今天超过33.3亿美元的比特币和以太坊选项今天到期

四月的CPI和PPI发行，均低于市场预期，改变了对美联储的货币政策的预测，并重新点燃了降低税率的赌注

Today marks the expiration of over $3.33 billion in Bitcoin and Ethereum options, a session that will be closely watched following the latest US inflation data.

今天，标志着超过33.3亿美元的比特币和以太坊期权的到期，该会议将在美国最新的通货膨胀数据之后进行密切关注。

The release of April’s Consumer Price Index (CPI) and Producer Price Index (PPI), both lower than expected, shifted thinking on the Federal Reserve’s monetary policy and sparked fresh bets on interest rate cuts arriving sooner than anticipated.

四月的消费者价格指数（CPI）和生产商价格指数（PPI）的发行均低于预期，这改变了对美联储的货币政策的思考，并引发了比预期更快的降低利率的新赌注。

The bulk of these positions are in Bitcoin, with $2.76 billion in options expiring at the maximum pain point of $100,000, according to Deribit data. However, the cryptocurrency is trading above this level, at around $104,000, according to CoinMarketCap.

根据Deribit数据，这些职位的大部分位于比特币中，期权的最大痛苦点为100,000美元。但是，根据CoinMarketCap的数据，加密货币的交易高于此水平，约为104,000美元。

Bitcoin also presents a slight put-to-call ratio bias, at 1.02, indicating a mild preference for defensive positions but without a clear bullish or bearish trend.

比特币还表现出轻微的提取比例偏差，为1.02，表明对防守位置的温和偏爱，但没有明显的看涨或看跌趋势。

Greater Caution Around Ethereum

以太坊周围更加谨慎

Meanwhile, Ethereum faces the expiration of $569 million in contracts, with a maximum pain point at $2,300. The token is trading at around $2,570.

同时，以太坊面临5.69亿美元的合同到期，最大疼痛点为2,300美元。令牌的交易价格约为2,570美元。

Compared to Bitcoin, Ethereum presents a more biased put-to-call ratio, at 1.36, signaling greater caution among traders.

与比特币相比，以太坊表现出更加有偏见的提名比率为1.36，这表明交易者的谨慎态度更大。

The importance of these expirations lies in the fact that, on days like this, prices often converge toward the levels that would generate the highest potential losses for traders. While this isn’t a guaranteed occurrence, it’s a pattern that tends to minimize premium payouts on both sides of the market.

这些到期的重要性在于，在这样的日子里，价格通常会趋于产生交易者潜在损失最高的水平。尽管这不是保证的情况，但这是一种模式，可以最大程度地减少市场两边的溢价支出。

A Sharp Shift in Expectations?

期望的急剧变化？

The latest inflation report had an immediate impact on thinking around interest rates in the US. April’s CPI arrived at 2.3%, its lowest reading since February 2021, while the PPI dropped to 2.4%.

最新通货膨胀报告对围绕美国利率的思考产生了直接影响。 4月的CPI到达2.3％，这是自2021年2月以来的最低读数，而PPI降至2.4％。

This development alleviated some pressure on the Fed to keep up its restrictive monetary stance and opened up possibilities for a pivot toward rate cuts, possibly before the end of the year.

这一发展减轻了对美联储保持其限制性货币立场的压力，并为可能在年底之前开辟了涉及降级的可能性。

This type of scenario usually benefits higher-risk assets like Bitcoin and Ethereum, as it aids market liquidity and reduces the opportunity cost of holding positions in cryptocurrencies. However, the market continues to display signs of caution.

这种类型的情况通常受益于比特币和以太坊等高风险资产，因为它有助于市场流动性并降低了在加密货币中保持头寸的机会成本。但是，市场继续表现出谨慎的迹象。