比特币（BTC）和以太坊（ETH）选项今天到期，导致更高的波动性

加密衍生品市场的投资者正在准备更高的波动性，因为Deribit上的大量比特币（$ btc）和以太坊（$ eth）期权将在今天到期。

Investors in the crypto derivatives market are bracing for heightened volatility as a huge batch of Bitcoin (BTC) and Ethereum (ETH) options on Deribit will expire today.

加密衍生品市场的投资者正在努力提高波动性，因为Deribit上的大量比特币（BTC）和以太坊（ETH）期权将在今天到期。

In total, there is more than $3.18 billion in BTC and ETH options set to expire, and traders are zeroing in on specific levels where the expiry could have the biggest impact. Since the put/call ratios show a mixed picture of the market's opinion, there is potential for the expiry to drive changes in both asset prices. Here are some points to watch out for as the day progresses.

总共有超过31.8亿美元的BTC，ETH期权将到期，交易者正在以特定级别为零，而到期可能会产生最大影响。由于观点/呼叫率显示了市场意见的混杂图，因此有可能导致两种资产价格的变化。随着一天的进行，这里有一些要注意的要点。

Breaking Down the $3.1 Billion Expiry

分解31亿美元的到期

According to crypto analyst Kyle Doops, a large notional amount of Bitcoin and Ethereum options are set to mature at 04:00 ET on Deribit, the leading crypto options exchange. This event includes:

根据加密分析师凯尔·杜普斯（Kyle Doops）的说法，大量概念量的比特币和以太坊选项将在deribit上的04:00 ET成熟，这是领先的加密货币选项交换。此事件包括：

BTC: 2.66 billion in notional amount and a put/call ratio 0.99. Most options contracts will expire out of the money at the max pain point of $100,000 currently.

BTC：26.6亿个名义金额和put/呼叫比率为0.99。目前，大多数选项合同将以100,000美元的最高痛点从货币中退货。

ETH: This means a notional value of $525 million and a put/call ratio of 1.24. The price needed to break through max pain is currently at $2,200.

ETH：这意味着名义价值为5.25亿美元，看高比为1.24。突破最大痛苦所需的价格目前为2,200美元。

The number of put and call options traded gives an indication of how the market feels. If the ratio is around 1.0, like in BTC, it means that traders are largely evenly divided between being bullish and bearish. However, Ethereum shows a higher 1.24 put-to-call ratio, which means that put options are favored over calls.

交易的看涨期权的数量表明了市场的感受。如果该比率约为1.0，就像在BTC中一样，则意味着交易者在看涨和看跌之间均匀分配。但是，以太坊显示出较高的1.24个比率比例，这意味着将选项比呼叫相比受到偏爱。

For traders and institutions, identifying “max pain” matters a lot. This is the strike price where most options begin to lose value. Market makers often look at it as an indication of where they might prefer prices to move before the contract expires. A large number of positions being closed around these areas may lead to significant changes in prices.

对于贸易商和机构而言，确定“最大痛苦”非常重要。这是大多数选项开始失去价值的打击价格。做市商经常将其视为他们可能希望在合同到期之前更喜欢价格上涨的何处。在这些地区周围关闭大量职位可能会导致价格发生重大变化。

BTC Appears Balanced as ETH Bears Take Slight Control

BTC显得平衡，因为Eth Bears略有控制

Right now, Bitcoin looks fairly well-balanced. It suggests that the market expects roughly the same number of traders to buy and sell. Since the max pain level is far out of the money, most of the bullish call options will likely lose their value if the price will not manage to move up quickly.

目前，比特币看起来相当均匀。这表明市场期望大致相同的交易者买卖。由于最大疼痛水平远远超出了钱，因此，如果价格无法迅速上升，大多数看涨的电话选项可能会失去其价值。

On the other hand, Ethereum is leaning slightly toward the bearish end. Since the put/call ratio is 1.24, the figure suggests that traders are more interested in seeing prices fall than rise. The $2,200 price is nearly the same as ETH’s current trading level, so traders should pay attention to it as the expiry day arrives.

另一方面，以太坊略微倾向于看跌端。由于观点/呼叫比率为1.24，因此该数字表明，交易者对看到价格下跌比上涨更感兴趣。 2,200美元的价格与ETH当前的交易水平几乎相同，因此交易者应在到期日到来时注意它。

If major interest levels are passed or traders wind down their positions, this could cause rapid changes in spot prices. Traders should expect to see more volatility immediately before and after the expiry period.

如果通过主要的利息水平或交易者降低其头寸，这可能会导致现货价格的快速变化。交易者应该期望在到期期间之前和之后看到更多的波动性。

Understanding Market Volatility and the Tactics Traders Should Use

了解市场波动和策略交易者应使用

In periods like today, when open interest is high, expiries can spur sudden changes in price. Since so many dollars are at stake, institutions may try to influence prices in their favor. As a result, there could be surprises, swinging price shifts, or temporary market interference.

在像今天这样的时期，当开放兴趣很高时，到期可能会刺激价格突然变化。由于这么多美元受到威胁，因此机构可能会试图影响价格。结果，可能会出现惊喜，价格转移或临时市场干扰。

For traders who are trading over this period, it is good practice to be mindful of leverage and use tight stop losses. Traders can also check analytics platforms and options flow aggregators regularly to ensure they are aware of any emerging trends.

对于在此期间进行交易的交易者来说，要注意杠杆并使用严重的停止损失是一个好习惯。交易者还可以定期检查分析平台和期权流聚合器，以确保他们了解任何新兴趋势。

When an investor has a long-term outlook, these expiries generally make little difference. However, based on the broader market’s performance, these spots can be a good entry or exit point.

当投资者具有长期前景时，这些有效期通常不会有所作为。但是，基于更广泛的市场表现，这些景点可能是一个很好的入口或出口。

The big crypto market moves on Tuesday are going to be especially important for people trading Bitcoin and Ethereum. Because billions in functionality are set to expire, the market mood, trend, and participants’ actions could change rapidly. Paying attention and keeping a strong discipline level can help you through any upcoming market ups and downs.

对于交易比特币和以太坊的人来说，周二的大加密市场举动将特别重要。由于数十亿功能将到期，因此市场情绪，趋势和参与者的行动可能会迅速变化。关注并保持强大的纪律水平可以帮助您度过任何即将到来的市场上下风度。