今天超过31亿美元的比特币（BTC）和以太坊（ETH）期权到期，提高了波动性的潜力

根据Deribit数据，大约26.6亿美元的BTC期权和5.25亿美元的ETH期权将到期，这是本季度最大的到期活动之一。

A massive batch of Bitcoin (BTC) and Ethereum (ETH) options are set to expire on Friday morning, potentially setting the stage for increased volatility in the crypto market.

大量的比特币（BTC）和以太坊（ETH）选项将在周五上午到期，有可能为加密货币市场的波动增加奠定基础。

According to Deribit data, about $2.66 billion in BTC options and $525 million in ETH options will expire by 8:00 AM (GMT+8) on Friday, August 25. This makes it one of the largest expiry events of the quarter.

根据Deribit的数据，8月25日星期五，到8:00 AM（GMT+8）将在8:00 AM（GMT+8）到期，约26.6亿美元的ETH期权将到期。这使其成为本季度最大的到期活动之一。

Usually, large expirations like this lead to short-term price swings as traders adjust their positions or hedge against unexpected moves.

通常，当交易者根据意外行动调整其头寸或树篱时，诸如此类的大量到期会导致短期价格波动。

The put-to-call ratio for Bitcoin stands at 0.99, indicating a nearly even balance between bearish and bullish positions in the options market.

比特币的提议比率为0.99，表明看跌和看跌期权市场的平衡几乎平衡。

The "max pain" level, or the price at which the most options expire worthless, is set at $100,000. With Bitcoin currently trading above that threshold at $101,800, the $100K mark could serve as a gravitational pull in the short term.

“最大痛苦”水平或最多选择最终毫无价值的价格定为100,000美元。由于比特币目前以101,800美元的价格交易该门槛，因此$ 101,800的商标可以在短期内用作引力。

Option sellers, aiming to reduce payouts, may have an incentive to steer prices closer to that level ahead of Friday’s expiry.

旨在减少支出的期权销售商可能会激励在周五到期之前将价格转移到该水平上。

Moreover, options skew remains neutral, suggesting a lack of strong directional bets, which could further amplify the influence of technical levels like max pain.

此外，选择偏度仍然保持中立，表明缺乏强大的方向赌注，这可以进一步扩大技术水平（如Max Pain）的影响。

In this scenario, the max pain level could emerge as a focal point for short-term price movements in the final days of August.

在这种情况下，最大疼痛水平可能成为八月份最后几天短期价格变动的焦点。

Meanwhile, the put-to-call ratio for Ethereum (ETH) stands at 1.24, signaling that more traders are betting on a price drop by buying puts than expecting a rise with calls.

同时，以太坊（ETH）的提议比率为1.24，这表明，通过购买投票比预期的电话涨幅，更多的交易者正在赌注下降。

The key "max pain" level is $2,200. Since Ethereum is currently trading above that at about $2,500, the $2,200 mark could act as a support zone in the short term.

密钥“最大疼痛”水平为$ 2,200。由于以太坊目前的交易高于2500美元，因此2,200美元的大关可以在短期内充当支撑区。

Sellers of options might try to keep the price near this level to limit their losses before the contracts expire.

期权卖方可能会试图将价格保持在此水平上，以限制合同到期之前的损失。

Implied volatility skew also points to a cautious market, with a slight bias toward protection against price drops. Given this setup, the max pain price could be an important factor shaping Ethereum’s price moves in the coming days.

隐含的波动性偏斜也指向一个谨慎的市场，对防御价格下跌的偏见略有偏见。鉴于此设置，最大疼痛价格可能是塑造以太坊价格转移的重要因素。

The expiration of over $3.1 billion in BTC and ETH options could spark short-term market volatility as traders and option sellers try to minimize their losses by influencing the price toward "max pain" levels. This often leads to bigger price swings and increased trading activity around expiry.

超过31亿美元的BTC和ETH期权的到期可能会引起短期市场的波动，因为交易者和期权销售商试图通过影响“最大痛苦”水平的价格来最大程度地减少损失。这通常会导致更大的价格波动，并在到期周围增加交易活动。