加密貨幣選擇權即將到期，引發波動性擔憂

加密市場正在為比特幣減半後的首次選擇權到期做準備，價值超過 94 億美元的加密選擇權將於本週五到期。到期的比特幣選擇權價值為 63 億美元，看跌期權與看漲期權比率為 0.68，顯示近期看跌期權有所增加。以太坊選擇權總額為 31 億美元，賣權與買權比率為 0.49。市場預計到期日價格可能會出現波動。

Massive Crypto Options Expiry Looms, Potentially Triggering Volatility

大量加密貨幣選擇權即將到期，可能引發波動

The cryptocurrency market braced itself for a significant event this Friday, April 22nd, as options contracts worth a staggering $9.4 billion were set to expire. This expiry, coinciding with the highly anticipated Bitcoin halving, has heightened anticipation among traders and investors.

4 月 22 日星期五，加密貨幣市場即將迎來一場重大事件，價值 94 億美元的選擇合約即將到期。這次到期，恰逢備受期待的比特幣減半，提高了交易者和投資者的預期。

Following the Bitcoin halving on April 20th, the crypto market has not witnessed the substantial rally that many had anticipated. Traders are now eagerly awaiting the first major expiry after the halving, which could introduce increased volatility. According to Deribit, the world's largest crypto options exchange, the upcoming expiry encompasses over $6.3 billion worth of Bitcoin options and $3.1 billion worth of Ethereum options.

4 月 20 日比特幣減半後，加密貨幣市場並未出現許多人預期的大幅上漲。交易者現在急切地等待減半後的第一次主要到期，這可能會導致波動性增加。根據全球最大的加密貨幣選擇權交易所 Deribit 的數據，即將到期的比特幣選擇權包括價值超過 63 億美元的比特幣選擇權和價值 31 億美元的以太坊選擇權。

Bitcoin Options: A Deeper Dive

比特幣期權：深入探討

Delving into the details of Bitcoin options, over 94,000 contracts representing $6.3 billion in notional value are due to expire. The put-call ratio, which gauges the sentiment of options traders, currently stands at 0.68. This ratio indicates a recent rise in put options, which convey a bearish outlook on Bitcoin's price. Notably, the max pain point for Bitcoin options is $61,000, a level below the current market price. This suggests that the market anticipates a potential pullback in Bitcoin's value on Friday.

深入研究比特幣選擇權的細節，超過 94,000 個合約（名義價值 63 億美元）即將到期。衡量選擇權交易者情緒的賣權與買權比率目前為 0.68。該比率表明最近看跌期權有所增加，這傳達了對比特幣價格的看跌前景。值得注意的是，比特幣選擇權的最大痛點是 61,000 美元，低於當前市場價格。這表明市場預計週五比特幣的價值可能會回調。

Ethereum Options: A Different Picture

以太坊選擇權：另一幅景象

Turning to Ethereum options, approximately 941,000 contracts representing $3.1 billion in notional value are set to expire. The put-call ratio for Ethereum options is 0.49, which implies a somewhat more optimistic sentiment towards the digital asset. The max pain point for Ethereum options is $3,100, with the current ETH price trading above both the max pain point and the current price of $3,252.

至於以太坊選擇權，大約 941,000 份合約（名義價值 31 億美元）即將到期。以太坊選擇權的看跌期權比率為 0.49，這意味著人們對數位資產的情緒更加樂觀。以太坊選擇權的最大痛點是 3,100 美元，當前 ETH 價格交易高於最大痛點和 3,252 美元的當前價格。

Trading Activity and Volatility

交易活動和波動性

In the 24 hours leading up to the expiry, there has been an increase in put open interest, further indicating bearish sentiment. The put/call ratio for this period is 0.84, suggesting a potential decline in price towards the max pain point.

在到期前的 24 小時內，看跌期權未平倉合約增加，進一步表明看跌情緒。這段期間的看跌/看漲比率為 0.84，顯示價格可能會下跌至最大痛點。

Additionally, Deribit reported a surge in realized volatility, as measured by the BTC Volatility Index (DVOL). This indicates that traders are bracing for increased price fluctuations as the options expiry approaches.

此外，Deribit 報告稱，根據 BTC 波動率指數（DVOL）衡量，實際波動率大幅上升。這表明隨著選擇權到期日的臨近，交易者正在準備應對價格波動加劇的情況。

Conclusion

結論

The upcoming $9.4 billion crypto options expiry is a significant event that could have a major impact on the cryptocurrency market. Traders are closely monitoring the situation, which has the potential to trigger significant volatility. As the expiry nears, the market participants will be watching closely to see if their bullish or bearish bets pay off.

即將到期的 94 億美元加密貨幣選擇權是一個重大事件，可能會對加密貨幣市場產生重大影響。交易員正在密切關注局勢，這有可能引發大幅波動。隨著到期日的臨近，市場參與者將密切關注他們的看漲或看跌押注是否獲得回報。