比特幣選擇：戰略決鬥，$ 138億美元

上週五，比特幣幾乎觸及了111,000美元，引發了市場上的欣喜。一個歷史悠久的第一，並未被媒體焦點引起人們的注意。但是從那以後，波動率已經恢復，使價格恢復到100,00美元以下。

Last Friday, bitcoin nearly touched $111,000, triggering a wave of euphoria in the markets. A historic first that did not go unnoticed by the media spotlight. But since then, volatility has returned, bringing the price back below $110,000. The star crypto now enters a critical zone. In the sights: the expiration of $13.8 billion in options scheduled for May 31. For the bulls, every level gained could turn into a jackpot. But the battle remains uncertain.

上週五，比特幣幾乎觸及了111,000美元，引發了市場上的欣喜。一個歷史悠久的第一，並未被媒體焦點引起人們的注意。但是從那以後，波動率已經恢復，使價格恢復到110,000美元以下。明星加密貨幣現在進入一個關鍵區域。在視線中：計劃於5月31日舉行的期權的138億美元到期。對於公牛而言，所獲得的每個級別都可能變成大獎。但是戰鬥仍然不確定。

Bitcoin Options: A Strategic Duel at $13.8 Billion

比特幣選擇：戰略決鬥，$ 138億美元

The good news: the market has structured itself around two camps. The bulls hope to keep bitcoin above $110,000 to maximize their positions. Call options on this zone total $4.8 billion. On the other side, the bears see their hopes dwindling: 95% of puts are placed below $109,000. If the price remains high, their impact will be minimal.

好消息：市場已經在兩個營地附近構成了自己的成就。公牛希望將比特幣保持在110,000美元以上，以最大程度地提高其頭寸。該區域的呼叫選項總額為48億美元。另一方面，熊隊看到他們的希望減少：95％的投票權分為109,000美元。如果價格保持較高，其影響將是最小的。

At Deribit, the most used strategies in May are “bull call spreads” and “short calls”. They allow benefiting from a measured rise in bitcoin while limiting losses in case of a reversal. This positioning reflects the current caution of market participants.

在deribit，5月最常用的策略是“公牛呼叫點差”和“短電話”。它們允許受益於比特幣的測得的上升，同時限制逆轉的損失。這種定位反映了當前市場參與者的謹慎。

The decisive factor could come from spot Bitcoin ETFs. Between May 20 and 22, $1.9 billion was injected into them. This massive inflow supports the bullish sentiment. But nothing is decided: bears could still try to manipulate futures contracts to limit damage. Because as the expiration approaches, every dollar counts.

決定性因素可能來自點比特幣ETF。在5月20日至22日之間，向他們注入了19億美元。這種大量的流入支持看漲的情緒。但是什麼都沒有決定：熊仍然可以試圖操縱期貨合約以限制損失。因為隨著到期的臨近，每一美元都很重要。

Technical Tensions and “Pinning Effect”: Understanding Bitcoin’s Front Lines

技術緊張和“固定效果”：了解比特幣的前線

On the charts, the $110,000 and $112,000 levels are becoming explosive zones. The Twitter account @DarkPurpleHazeX describes:

在圖表上，$ 110,000和$ 112,000的水平正變成爆炸性區域。 Twitter帳戶@darkpurplehazex描述：

There seem to be significant short positions at $112,000… but they are losing ground.

似乎有112,000美元的大量短職位……但他們正在失去。

This level concentrates selling pressure. If it yields, a short squeeze could push bitcoin to new highs.

該水平集中銷售壓力。如果產生的話，短暫的擠壓可能會將比特幣推向新的高點。

But technical analysis does not explain everything. The famous “pinning effect” comes into play. It pushes prices to stabilize around levels with high open interest. For this month, this corridor seems to be between $105,000 and $110,000, a potential trap for both camps.

但是技術分析並不能解釋一切。著名的“固定效果”發揮了作用。它推動價格穩定在較高的開放興趣的情況下穩定。在本月，這條走廊似乎在105,000美元至110,000美元之間，這是兩個營地的潛在陷阱。

The $79 billion in open interest on futures contracts amplifies this tension. A breakout in either direction could create a domino effect. In this context, strategies evolve minute by minute. Investors watch the slightest signals: volumes, tweets, and macroeconomic announcements.

期貨合約的790億美元開放利息擴大了這一緊張局勢。在任一方向上的突破都可以產生多米諾骨牌效應。在這種情況下，策略逐漸發展。投資者觀看絲毫信號：卷，推文和宏觀經濟公告。

Towards a High-Tension Outcome

朝著高度的結果

The end of the month promises to be electric. The figures speak for themselves and reflect maximum market pressure. Bulls can cash in up to $4.8 billion on call options if bitcoin exceeds $110,000. On their side, bears have few weapons left: 95% of their puts expire below $109,000, rendering them useless if the price stays high.

本月底有望發電。這些數字自言自語，反映出最大的市場壓力。如果比特幣超過110,000美元，公牛可以以48億美元的價格兌現48億美元。在他們身邊，熊幾乎沒有武器：其投票的95％到期$ 109,000，如果價格保持較高，則使其毫無用處。

The inflow of $1.9 billion into spot Bitcoin ETFs between May 20 and 22 illustrates institutional investors’ confidence. This support is no coincidence.

在5月20日至22日之間，在現貨比特幣ETF中流入了19億美元的流入，說明了機構投資者的信心。這種支持不是巧合。

On futures contracts, $79 billion in open positions raise the stakes.

在期貨合約上，開放職位的790億美元提高了股份。

In this context, the slightest technical or geopolitical spark could tip everything over.

在這種情況下，絲毫的技術或地緣政治火花可能會使一切傾向。

Recently, Donald Trump reignited tensions by restarting the trade war with the EU — a statement that immediately unsettled the markets. Result: Europe and bitcoin waver. This harsh reminder underlines how sensitive the crypto ecosystem remains to external shocks. As option expiration approaches, nerves will be tested.

最近，唐納德·特朗普（Donald Trump）通過與歐盟重啟貿易戰來重新點燃緊張局勢，這一聲明立即使市場不穩定。結果：歐洲和比特幣動搖。這種苛刻的提醒強調了加密生態系統對外部衝擊的敏感程度。隨著期權到期的接近，將測試神經。

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