比特币（BTC）和以太坊（ETH）准备大量$ 3.1B期权到期

在看涨奔跑时，比特币（BTC）和以太坊（ETH）暂停了今天的撤退，因为加密货币市场准备了5月16日的31亿美元期权到期。

Bitcoin (BTC) and Ethereum (ETH) encountered setbacks on May 15 as the cryptocurrency market braced for a significant $3.1 billion options expiry on Monday, May 16, data from crypto derivatives exchange Deribit showed.

Crypto衍生产品Exchange Deribit显示，比特币（BTC）和以太坊（ETH）在5月15日遇到了挫折，因为加密货币市场在5月16日星期一获得了31亿美元期权的大量期权。

At the time of writing, Bitcoin (BTC) is trading at $102,326, marking a decline of 1.53% in the past 24 hours, while Ethereum (ETH) is at $2,552, showing a decrease of 2.53%.

在撰写本文时，比特币（BTC）的交易价格为102,326美元，在过去24小时内下降了1.53％，而以太坊（ETH）的价格为2,552美元，显示为2.53％。

According to the exchange, Bitcoin options, valued at $2.66 billion, are largely split with a Put/Call ratio of 0.99, and the max pain point stands at $100,000.

根据交易所的数据，价值26.6亿美元的比特币期权在很大程度上分配了0.99的比特币，最大疼痛点为100,000美元。

On the other hand, Ethereum options, totaling $525 million, lean more bearish with a Put/Call ratio of 1.24 and a max pain point of $2,200, which indicates stronger hedging activity.

另一方面，以太坊期权总计5.25亿美元，更倾向于看跌，呼叫率为1.24，最大疼痛点为2,200美元，这表明对冲活动更强。

This near-even ratio reflects a market split between bullish and bearish sentiment, suggesting uncertainty among traders.

这个接近比率的比率反映了看涨和看跌感情之间的市场分歧，这表明交易者的不确定性。

The max pain point, where the most options contracts would expire worthless, often acts as a magnet for prices during expiries, potentially driving volatility.

最大疼痛点，大多数选项收缩将到期毫无价值，通常是到期期间价格的磁铁，可能会推动波动。

Historical data from CoinGlass indicates that such large expiries, above $1 billion, have led to price swings of 5-7% in 60% of cases over the past two years, a trend that has traders on edge.

来自Coinglass的历史数据表明，在过去两年中，在60％的案件中，如此庞大的到期（超过10亿美元）导致了5-7％的价格波动，这一趋势使交易者处于优势。

Deribit, which controls approximately 85% of the global BTC and ETH options market, is a central node in these dynamics, amplifying the event’s impact.

控制了全球BTC和ETH期权市场约85％的Deribit是这些动力学的中心节点，从而扩大了事件的影响。

As the market moves towards the weekend, traders are closely monitoring for potential catalysts that could exacerbate price movements, especially given Ethereum’s higher put interest, which echoes hedging patterns seen during the 2022 Ethereum Merge when funding rates turned negative.

随着市场向周末的发展，交易者正在密切监视可能加剧价格变动的潜在催化剂，尤其是考虑到以太坊的较高利率，当资金汇率变为负面时，这会呼应2022年以太坊合并期间看到的对冲模式。

Ultimately, Bitcoin’s balanced sentiment leaves room for either a breakout or a deeper pullback, depending on broader macro factors.

最终，根据更广泛的宏观因素，比特币平衡的情绪为突破或更深的回调留出了空间。