15 亿美元比特币期权到期可能导致价格跌至 69,000 美元

价值超过 15 亿美元的比特币 (BTC) 期货期权将于 4 月 12 日到期，这表明潜在的价格波动可能导致跌至 69,000 美元。尽管存在“最大痛苦”点，但专家认为 BTC 可能不一定会达到这一水平，并指出周五期权到期规模相对较小以及外部宏观经济因素对价格走势有潜在影响。

Bitcoin Faces Potential Downside with $1.5 Billion Options Expiry on April 12

15 亿美元期权将于 4 月 12 日到期，比特币面临潜在下行风险

Over $1.5 billion worth of Bitcoin (BTC) futures options are poised to expire on April 12, setting the stage for a potentially volatile market that could see the cryptocurrency plunge to $69,000.

价值超过 15 亿美元的比特币 (BTC) 期货期权将于 4 月 12 日到期，这为潜在的波动性市场奠定了基础，该加密货币可能会暴跌至 69,000 美元。

The colossal amount of options, with a put-to-call ratio of 0.62, suggests a "max pain" point of $69,000 for Bitcoin, according to an April 12 analysis by pseudonymous trader Greeks. This indicates that most options contracts would expire worthless if the price falls below that level.

根据匿名交易员 Greeks 4 月 12 日的分析，大量期权的看跌期权与看涨期权比率为 0.62，表明比特币的“最大痛点”为 69,000 美元。这表明，如果价格跌破该水平，大多数期权合约将毫无价值地到期。

However, experts caution that the max pain point does not necessarily imply that Bitcoin will retrace to its previous all-time high. Hao Yang, global head of derivatives trading at Bybit exchange, told Cointelegraph that the max pain point merely reflects the positioning of options market participants and does not dictate where the underlying asset will trade.

然而，专家警告说，最大痛点并不一定意味着比特币将回升至之前的历史高点。 Bybit交易所衍生品交易全球负责人杨浩告诉Cointelegraph，最大的痛点仅仅反映了期权市场参与者的定位，并不决定标的资产将在哪里交易。

Despite the impending options expiry, volatility may not escalate significantly, according to Yang. He cited the relatively small size of Friday's options expiry compared to the overall crypto derivative market.

杨表示，尽管期权即将到期，但波动性可能不会大幅升级。他指出，与整个加密衍生品市场相比，周五期权到期的规模相对较小。

As of 10:25 am UTC, Bitcoin's price remained relatively flat, hovering around $70,725. Over the past week, the world's first cryptocurrency has gained 5.9%, as per CoinMarketCap data.

截至世界标准时间上午 10:25，比特币价格保持相对平稳，徘徊在 70,725 美元左右。根据 CoinMarketCap 的数据，过去一周，世界上第一种加密货币上涨了 5.9%。

While the options expiry could contribute to price volatility, external macroeconomic factors may also play a role. Andrey Stoychev, head of Prime Brokerage at Nexo, told Cointelegraph that Bitcoin could approach the $69,000 mark but its ultimate trajectory would depend on broader market sentiment and its relationship with inflation.

虽然期权到期可能会导致价格波动，但外部宏观经济因素也可能发挥作用。 Nexo 大宗经纪业务主管 Andrey Stoychev 告诉 Cointelegraph，比特币可能会接近 69,000 美元大关，但其最终轨迹将取决于更广泛的市场情绪及其与通胀的关系。

Recent U.S. Consumer Price Index (CPI) data, which exceeded expectations on Wednesday, has raised concerns about inflationary pressures that could potentially impact Bitcoin's price dynamics.

最近的美国消费者价格指数（CPI）数据超出了周三的预期，引发了人们对可能影响比特币价格动态的通胀压力的担忧。

Following the release of the CPI data, Bitcoin whales exhibited buying behavior, propelling the price above $70,000 on April 10.

CPI数据发布后，比特币鲸鱼表现出购买行为，推动比特币价格在4月10日突破7万美元。

Spot Bitcoin ETFs Experience Slowing Inflows Ahead of Halving

现货比特币 ETF 在减半前经历资金流入放缓

Inflows into spot Bitcoin exchange-traded funds (ETFs) in the United States have decelerated ahead of the upcoming Bitcoin halving. According to Dune Analytics, ETFs generated a total of $220 million worth of net inflows over the past week.

在即将到来的比特币减半之前，流入美国现货比特币交易所交易基金（ETF）的资金已经放缓。根据 Dune Analytics 的数据，过去一周 ETF 总共产生了价值 2.2 亿美元的净流入。

This represents a significant decline compared to the peak inflows of $2.58 billion recorded during the week ending March 11. Last week's inflows of $337 million mark a drop of over 45% from the previous week's total of $615 million.

与截至 3 月 11 日当周记录的 25.8 亿美元流入峰值相比，这是一个显着下降。上周的流入额为 3.37 亿美元，比前一周的流入总额 6.15 亿美元下降了 45% 以上。

Despite the slowdown, Bitcoin ETFs have accumulated over 839,000 BTC, worth approximately $59.4 billion, in total on-chain holdings. This represents 4.26% of the current BTC supply.

尽管经济放缓，但比特币 ETF 的链上持有量已累计超过 839,000 枚 BTC，价值约 594 亿美元。这占当前 BTC 供应量的 4.26%。

As the Bitcoin halving, a scheduled reduction in the block reward for miners, approaches on May 5, market dynamics remain uncertain. Analysts have predicted a potential surge in Bitcoin's value in anticipation of the event, while others advise caution due to the potential for a sell-off following the halving.

随着 5 月 5 日比特币减半（即按计划减少矿工区块奖励）临近，市场动态仍存在不确定性。分析师预计，比特币的价值可能会因减半事件而飙升，而其他人则建议谨慎行事，因为减半后可能会出现抛售。