15 億美元比特幣選擇權到期可能導致價格跌至 69,000 美元

價值超過 15 億美元的比特幣 (BTC) 期貨選擇權將於 4 月 12 日到期，這表明潛在的價格波動可能導致跌至 69,000 美元。儘管存在「最大痛苦」點，但專家認為 BTC 可能不一定會達到這一水平，並指出週五期權到期規模相對較小以及外部宏觀經濟因素對價格走勢有潛在影響。

Bitcoin Faces Potential Downside with $1.5 Billion Options Expiry on April 12

15 億美元選擇權將於 4 月 12 日到期，比特幣面臨潛在下行風險

Over $1.5 billion worth of Bitcoin (BTC) futures options are poised to expire on April 12, setting the stage for a potentially volatile market that could see the cryptocurrency plunge to $69,000.

價值超過 15 億美元的比特幣 (BTC) 期貨選擇權將於 4 月 12 日到期，這為潛在的波動性市場奠定了基礎，該加密貨幣可能會暴跌至 69,000 美元。

The colossal amount of options, with a put-to-call ratio of 0.62, suggests a "max pain" point of $69,000 for Bitcoin, according to an April 12 analysis by pseudonymous trader Greeks. This indicates that most options contracts would expire worthless if the price falls below that level.

根據匿名交易員 Greeks 4 月 12 日的分析，大量期權的看跌期權與看漲期權比率為 0.62，表明比特幣的「最大痛點」為 69,000 美元。這表明，如果價格跌破該水平，大多數選擇權合約將毫無價值地到期。

However, experts caution that the max pain point does not necessarily imply that Bitcoin will retrace to its previous all-time high. Hao Yang, global head of derivatives trading at Bybit exchange, told Cointelegraph that the max pain point merely reflects the positioning of options market participants and does not dictate where the underlying asset will trade.

然而，專家警告說，最大痛點並不一定意味著比特幣將回升至先前的歷史高點。 Bybit交易所衍生性商品交易全球負責人楊浩告訴Cointelegraph，最大的痛點只是反映了選擇權市場參與者的定位，並不決定標的資產將在哪裡交易。

Despite the impending options expiry, volatility may not escalate significantly, according to Yang. He cited the relatively small size of Friday's options expiry compared to the overall crypto derivative market.

楊表示，儘管期權即將到期，但波動性可能不會大幅升級。他指出，與整個加密衍生性商品市場相比，週五選擇權到期的規模相對較小。

As of 10:25 am UTC, Bitcoin's price remained relatively flat, hovering around $70,725. Over the past week, the world's first cryptocurrency has gained 5.9%, as per CoinMarketCap data.

截至世界標準時間上午 10:25，比特幣價格保持相對平穩，徘徊在 70,725 美元左右。根據 CoinMarketCap 的數據，過去一周，世界上第一種加密貨幣上漲了 5.9%。

While the options expiry could contribute to price volatility, external macroeconomic factors may also play a role. Andrey Stoychev, head of Prime Brokerage at Nexo, told Cointelegraph that Bitcoin could approach the $69,000 mark but its ultimate trajectory would depend on broader market sentiment and its relationship with inflation.

雖然選擇權到期可能會導致價格波動，但外部宏觀經濟因素也可能發揮作用。 Nexo 大宗經紀業務主管 Andrey Stoychev 告訴 Cointelegraph，比特幣可能會接近 69,000 美元大關，但其最終軌跡將取決於更廣泛的市場情緒及其與通膨的關係。

Recent U.S. Consumer Price Index (CPI) data, which exceeded expectations on Wednesday, has raised concerns about inflationary pressures that could potentially impact Bitcoin's price dynamics.

最近的美國消費者物價指數（CPI）數據超出了周三的預期，引發了人們對可能影響比特幣價格動態的通膨壓力的擔憂。

Following the release of the CPI data, Bitcoin whales exhibited buying behavior, propelling the price above $70,000 on April 10.

CPI數據發布後，比特幣鯨魚表現出購買行為，推動比特幣價格在4月10日突破7萬美元。

Spot Bitcoin ETFs Experience Slowing Inflows Ahead of Halving

現貨比特幣 ETF 在減半前經歷資金流入放緩

Inflows into spot Bitcoin exchange-traded funds (ETFs) in the United States have decelerated ahead of the upcoming Bitcoin halving. According to Dune Analytics, ETFs generated a total of $220 million worth of net inflows over the past week.

在即將到來的比特幣減半之前，流入美國現貨比特幣交易所交易基金（ETF）的資金已經放緩。根據 Dune Analytics 的數據，過去一週 ETF 總共產生了價值 2.2 億美元的淨流入。

This represents a significant decline compared to the peak inflows of $2.58 billion recorded during the week ending March 11. Last week's inflows of $337 million mark a drop of over 45% from the previous week's total of $615 million.

與截至 3 月 11 日當週記錄的 25.8 億美元流入高峰相比，這是一個顯著下降。上週的流入額為 3.37 億美元，比前一周的流入總額 6.15 億美元下降了 45% 以上。

Despite the slowdown, Bitcoin ETFs have accumulated over 839,000 BTC, worth approximately $59.4 billion, in total on-chain holdings. This represents 4.26% of the current BTC supply.

儘管經濟放緩，但比特幣 ETF 的鏈上持有量已累計超過 839,000 枚 BTC，價值約 594 億美元。這佔目前 BTC 供應量的 4.26%。

As the Bitcoin halving, a scheduled reduction in the block reward for miners, approaches on May 5, market dynamics remain uncertain. Analysts have predicted a potential surge in Bitcoin's value in anticipation of the event, while others advise caution due to the potential for a sell-off following the halving.

隨著 5 月 5 日比特幣減半（即按計劃減少礦工區塊獎勵）臨近，市場動態仍存在不確定性。分析師預計，比特幣的價值可能會因減半事件而飆升，而其他人則建議謹慎行事，因為減半後可能會出現拋售。