一年中最大的期权之一发生在5月16日在加密货币市场上

这可能是两个资产波动率的转折点。比特币的名义价值为27.6亿美元，令人震惊的27,000个期权过期。

One of the biggest options expiries of the year occurred on May 16 on the cryptocurrency market, when contracts were worth over $3.04 billion in Bitcoin and Ethereum settled at the same time. This could be a turning point for volatility on both assets.

一年中最大的期权之一发生在5月16日在加密货币市场上，当时合同价值超过30.4亿美元的比特币，以太坊同时定居。这可能是两个资产波动率的转折点。

The notional value of Bitcoin was $2.76 billion, and a startling 27,000 options expired. The Put/Call ratio, which was at 1.03, indicated that traders were feeling somewhat bearish but generally balanced.

比特币的名义价值为27.6亿美元，令人震惊的27,000个期权过期。 put/呼叫比率为1.03，表明交易者感到有些看跌，但通常平衡。

At $100,000, which is still much higher than the current spot price of about $103,800, the maximum pain point or the price at which most options lose value is located. This suggests that most traders were aiming higher but are now below the market.

$ 100,000的价格仍然高于目前的现货价格约为103,800美元，最大痛点或大多数选项损失价值所在的价格。这表明大多数交易者的瞄准量更高，但现在处于市场之下。

On a smaller scale, Ethereum's expiration followed a similar pattern. Approximately 220,000 Ethereum options, with a $570 million notional value, expired. With a maximum pain point of $2,300, the Put/Call ratio was even more pessimistic at 1.36.

在较小的规模上，以太坊的到期遵循类似的模式。大约220,000个以太坊期权，有5.7亿美元的名义价值到期。最大疼痛点为2,300美元，put/呼叫比率更为悲观，为1.36。

Since ETH is currently trading at about $2,625, many traders, who have short positions, might be feeling pressured.

由于ETH目前的交易价格约为2,625美元，因此许多头寸短的交易员可能会感到压力。

Delivery is still lacking, though, as only roughly 9% of the entire Bitcoin options position was exercised despite the significant expiry. Despite general optimism, this suggests prudence on the derivatives market.

但是，仍然缺乏交付，因为尽管有很大的到期，但仍有大约9％的比特币选项位置行使了。尽管有一般的乐观，但这表明对衍生品市场进行了审慎。

While implied volatility (IV) fell to less than 45%, short- and medium-term realized volatility (RV) for Bitcoin has dropped below 35%, lowering the volatility risk premium (VRP) and suggesting a cooling speculative environment.

虽然隐含的波动率（IV）下降到不到45％，但比特币的短期和中期实现的波动率（RV）降至35％以下，降低了波动性风险溢价（VRP），并提出了冷却的投机性环境。

The growing discrepancy between positioning and market sentiment is more intriguing. Technicals and price action paint a more optimistic picture, even though options data indicates short-term hesitancy and bearish positioning.

定位和市场情绪之间日益增长的差异更加有趣。即使选项数据表明短期犹豫和看跌位置，技术和价格动作都会描绘出更乐观的画面。

Ethereum has decisively surpassed its 200 EMA, while Bitcoin remains well above major moving averages.

以太坊果断地超过了其200 EMA，而比特币仍然远高于主要移动平均值。

While the expiration of the options may not result in an immediate explosion, it does set the stage. Given that the majority of bearish bets are losing ground and the market as a whole is displaying technical strength, a breakout driven by short covering and a renewed willingness to take risks could happen soon. The real catalyst might be the data from June.

尽管选项的到期可能不会导致立即爆炸，但确实设定了舞台。鉴于大多数看跌赌注都失去了基础，而且整个市场都在表现出技术实力，因此可能很快就会发生出于短暂的覆盖和新愿意承担风险的突破。真正的催化剂可能是6月的数据。