比特幣價格，期權市場，到期重置：下一步是什麼？

比特幣的價格波動，期權市場動態和到期的重置正在為交易者帶來動盪但潛在的機會主義格局。

The Bitcoin market is a rollercoaster, and recent weeks have been no exception. With price dips, options expiry resets, and a generally fearful market sentiment, it's a wild ride. Let's break down what's been happening and what it might mean for you.

比特幣市場是過山車，最近幾周也不例外。隨著價格下降，期權的重置以及普遍令人恐懼的市場情緒，這是一個瘋狂的旅程。讓我們分解發生的事情以及這可能對您意味著什麼。

Bitcoin Price Swings and Expiry Reset

比特幣價格波動和到期的重置

Bitcoin experienced a short uptick of 0.83% recently following a pretty aggressive downfall. This came after tens of billions of contracts expiring on Deribit. The expiry moved the settlement to approximately 109,000. Open interest in Bitcoin options also took a major hit, dropping from 515,000 BTC to 355,000 BTC.

在非常激進的失敗之後，比特幣最近經歷了0.83％的短暫上升。這是在數以萬計的deribit到期的合同之後。到期將定居點移至約109,000。對比特幣選擇的開放興趣也受到了重大打擊，從515,000 BTC下降到355,000 BTC。

What Does This Mean?

這是什麼意思？

This reset essentially cleans the slate. All those massive positions have been cleared, creating a clearer landscape for new bets. Market participants are repositioning, which will reveal whether the appetite is for protection or new risk-taking.

重置本質上是清潔板岩。所有這些龐大的職位都已清除，為新賭注創造了更清晰的景觀。市場參與者正在重新定位，這將揭示食慾是保護還是新的冒險。

Market Sentiment and Fear

市場情緒和恐懼

The Crypto Fear and Greed Index dropped to 28, signaling increased anxiety and fear in the market. This aligns with the recent selloffs and liquidations, especially in the futures market. Long positions were significantly liquidated, highlighting the dangers of over-leveraging.

加密恐懼和貪婪指數下降到28，這表明市場上的焦慮和恐懼增加了。這與最近的拋售和清算相吻合，尤其是在期貨市場。長位置明顯清算，突出了過度槓桿作用的危險。

Key Support Levels to Watch

關鍵支持級別要觀看

Crypto analyst Ali pointed out a crucial support level for Bitcoin at $107,200. If Bitcoin fails to hold above this level, we could see a plunge to below $100,000 or even $93,000.

加密分析師Ali指出，比特幣的至關重要的支持水平為107,200美元。如果比特幣未能超過此水平，我們可能會看到一筆低至100,000美元甚至93,000美元的幅度。

Options Market Dynamics

期權市場動態

Implied volatility on near-dated contracts has been shaken, but premiums further out on the curve have remained steady. This means that while short-term turbulence might be subsiding, longer-term insurance is still in demand. Skew readings also support a defensive tone, with puts priced higher than calls, especially in the front part of the curve.

近期合同上隱含的波動率已經動搖，但曲線上的溢價仍然保持穩定。這意味著，儘管短期動盪可能會降低，但長期保險仍在需求。偏斜的讀數還支持防禦性語調，價格高於呼叫，尤其是在曲線的前部。

Looking Ahead

展望未來

The derivatives structure of Bitcoin is cleaner now, and the next phase hinges on open interest restructuring and new demand emerging. While instant attention is on risk protection, activity in 2026 expiries suggests traders aren't giving up on major directional moves in the future.

比特幣的衍生工具結構現在更加干淨，下一階段取決於開放利息的重組和新的需求。儘管即時注意力受到風險保護，但2026年到期的活動表明，交易者將來沒有放棄主要方向性的行動。

Personal Take

私人

Given the current market dynamics, it's crucial to stay informed and cautious. The wild swings in Bitcoin's price, coupled with the expiry resets and market fear, create both risks and opportunities. Keeping an eye on those key support levels and understanding the options market's defensive tone can help you make more informed decisions.

鑑於當前的市場動態，保持知情和謹慎至關重要。比特幣的價格狂野波動，再加上到期的重置和市場恐懼，既有風險和機遇。密切關注這些關鍵支持水平並了解期權市場的防禦性語調可以幫助您做出更明智的決定。

The Bottom Line

底線

So, what's the takeaway? Bitcoin's been doing the cha-cha – one step forward, two steps back. But hey, that's crypto! Keep your eyes peeled, trade smart, and remember: even in a volatile market, there's always a chance for a comeback. And if all else fails, just HODL and enjoy the ride!

那麼，收穫是什麼？比特幣一直在進行Cha-cha - 向前一步，向後兩步。但是，嘿，那是加密貨幣！保持眼睛剝落，聰明和記住：即使在一個動蕩的市場中，也總是有機會捲土重來。而且，如果其他所有事情都失敗了，只需hodl享受旅程即可！