比特币、以太坊在大量期权到期前反弹

比特币 (BTC) 和以太坊 (ETH) 价格小幅反弹，但由于价值 25 亿美元的期权今天到期，抛售压力持续存在。虽然名义价值 15.1 亿美元的 BTC 期权和价值 8.1 亿美元的 ETH 期权即将到期，但两者的看跌期权与看涨期权比率表明抛售趋势仍在持续。尽管比特币减半即将到来，但由于情绪低迷和宏观阻力，波动性仍然很高。

Bitcoin and Ethereum Prices Rebound Amidst Selling Pressure Ahead of Massive Options Expiry

大量期权到期前，比特币和以太坊价格在抛售压力下反弹

12th May, 2023 - The cryptocurrency market has witnessed a slight rebound in the prices of Bitcoin (BTC) and Ethereum (ETH) today, despite lingering selling pressure. This comes as nearly $2.5 billion worth of Bitcoin and Ethereum options are set to expire later today, adding to the market's volatility.

2023 年 5 月 12 日 - 尽管抛售压力挥之不去，但今天加密货币市场比特币 (BTC) 和以太坊 (ETH) 的价格小幅反弹。与此同时，价值近 25 亿美元的比特币和以太坊期权将于今天晚些时候到期，这将加剧市场的波动。

Traders have been pricing in muted upside momentum for both Bitcoin and Ethereum, factoring in headwinds such as macroeconomic uncertainties and whale selling. The buildup of adverse conditions, including this week's hotter-than-expected CPI data and a significant drop in derivatives market volumes, has further fueled selling sentiments in the crypto market.

考虑到宏观经济不确定性和鲸鱼抛售等不利因素，交易员一直认为比特币和以太坊的上行势头疲软。不利条件的积累，包括本周高于预期的消费者物价指数数据以及衍生品市场交易量的大幅下降，进一步加剧了加密货币市场的抛售情绪。

Data from analytics platform Greekslive reveals that sell contracts have dominated trading activity this month, indicating a prevailing bearish outlook. The expectation of a significant market correction post-halving appears to be a factor driving this sentiment.

分析平台 Greekslive 的数据显示，本月交易活动以卖出合约为主，表明普遍看跌前景。对减半后市场大幅调整的预期似乎是推动这种情绪的一个因素。

Bitcoin Options Set to Expire Today

比特币期权将于今天到期

Over 21,162 BTC options, representing a notional value of $1.51 billion, are scheduled to expire today. The put-call ratio stands at 0.62, suggesting a bias towards selling pressure. The max pain point for these options is currently at $69,000, indicating that Bitcoin's price is likely to remain under selling pressure in the near term.

超过 21,162 份 BTC 期权（名义价值 15.1 亿美元）计划于今天到期。看跌期权与看涨期权比率为 0.62，表明存在抛售压力。这些期权的最大痛点目前为 69,000 美元，表明比特币的价格在短期内可能仍面临抛售压力。

Implied volatility (IV) has declined significantly across all major terms, which implies diminished expectations for volatile price movements. This suggests that Bitcoin's price could drop below $70,000 in the coming hours.

所有主要术语的隐含波动率（IV）均大幅下降，这意味着对价格波动的预期减弱。这表明比特币的价格可能在未来几个小时内跌破 70,000 美元。

Ethereum Options Also Expiring

以太坊期权也即将到期

Meanwhile, 227,785 ETH options, with a notional value of nearly $0.81 billion, are set to expire today. The put-call ratio for these options is 0.49, indicating a slightly bullish outlook. However, the max pain point is currently at $3,425, below the current price of $3,535. This suggests that traders still see opportunities to short ETH in the near term.

与此同时，名义价值近8.1亿美元的227,785份ETH期权将于今天到期。这些期权的看跌期权与看涨期权比率为 0.49，表明前景略为看涨。然而，目前最大痛点为 3,425 美元，低于当前价格 3,535 美元。这表明交易者仍看到短期内做空 ETH 的机会。

BTC and ETH Futures Market Activity

BTC 和 ETH 期货市场活动

BTC futures open interest has increased by 2% in the past four hours, but remains volatile in the last hour. CME BTC futures open interest has dropped by 1% in the past hour.

BTC期货持仓量在过去四个小时内增加了2%，但在最后一个小时内仍然波动。 CME BTC 期货未平仓合约在过去一小时内下降了 1%。

ETH futures open interest has declined by 2% in the past 24 hours but has risen by 1% in the past four hours. The futures trading activity for both BTC and ETH remains volatile ahead of the options expiry today.

ETH 期货未平仓合约在过去 24 小时内下降了 2%，但在过去 4 小时内上升了 1%。在今天期权到期之前，BTC 和 ETH 的期货交易活动仍然波动。

Market Outlook

市场展望

Experts anticipate that the crypto market will remain volatile leading up to and following Bitcoin's halving event. The buildup of adverse conditions, including selling sentiments due to hot CPI data and declining derivatives market volumes, is expected to continue to influence market behavior.

专家预计，在比特币减半事件之前和之后，加密市场将保持波动。不利条件的积累，包括因消费者物价指数数据过热而引发的抛售情绪和衍生品市场交易量下降，预计将继续影响市场行为。

Traders are urged to monitor the trading volumes and sentiment surrounding Bitcoin's halving event closely. Selling medium-term could be a viable strategy due to the current market conditions, while short-term traders may find opportunities in the volatile price movements ahead of the options expiry.

敦促交易者密切关注比特币减半事件的交易量和情绪。鉴于当前的市场状况，中期卖出可能是一种可行的策略，而短期交易者可能会在期权到期前波动的价格走势中找到机会。