今天超過33.3億美元的比特幣和以太坊選項今天到期

四月的CPI和PPI發行，均低於市場預期，改變了對美聯儲的貨幣政策的預測，並重新點燃了降低稅率的賭注

Today marks the expiration of over $3.33 billion in Bitcoin and Ethereum options, a session that will be closely watched following the latest US inflation data.

今天，標誌著超過33.3億美元的比特幣和以太坊期權的到期，該會議將在美國最新的通貨膨脹數據之後進行密切關注。

The release of April’s Consumer Price Index (CPI) and Producer Price Index (PPI), both lower than expected, shifted thinking on the Federal Reserve’s monetary policy and sparked fresh bets on interest rate cuts arriving sooner than anticipated.

四月的消費者價格指數（CPI）和生產商價格指數（PPI）的發行均低於預期，這改變了對美聯儲的貨幣政策的思考，並引發了比預期更快的降低利率的新賭注。

The bulk of these positions are in Bitcoin, with $2.76 billion in options expiring at the maximum pain point of $100,000, according to Deribit data. However, the cryptocurrency is trading above this level, at around $104,000, according to CoinMarketCap.

根據Deribit數據，這些職位的大部分位於比特幣中，期權的最大痛苦點為100,000美元。但是，根據CoinMarketCap的數據，加密貨幣的交易高於此水平，約為104,000美元。

Bitcoin also presents a slight put-to-call ratio bias, at 1.02, indicating a mild preference for defensive positions but without a clear bullish or bearish trend.

比特幣還表現出輕微的提取比例偏差，為1.02，表明對防守位置的溫和偏愛，但沒有明顯的看漲或看跌趨勢。

Greater Caution Around Ethereum

以太坊周圍更加謹慎

Meanwhile, Ethereum faces the expiration of $569 million in contracts, with a maximum pain point at $2,300. The token is trading at around $2,570.

同時，以太坊面臨5.69億美元的合同到期，最大疼痛點為2,300美元。令牌的交易價格約為2,570美元。

Compared to Bitcoin, Ethereum presents a more biased put-to-call ratio, at 1.36, signaling greater caution among traders.

與比特幣相比，以太坊表現出更加有偏見的提名比率為1.36，這表明交易者的謹慎態度更大。

The importance of these expirations lies in the fact that, on days like this, prices often converge toward the levels that would generate the highest potential losses for traders. While this isn’t a guaranteed occurrence, it’s a pattern that tends to minimize premium payouts on both sides of the market.

這些到期的重要性在於，在這樣的日子裡，價格通常會趨於產生交易者潛在損失最高的水平。儘管這不是保證的情況，但這是一種模式，可以最大程度地減少市場兩邊的溢價支出。

A Sharp Shift in Expectations?

期望的急劇變化？

The latest inflation report had an immediate impact on thinking around interest rates in the US. April’s CPI arrived at 2.3%, its lowest reading since February 2021, while the PPI dropped to 2.4%.

最新通貨膨脹報告對圍繞美國利率的思考產生了直接影響。 4月的CPI到達2.3％，這是自2021年2月以來的最低讀數，而PPI降至2.4％。

This development alleviated some pressure on the Fed to keep up its restrictive monetary stance and opened up possibilities for a pivot toward rate cuts, possibly before the end of the year.

這一發展減輕了對美聯儲保持其限制性貨幣立場的壓力，並為可能在年底之前開闢了涉及降級的可能性。

This type of scenario usually benefits higher-risk assets like Bitcoin and Ethereum, as it aids market liquidity and reduces the opportunity cost of holding positions in cryptocurrencies. However, the market continues to display signs of caution.

這種類型的情況通常受益於比特幣和以太坊等高風險資產，因為它有助於市場流動性並降低了在加密貨幣中保持頭寸的機會成本。但是，市場繼續表現出謹慎的跡象。