加密貨幣市場的重大運動括號量超過30億美元，比特幣和以太坊期權今天到期。

該期限包括25925份合同，比上週的26949合同少一些。

Today is a pivotal day for crypto derivatives as more than $3 billion in Bitcoin and Ethereum options are set to expire.

如今，對於加密衍生品來說，這是一個關鍵的一天，因為比特幣超過30億美元和以太坊期權將到期。

With substantial contracts and maximum pain points identified, how will these expiring options affect the market’s volatility?

通過確定的大量合同和最大疼痛點，這些到期期權將如何影響市場的波動？

Crypto Markets Brace for $3 Billion Options Expiry

加密市場支撐30億美元期權到期

According to Deribit data, approximately $2.65 billion in Bitcoin options are set to expire today. The maximum pain point for these options is $94,000, accompanied by a put-to-call ratio of 1.05.

根據Deribit數據，今天約有26.5億美元的比特幣期權將到期。這些選項的最大疼痛點為$ 94,000，伴隨著1.05的可呼叫比率。

This expiration includes 25,925 contracts, slightly fewer than last week’s 26,949 contracts.

該期限包括25,925份合同，比上週的26,949份合同少一些。

Ethereum also sees the expiration of 164,591 contracts, lower than last week’s 184,296 open interest. These expiring contracts have a notional value of $364.06 million. The maximum pain point for these contracts is $1,850, with a put-to-call ratio of 1.43.

以太坊還看到164,591份合同的到期，低於上週的184,296張公開利息。這些到期合同的名義價值為3.6406億美元。這些合同的最大疼痛點為1,850美元，可呼叫比率為1.43。

With Bitcoin and Ethereum sales exceeding purchase calls, analysts at Greeks.live cite a predominantly bearish market sentiment.

隨著比特幣和以太坊銷售超過購買電話，希臘人的分析師都引用了一種極為看跌的市場情緒。

“The group seems to be leaning bearish with traders positioning for potential downside moves,” wrote Greeks.live.

Greeks.live寫道：“該組織似乎傾向於看跌，交易員定位潛在的下行行動。”

For Bitcoin, this sentiment becomes more apparent with its max Pain level well below its current price of $102,570. Based on the Max Pain theory, prices tend to draw towards these strike prices as the options near expiration.

對於比特幣而言，最大疼痛水平遠低於目前的102,570美元的最大痛苦水平，這種情緒變得更加明顯。基於最大疼痛理論，價格傾向於將這些罷工價格作為接近到期的選擇。

Based on this, analysts at Greeks.live note that some traders are watching Bitcoin’s $93,00000 to $99,000 price level. They also cite a lack of enthusiasm about BTC’s foray past the $100,000 milestone.

基於這一點，分析師在希臘語上。 Live指出，一些交易者正在觀看比特幣的93,00000美元至99,000美元的價格水平。他們還列舉了對BTC的企業超越100,000美元的里程碑的熱情。

“Market described as boring chop with traders looking to capitalize on time decay while maintaining downside exposure,” the analysts added.

分析師補充說：“市場被描述為無聊的碎石，貿易商希望在維持下行曝光的同時利用時間衰減。”

Positioning Skews Bearish, Max Pain Sits Below Price

定位偏斜看跌，最大疼痛位於價格以下

Meanwhile, with put-to-call ratios above one for both Bitcoin and Ethereum, there are more Put options (bearish bets) than Call options (bullish bets). More traders are betting that the price will go down.

同時，比特幣和以太坊都高於1的比率，比呼叫選項（Bullish Bets）有更多的PUT選項（看跌賭注）。越來越多的交易者押注價格會下跌。

The histograms in the images above confirm this. The BTC open interest chart shows a significant concentration of option contracts at strike prices below the current BTC price of $102,570, particularly between the $93,000 around $100,000 prices.

上圖中的直方圖證實了這一點。 BTC開放興趣圖表顯示，以行使價格低於當前BTC價格的期權合約的集中度很高，尤其是在93,000美元之間，大約在100,000美元的價格之間。

This clustering of option

選項聚類