高風險加密貨幣選擇權到期：交易者今天應該關注什麼

加密貨幣市場價值 50.1 億美元的比特幣和以太坊選擇權合約將於今天到期。這種大規模的到期可能會影響短期價格

A substantial amount of Bitcoin and Ethereum options contracts are set to expire today, valued at a combined total of $5.01 billion. This mass expiration could have an impact on short-term price movements, particularly given the recent decline in the prices of both assets.

大量比特幣和以太坊選擇權合約將於今天到期，總價值達 50.1 億美元。這種大規模到期可能會對短期價格走勢產生影響，特別是考慮到最近兩種資產價格的下跌。

According to data from Deribit, a crypto derivatives exchange, expiring Bitcoin options are pegged at $3.67 billion, covering 61,793 contracts. This marks a significant increase compared to last week’s 18,440 contracts.

根據加密貨幣衍生品交易所 Deribit 的數據，即將到期的比特幣選擇權價值 36.7 億美元，涵蓋 61,793 份合約。與上週的 18,440 份合約相比，這標誌著顯著增加。

Meanwhile, expiring Ethereum options are valued at $1.36 billion, encompassing 538,872 contracts. This also reflects a substantial rise from the previous week’s 141,410 contracts.

同時，即將到期的以太坊選擇權價值 13.6 億美元，包括 538,872 份合約。這也反映出較前一週的141,410張合約大幅上漲。

Both Bitcoin and Ethereum options are expiring at lower volumes on centralized exchanges, highlighting the shift in activity toward decentralized platforms.

比特幣和以太坊選擇權在中心化交易所的交易量都較低，凸顯了活動向去中心化平台的轉變。

To provide further context, Deribit hosts the bulk of expiring Bitcoin options, with a total value of $3.66 billion. Binance follows with expiring Bitcoin options valued at $9.3 million, and Bybit options are expiring at a value of $5.1 million.

為了提供進一步的背景信息，Deribit 託管著大部分即將到期的比特幣選擇權，總價值為 36.6 億美元。 Binance 緊隨其後，即將到期的比特幣選擇權價值為 930 萬美元，Bybit 選擇權即將到期，價值 510 萬美元。

As for Ethereum options, expiring contracts on decentralized exchange dYdX are valued at $940.3 million. This is succeeded by centralized exchanges Binance ($243.3 million) and Deribit ($166.8 million).

至於以太坊選擇權，去中心化交易所 dYdX 上的到期合約價值 9.403 億美元。緊隨其後的是中心化交易所 Binance（2.433 億美元）和 Deribit（1.668 億美元）。

Now, let’s delve into the specific details of expiring Bitcoin options. These options have a maximum pain price of $61,000, indicating the price point at which the majority of options expiring today will expire worthless.

現在，讓我們深入研究即將到期的比特幣選擇權的具體細節。這些選擇權的最高痛苦價格為 61,000 美元，這表明今天到期的大多數選擇權將在這個價格點到期而毫無價值。

Furthermore, the expiring Bitcoin options have a put-to-call ratio of 0.59. This ratio signifies the puts (bearish bets) to calls (bullish bets) expiring today. A ratio below 1 suggests optimism in the market, with more traders betting on price increases.

此外，即將到期的比特幣選擇權的看跌期權與看漲期權比率為 0.59。此比率表示今天到期的看跌期權（看跌押注）與看漲期權（看漲押注）。比率低於 1 表示市場樂觀，更多交易者押注價格上漲。

As we shift our attention to Ethereum options expiring today, the maximum pain price is $2,800. This price point is crucial as it determines the price at which the maximum number of options will expire out of the money.

當我們將注意力轉向今天到期的以太坊選擇權時，最大痛苦價格為 2,800 美元。這個價格點至關重要，因為它決定了最大數量選擇權到期時的價外價格。

Moreover, the expiring Ethereum options have a put-to-call ratio of 0.49. This ratio also indicates a generally bullish sentiment, with more traders betting on price increases.

此外，即將到期的以太坊選擇權的看跌期權與看漲期權比率為 0.49。該比率也顯示普遍看漲情緒，更多交易者押注價格上漲。

It's important to note that the maximum pain point is a widely followed metric that can often influence market behavior.

值得注意的是，最大痛點是一個廣泛遵循的指標，通常會影響市場行為。

According to analysts at Greeks.live, a crypto options data provider, the recent price declines and external factors, such as Nvidia’s earnings, have led to a slight uptick in implied volatility (IV).

加密選擇權資料供應商 Greeks.live 的分析師表示，近期價格下跌和英偉達獲利等外部因素導致隱含波動率 (IV) 略有上升。

However, the analysts also highlight that IV has generally decreased over time, reflecting a pullback trend.

然而，分析師也強調，隨著時間的推移，IV 普遍下降，反映出回檔趨勢。

“Options data shows that [realized volatility] RV has fallen from a high of 100% on August 9 to 40% currently, with BTC’s actual volatility levels dropping dramatically, which is also a significant factor driving IV down,” the analysts noted.

「選擇權數據顯示，[實際波動率]RV已從8月9日的100%高點下降至目前的40%，而BTC的實際波動率水準大幅下降，這也是推動IV下降的重要因素，」分析師指出。

Furthermore, Greeks.live analysts also observed an increase in long positions in block options trading. This indicates that some large-scale traders are preparing for future price rises.

此外，Greeks.live 分析師也觀察到大宗選擇權交易的多頭部位增加。這表明一些大型貿易商正在為未來的漲價做準備。

The latest data shows that Bitcoin’s trading value has dropped by 3.26% to $59,157, shifting from $61,150 on August 29.

最新數據顯示，比特幣交易價值從 8 月 29 日的 61,150 美元下跌 3.26% 至 59,157 美元。

Similarly, Ethereum has also seen a decline of 2.55%, currently trading at $2,525, down from $2,592 during the same period.

同樣，以太坊也下跌了 2.55%，目前交易價格為 2,525 美元，低於同期的 2,592 美元。

Options expirations often lead to short-term price fluctuations, introducing an element of uncertainty in the markets.

期權到期通常會導致短期價格波動，從而為市場帶來不確定性。

However, following these expirations, markets usually stabilize as traders adjust to the new price environment. With today’s high-volume expiration, we can anticipate a similar outcome, potentially influencing future crypto market trends.

然而，在這些到期之後，隨著交易者適應新的價格環境，市場通常會穩定下來。隨著今天的大量到期，我們可以預見類似的結果，可能會影響未來的加密貨幣市場趨勢。