batch since the beginning of the year. This comes after lower-than-expected US CPI and PPI data.

如今，比特幣（BTC）和以太坊（ETH）期權將超過33億美元，這是自今年年初以來最大的批次。這是在美國CPI和PPI數據低的情況下進行的。

As the world’s largest economy continues to recover from the pandemic, any updates on major macroeconomic indicators are closely followed by traders across asset classes.

隨著世界上最大的經濟體繼續從大流行中恢復過來，對主要宏觀經濟指標的任何更新都受到跨資產類別的交易者的緊隨其後。

This is because they can affect broader market volatility and liquidity, especially in cryptocurrencies, which are known for their high volatility.

這是因為它們會影響更廣泛的市場波動和流動性，尤其是在加密貨幣中，這些貨幣以其高波動性而聞名。

As of this writing, BTC is trading for $103,912. ETH is changing hands at $2,572.

截至撰寫本文時，BTC的交易價格為103,912美元。 ETH以2,572美元的價格易手。

Here’s a breakdown of the expiring options:

這是到期選項的細分：

At least $2.76 billion in Bitcoin options will expire, with a maximum pain point at $100,000. This batch of options includes 26,543 contracts, up from last week’s 25,925 open interest. The put-to-call ratio is 1.02, indicating that traders are buying more puts (rights to sell) than calls (rights to buy), reflecting a bearish market sentiment.

至少27.6億美元的比特幣期權將到期，最大疼痛點為100,000美元。這批選項包括26,543份合同，高於上週25,925的開放興趣。推銷比率為1.02，表明交易者購買的看跌期權（出售權）比呼叫（購買權）更多，反映了看跌市場的情緒。

Around $569.42 million in Ethereum options will expire, amounting to 219,986 contracts, a significant increase from last week’s 164,591 contracts. The maximum pain point is at $2,300, and the put-to-call ratio stands at 1.36, suggesting a bearish market outlook for ETH.

大約5.642億美元的以太坊期權將到期，總計219,986份合同，比上週的164,591份合同大幅增加。最大疼痛點為2,300美元，而呼叫比率為1.36，這表明ETH的看跌市場前景。

The “maximum pain point” in crypto options is crucial. It represents the price level at which option traders experience the most significant financial discomfort. For instance, if the strike price is at $100,000 and the options expire at $99,000, then those who sold puts at the $100,000 strike price will be in the red.

加密選項中的“最大疼痛點”至關重要。它代表了期權交易者經歷最重大財務不適的價格水平。例如，如果罷工價格為100,000美元，而期權的到期為99,000美元，那麼出售的人以100,000美元的打擊價格將以紅色為單位。

However, if the strike price is at $100,000 and the options expire at $101,000, then those who sold calls at the $100,000 strike price will be in the red.

但是，如果罷工價格為100,000美元，而期權的到期為101,000美元，那麼那些以100,000美元的打擊價格出售電話的人將以紅色為例。

As the options expire, market participants will be closely watching to see if the prices of BTC and ETH gravitate towards the strike prices or the max pain levels in order to minimize the payouts for the options sellers.

隨著期權的到期，市場參與者將密切關注，以查看BTC和ETH的價格是否傾向於罷工價格或最大痛苦水平，以最大程度地減少期權銷售商的支出。

“BTC skew is neutral…price action could get interesting,” said analysts at crypto derivatives exchange Deribit.

加密衍生品交易所deribit的分析師說：“ BTC偏斜是中性的……價格行動可能會變得有趣。”

Meanwhile, analysts at Greeks.live add that Bitcoin’s rejection from the $105,000 threshold came amid an overextended market. The analysts also note caution in the market, with defensive strategies emerging and traders preferring to sell rather than chase momentum.

同時，在希臘人的分析師。 Live補充說，比特幣從105,000美元的門檻上拒絕，這是在過度擴張的市場中。分析師還注意到了市場上的謹慎，隨著防守策略的出現，交易者寧願賣出而不是追逐動力。

“Several traders are taking profits on long calls and rotating into more defensive positions as they feel everybody rushed in,” said the analysts.

分析師說：“幾位交易者正在長時間撥打利潤，並在每個人都湧入時旋轉到更具防禦性的位置。”

Lower US inflation may boost crypto demand

降低美國通貨膨脹可能會增加加密需求

The expiring options also come after US CPI data for April showed that inflation cooled to 2.3%, the smallest reading since February 2021, and PPI inflation fell to 2.4%, below expectations of 2.5%.

到期的期權也出現在美國CPI的4月數據顯示，通貨膨脹率冷卻至2.3％，這是自2021年2月以來最小的讀數，而PPI通貨膨脹率下降到2.4％，低於預期2.5％。

Both figures also showed that April inflation dropped to 0.4%, compared to March’s 0.3% rise. Economists polled by InvestingRoundup had expected no change in both indexes.

這兩個數字還表明，與3月的0.3％上升相比，四月通貨膨脹率下降到0.4％。 InvestingRoundup進行調查的經濟學家預計這兩個指數不會改變。

According to analysts, while the April data flipped the narrative, markets may be underreacting to this shift. Lower inflation and fading retail could pressure the Fed to cut rates sooner, despite earlier Fed signals of maintaining stable rates amid tariff uncertainties and a 2% inflation target.

根據分析師的說法，儘管四月的數據翻轉了敘述，但市場可能不足以使這種轉變反應。儘管在關稅不確定性和2％的通貨膨脹目標中，較低的通貨膨脹和零售零售可能會促使美聯儲更快地降低利率。

“Rate cuts are back in play, markets aren’'ms ready for what’s coming,” said crypto analyst Merlijn the Trader.

Crypto分析師Merlijn The Trader說：“削減稅率正在發揮作用，市場為即將發生的事情做好了準備。”

This typically boosts risk assets like Bitcoin and Ethereum, increasing demand for crypto options as investors seek leveraged exposure. Lower inflation lessens the pressure for monetary tightening, enhancing market liquidity, which drives up call option premiums.

這通常會增加比特幣和以太坊等風險資產，隨著投資者尋求槓桿風險，對加密貨幣期權的需求增加。降低通貨膨脹減輕了貨幣收緊，增強市場流動性的壓力，這推動了通話期權保費。

But crypto prices saw slight short-term volatility post CPI and PPI, with options traders noting heightened activity, increased volumes, and tighter spreads.

但是加密價格在CPI和PPI後有輕微的短期波動率輕微波動，期權交易者指出活動增加，量增加和更嚴格的價差。

While option expirations can cause sharp price movements, the impact is usually short-lived. The market generally stabilizes the next day, offsetting initial fluctuations.

雖然期權到期可能會導致價格急劇變化，但影響通常是短暫的。市場通常穩定第二天，抵消了初始波動。

Still, traders should analyze technical indicators and market sentiment closely before investing in this volatile environment.

儘管如此，交易者仍應在投資這種動蕩的環境之前仔細分析技術指標和市場情緒。