加密市場將看到價值30億美元的比特幣（BTC）和以太坊（ETH）期權今天到期

加密交易者和投資者將目睹價值約30億美元的比特幣（BTC）和以太坊（ETH）期權今天到期。

Crypto traders and investors will witness approximately $3 billion worth of Bitcoin (BTC) and Ethereum (ETH) options expire today.

加密交易者和投資者將目睹價值約30億美元的比特幣（BTC）和以太坊（ETH）期權今天到期。

Expiring options tend to cause notable price volatility, meaning crypto market participants should monitor today’s developments closely and possibly adjust their trading strategies around 8:00 UTC.

到期的期權往往會引起明顯的價格波動，這意味著加密市場參與者應密切監視當今的發展，並可能在8:00 UTC左右調整其交易策略。

$2.95 Billion Bitcoin and Ethereum Options Expiring

29.5億美元的比特幣和以太坊選項到期

Data on Deribit shows that 26,949 Bitcoin contracts will expire today. The expiring options have a notional value of approximately $2.6 billion.

deribit的數據表明，今天有26,949份比特幣合同今天到期。到期期權的名義價值約為26億美元。

The maximum pain point at which the asset will cause financial losses to the greatest number of holders is $91,000. At this point, most contracts will expire worthless.

資產將對最大數量持有人造成財務損失的最大痛點為91,000美元。在這一點上，大多數合同將毫無價值。

Bitcoin’s put-to-call ratio is 1.01. This suggests a bearish sentiment as investors make more sales (Put) than purchase (Call) orders.

比特幣的pall票比率為1.01。這表明，隨著投資者的銷售額（看價）多於購買（呼叫）訂單，這表明了看跌的情緒。

In contrast, Ethereum’s put-to-call ratio is 0.92, indicating a generally bullish market outlook for ETH. Based on Deribit data, 184,296 Ethereum contracts will expire today. These expiring contracts have a notional value of approximately $340.7 million and a maximum pain point of $1,800.

相比之下，以太坊的提議比率為0.92，這表明ETH的總看漲市場前景。根據deribit數據，今天將有184,296份以太坊合同今天到期。這些到期的合同的名義價值約為3.407億美元，最大痛點為1,800美元。

Ethereum has seen a modest increase of 2.27% since Friday’s session opened, to trade at $1,848 as of this writing.

自周五會議開幕以來，以太坊的增長率為2.27％，截至撰寫本文時，以1,848美元的價格交易。

Despite Bitcoin sales calls exceeding purchase calls, analysts at Greeks.live cite a predominantly bullish sentiment in the market. They also note that many traders expect a push toward $100,000, citing low volatility and market structure.

儘管比特幣銷售電話超過了購買電話，但分析師在希臘語中。他們還指出，許多交易者預計將推向100,000美元，理由是低波動性和市場結構。

“Key levels being watched include the $96,000 NPOC [Naked Point of Control] that was just hit and the $94,400 rolling VWAP [Volume-Weighted Average Price], though some express concerns about sell in May and go away seasonality,” wrote Greeks.live.

Greeks.live寫道：“觀看的關鍵水平包括剛剛擊中的96,000美元的NPOC（赤裸裸的控制點）和94,400美元的滾動VWAP（體積加權平均價格），儘管有些人對5月份出售並消失了季節性的擔憂。”

With low volatility, traders see opportunities for long positions. According to Greeks.live, market makers are selling calls at 30% implied volatility (IV) to collect gamma, while leverage remains low. This suggests a potential upside with traders anticipating more rate cuts.

由於波動率較低，交易者看到了長位置的機會。根據希臘語。 Live，做市商正在以30％的隱含波動率（IV）銷售收集伽瑪的電話，而槓桿率仍然很低。這表明交易者預計會有更多的降低利率。

Collecting gamma means selling options to profit from stable prices, managing small price moves, and earning premiums in a low-volatility market.

收集伽瑪意味著出售從穩定價格中獲利的選擇，管理小價格移動以及在低揮發性市場中賺取保費。

With ETH underperforming compared to BTC, some traders are shorting it. Meanwhile, others focus on BTC’s steady rise and consider July volatility positions for vega gains. This reflects a strategic split in market focus.

與BTC相比，ETH表現不佳，一些交易者正在縮短它。同時，其他人專注於BTC的穩定上升，並考慮Vega收益的7月份波動率。這反映了市場重點的戰略分歧。

Vega gains happen when option prices rise due to increased market volatility, benefiting traders holding options with higher Vega sensitivity.

當由於市場波動提高而使期權價格上漲時，Vega的收益就會發生，從而使貿易商持有更高的VEGA敏感性的期權受益。

Meanwhile, analysts at Deribit agree that some traders are focusing on Bitcoin’s steady rise. Against this backdrop, there is significant BTC stacking above $95,000.

同時，Deribit的分析師同意，一些交易者正在專注於比特幣的穩定上升。在此背景下，BTC的堆積很大，超過95,000美元。

“Market shows strong BTC call stacking above $95K, what impact will the expiry do?,” Deribit analysts posed.

Deribit分析師提出：“市場顯示出強大的BTC呼叫堆疊量超過95,000美元，到期會有什麼影響？”

As of this writing, Bitcoin was trading for $97,108, with gains of almost 3% over the last 24 hours.

截至撰寫本文時，比特幣的交易價格為97,108美元，在過去的24小時內增長了近3％。

Therefore, heavy Bitcoin call options stacking above $95,000 points to trader optimism for a price surge.

因此，重型比特幣通話選項堆放了超過$ 95,000的積分，以使交易者對價格上漲的樂觀態度。

Notwithstanding, it is imperative to note that options expiring can trigger volatility, as seen with last week’s $8.05 billion options expiry, which caused short-term price consolidation. Nevertheless, volatility around options expiry tends to ease down once the contracts are settled around 8:00 UTC on Deribit.

儘管如此，必須注意，期權到期可能會觸發波動，就像上週的80.5億美元期權到期一樣，這導致了短期價格合併。然而，一旦合同在Deribit上的8:00 UTC左右解決，期權周圍的波動率往往會緩解。