今天超过30亿美元的比特币（BTC）和以太坊（ETH）选项今天到期

它是在美国CPI（消费者价格指数）和冷却器PPI（生产商价格指数）数据之后进行的。

Today, over $3.3 billion in Bitcoin (BTC) and Ethereum (ETH) options will expire, the largest batch since the beginning of the year. This comes after lower-than-expected US CPI and PPI data.

如今，比特币（BTC）和以太坊（ETH）期权将超过33亿美元，这是自今年年初以来最大的批次。这是在美国CPI和PPI数据低的情况下进行的。

As the world’s largest economy continues to recover from the pandemic, any updates on major macroeconomic indicators are closely followed by traders across asset classes.

随着世界上最大的经济体继续从大流行中恢复过来，对主要宏观经济指标的任何更新都受到跨资产类别的交易者的紧随其后。

This is because they can affect broader market volatility and liquidity, especially in cryptocurrencies, which are known for their high volatility.

这是因为它们会影响更广泛的市场波动和流动性，尤其是在加密货币中，这些货币以其高波动性而闻名。

As of this writing, BTC is trading for $103,912. ETH is changing hands at $2,572.

截至撰写本文时，BTC的交易价格为103,912美元。 ETH以2,572美元的价格易手。

Here’s a breakdown of the expiring options:

这是到期选项的细分：

At least $2.76 billion in Bitcoin options will expire, with a maximum pain point at $100,000. This batch of options includes 26,543 contracts, up from last week’s 25,925 open interest. The put-to-call ratio is 1.02, indicating that traders are buying more puts (rights to sell) than calls (rights to buy), reflecting a bearish market sentiment.

至少27.6亿美元的比特币期权将到期，最大疼痛点为100,000美元。这批选项包括26,543份合同，高于上周25,925的开放兴趣。推销比率为1.02，表明交易者购买的看跌期权（出售权）比呼叫（购买权）更多，反映了看跌市场的情绪。

Around $569.42 million in Ethereum options will expire, amounting to 219,986 contracts, a significant increase from last week’s 164,591 contracts. The maximum pain point is at $2,300, and the put-to-call ratio stands at 1.36, suggesting a bearish market outlook for ETH.

大约5.642亿美元的以太坊期权将到期，总计219,986份合同，比上周的164,591份合同大幅增加。最大疼痛点为2,300美元，而呼叫比率为1.36，这表明ETH的看跌市场前景。

The “maximum pain point” in crypto options is crucial. It represents the price level at which option traders experience the most significant financial discomfort. For instance, if the strike price is at $100,000 and the options expire at $99,000, then those who sold puts at the $100,000 strike price will be in the red.

加密选项中的“最大疼痛点”至关重要。它代表了期权交易者经历最重大财务不适的价格水平。例如，如果罢工价格为100,000美元，而期权的到期为99,000美元，那么出售的人以100,000美元的打击价格将以红色为单位。

However, if the strike price is at $100,000 and the options expire at $101,000, then those who sold calls at the $100,000 strike price will be in the red.

但是，如果罢工价格为100,000美元，而期权的到期为101,000美元，那么那些以100,000美元的打击价格出售电话的人将以红色为例。

As the options expire, market participants will be closely watching to see if the prices of BTC and ETH gravitate towards the strike prices or the max pain levels in order to minimize the payouts for the options sellers.

随着期权的到期，市场参与者将密切关注，以查看BTC和ETH的价格是否倾向于罢工价格或最大痛苦水平，以最大程度地减少期权销售商的支出。

“BTC skew is neutral…price action could get interesting,” said analysts at crypto derivatives exchange Deribit.

加密衍生品交易所deribit的分析师说：“ BTC偏斜是中性的……价格行动可能会变得有趣。”

Meanwhile, analysts at Greeks.live add that Bitcoin’s rejection from the $105,000 threshold came amid an overextended market. The analysts also note caution in the market, with defensive strategies emerging and traders preferring to sell rather than chase momentum.

同时，在希腊人的分析师。Live补充说，比特币从105,000美元的门槛上拒绝，这是在过度扩张的市场中。分析师还注意到了市场上的谨慎，随着防守策略的出现，交易者宁愿卖出而不是追逐动力。

“Several traders are taking profits on long calls and rotating into more defensive positions as they feel everybody rushed in,” said the analysts.

分析师说：“几位交易者正在长时间拨打利润，并在每个人都涌入时旋转到更具防御性的位置。”

Lower US inflation may boost crypto demand

降低美国通货膨胀可能会增加加密需求

The expiring options also come after US CPI data for April showed that inflation cooled to 2.3%, the smallest reading since February 2021, and PPI inflation fell to 2.4%, below expectations of 2.5%.

到期的期权也出现在美国CPI的4月数据显示，通货膨胀率冷却至2.3％，这是自2021年2月以来最小的读数，而PPI通货膨胀率下降到2.4％，低于预期2.5％。

Both figures also showed that April inflation dropped to 0.4%, compared to March’s 0.3% rise. Economists polled by InvestingRoundup had expected no change in both indexes.

这两个数字还表明，与3月的0.3％上升相比，四月通货膨胀率下降到0.4％。 InvestingRoundup进行调查的经济学家预计这两个指数不会改变。

According to analysts, while the April data flipped the narrative, markets may be underreacting to this shift. Lower inflation and fading retail could pressure the Fed to cut rates sooner, despite earlier Fed signals of maintaining stable rates amid tariff uncertainties and a 2% inflation target.

根据分析师的说法，尽管四月的数据翻转了叙述，但市场可能不足以使这种转变反应。尽管在关税不确定性和2％的通货膨胀目标中，较低的通货膨胀和零售零售可能会促使美联储更快地降低利率。

“Rate cuts are back in play, markets aren’'ms ready for what’s coming,” said crypto analyst Merlijn the Trader.

Crypto分析师Merlijn The Trader说：“削减税率正在发挥作用，市场为即将发生的事情做好了准备。”

This typically boosts risk assets like Bitcoin and Ethereum, increasing demand for crypto options as investors seek leveraged exposure. Lower inflation lessens the pressure for monetary tightening, enhancing market liquidity, which drives up call option premiums.

这通常会增加比特币和以太坊等风险资产，随着投资者寻求杠杆风险，对加密货币期权的需求增加。降低通货膨胀减轻了货币收紧，增强市场流动性的压力，这推动了通话期权保费。

But crypto prices saw slight short-term volatility post CPI and PPI, with options traders noting heightened activity, increased volumes, and tighter spreads.

但是加密价格在CPI和PPI后有轻微的短期波动率轻微波动，期权交易者指出活动增加，量增加和更严格的价差。

While option expirations can cause sharp price movements, the impact is usually short-lived. The market generally stabilizes the next day, offsetting initial fluctuations.

虽然期权到期可能会导致价格急剧变化，但影响通常是短暂的。市场通常稳定第二天，抵消了初始波动。

Still, traders should analyze technical indicators and market sentiment closely before investing in this volatile environment.

尽管如此，交易者仍应在投资这种动荡的环境之前仔细分析技术指标和市场情绪。