比特币期权到期将引发波动，预示着潜在的价格调整

随着 4 月 26 日近 63 亿美元的 BTC 期权即将到期，加密市场准备迎接潜在的下行波动，这可能会将比特币推至 61,000 美元。交易员预计合约到期后市场将复苏，从而停止当前的获利了结和下行对冲策略。

Bitcoin Options Expiry Poised to Unleash Volatility, Signaling Potential Price Correction

比特币期权到期将释放波动性，预示着潜在的价格调整

In a development that has sent ripples through the cryptocurrency markets, nearly $6.3 billion worth of Bitcoin options are set to expire on April 26, sparking concerns over potential downside price volatility that could see Bitcoin's value plummet to $61,000. This massive options expiration, one of the largest in Bitcoin's history, has prompted traders to brace for a potential correction and a temporary halt to the recent market recovery.

价值近 63 亿美元的比特币期权将于 4 月 26 日到期，这一事态在加密货币市场引发了连锁反应，引发了人们对潜在价格波动的担忧，比特币的价值可能会暴跌至 61,000 美元。此次大规模期权到期是比特币历史上最大规模的期权到期之一，促使交易者做好准备应对潜在的调整和近期市场复苏的暂时停止。

The looming expiry weighs heavily on Bitcoin's immediate price prospects. A substantial proportion of the $6.2 billion in expiring options are "put" options, which confer the right to sell Bitcoin at a specified price. The high put-to-call ratio of 0.68 indicates a recent surge in bearish sentiment among traders, suggesting they anticipate a possible price decline.

即将到来的到期日严重影响了比特币的近期价格前景。价值 62 亿美元的到期期权中很大一部分是“看跌”期权，它赋予以指定价格出售比特币的权利。 0.68 的高看跌期权比率表明交易者近期看跌情绪激增，表明他们预计价格可能会下跌。

Adding to the bearish outlook, the "max pain" price for expiring options is currently set at $61,000, significantly below the current trading price. Max pain refers to the price point at which both buyers and sellers of options would lose the most money. If Bitcoin's price falls below this level, it could lead to a cascade of forced liquidations and further downward pressure.

进一步看跌的前景是，到期期权的“最大痛苦”价格目前定为 61,000 美元，远低于当前交易价格。最大痛苦是指期权买家和卖家损失最多的价格点。如果比特币的价格跌破这一水平，可能会导致一系列强制清算和进一步的下行压力。

Meanwhile, the Ethereum options market is also facing a significant expiry event. Approximately $3.1 billion worth of Ethereum options, or 990,000 contracts, are set to expire on the same day. While the Ethereum put-to-call ratio of 0.51 is slightly less bearish than Bitcoin's, the max pain price is set at $3,100, above which the current price of $3,141 is hovering.

与此同时，以太坊期权市场也面临重大到期事件。价值约 31 亿美元的以太坊期权（即 99 万份合约）将于同一天到期。虽然以太坊的看跌期权比率为 0.51，比比特币的看跌比率略低，但最大痛苦价格设定为 3,100 美元，当前价格 3,141 美元徘徊在该价格之上。

The impending options expirations have triggered a spike in realized volatility. The BTC Volatility Index (DVOL) has witnessed a sharp increase as the date approaches. Greekslive, a prominent options expert, attributes this volatility surge to the unusually low trading volume in the crypto market this week. The weakness in the market has led to a significant decline in implied volatility across all major terms, with DVOL plummeting by as much as 15% since Bitcoin's recent halving.

即将到期的期权引发了实际波动率的飙升。随着日期的临近，比特币波动率指数（DVOL）急剧上升。著名期权专家 Greekslive 将波动性飙升归因于本周加密市场交易量异常低。市场疲软导致所有主要条款的隐含波动率大幅下降，自比特币最近减半以来，DVOL 暴跌高达 15%。

This lack of volatility in the market has prompted traders to sell a large number of options, preparing for a high-volatility event. The upcoming options expiry is widely expected to shake up the market and could result in a price correction for both Bitcoin and Ethereum. Traders remain cautious, anticipating potential profit-taking and downside hedging once the options expire.

市场缺乏波动性促使交易者出售大量期权，为高波动性事件做准备。人们普遍预计即将到期的期权将撼动市场，并可能导致比特币和以太坊的价格调整。交易员保持谨慎态度，预计一旦期权到期，可能会出现获利了结和下行对冲。