比特币选择：战略决斗，$ 138亿美元

上周五，比特币几乎触及了111,000美元，引发了市场上的欣喜。一个历史悠久的第一，并未被媒体焦点引起人们的注意。但是从那以后，波动率已经恢复，使价格恢复到100,00美元以下。

Last Friday, bitcoin nearly touched $111,000, triggering a wave of euphoria in the markets. A historic first that did not go unnoticed by the media spotlight. But since then, volatility has returned, bringing the price back below $110,000. The star crypto now enters a critical zone. In the sights: the expiration of $13.8 billion in options scheduled for May 31. For the bulls, every level gained could turn into a jackpot. But the battle remains uncertain.

上周五，比特币几乎触及了111,000美元，引发了市场上的欣喜。一个历史悠久的第一，并未被媒体焦点引起人们的注意。但是从那以后，波动率已经恢复，使价格恢复到110,000美元以下。明星加密货币现在进入一个关键区域。在视线中：计划于5月31日举行的期权的138亿美元到期。对于公牛而言，所获得的每个级别都可能变成大奖。但是战斗仍然不确定。

Bitcoin Options: A Strategic Duel at $13.8 Billion

比特币选择：战略决斗，$ 138亿美元

The good news: the market has structured itself around two camps. The bulls hope to keep bitcoin above $110,000 to maximize their positions. Call options on this zone total $4.8 billion. On the other side, the bears see their hopes dwindling: 95% of puts are placed below $109,000. If the price remains high, their impact will be minimal.

好消息：市场已经在两个营地附近构成了自己的成就。公牛希望将比特币保持在110,000美元以上，以最大程度地提高其头寸。该区域的呼叫选项总额为48亿美元。另一方面，熊队看到他们的希望减少：95％的投票权分为109,000美元。如果价格保持较高，其影响将是最小的。

At Deribit, the most used strategies in May are “bull call spreads” and “short calls”. They allow benefiting from a measured rise in bitcoin while limiting losses in case of a reversal. This positioning reflects the current caution of market participants.

在deribit，5月最常用的策略是“公牛呼叫点差”和“短电话”。它们允许受益于比特币的测得的上升，同时限制逆转的损失。这种定位反映了当前市场参与者的谨慎。

The decisive factor could come from spot Bitcoin ETFs. Between May 20 and 22, $1.9 billion was injected into them. This massive inflow supports the bullish sentiment. But nothing is decided: bears could still try to manipulate futures contracts to limit damage. Because as the expiration approaches, every dollar counts.

决定性因素可能来自点比特币ETF。在5月20日至22日之间，向他们注入了19亿美元。这种大量的流入支持看涨的情绪。但是什么都没有决定：熊仍然可以试图操纵期货合约以限制损失。因为随着到期的临近，每一美元都很重要。

Technical Tensions and “Pinning Effect”: Understanding Bitcoin’s Front Lines

技术紧张和“固定效果”：了解比特币的前线

On the charts, the $110,000 and $112,000 levels are becoming explosive zones. The Twitter account @DarkPurpleHazeX describes:

在图表上，$ 110,000和$ 112,000的水平正变成爆炸性区域。 Twitter帐户@darkpurplehazex描述：

There seem to be significant short positions at $112,000… but they are losing ground.

似乎有112,000美元的大量短职位……但他们正在失去。

This level concentrates selling pressure. If it yields, a short squeeze could push bitcoin to new highs.

该水平集中销售压力。如果产生的话，短暂的挤压可能会将比特币推向新的高点。

But technical analysis does not explain everything. The famous “pinning effect” comes into play. It pushes prices to stabilize around levels with high open interest. For this month, this corridor seems to be between $105,000 and $110,000, a potential trap for both camps.

但是技术分析并不能解释一切。著名的“固定效果”发挥了作用。它推动价格稳定在较高的开放兴趣的情况下稳定。在本月，这条走廊似乎在105,000美元至110,000美元之间，这是两个营地的潜在陷阱。

The $79 billion in open interest on futures contracts amplifies this tension. A breakout in either direction could create a domino effect. In this context, strategies evolve minute by minute. Investors watch the slightest signals: volumes, tweets, and macroeconomic announcements.

期货合约的790亿美元开放利息扩大了这一紧张局势。在任一方向上的突破都可以产生多米诺骨牌效应。在这种情况下，策略逐渐发展。投资者观看丝毫信号：卷，推文和宏观经济公告。

Towards a High-Tension Outcome

朝着高度的结果

The end of the month promises to be electric. The figures speak for themselves and reflect maximum market pressure. Bulls can cash in up to $4.8 billion on call options if bitcoin exceeds $110,000. On their side, bears have few weapons left: 95% of their puts expire below $109,000, rendering them useless if the price stays high.

本月底有望发电。这些数字自言自语，反映出最大的市场压力。如果比特币超过110,000美元，公牛可以以48亿美元的价格兑现48亿美元。在他们身边，熊几乎没有武器：其投票的95％到期$ 109,000，如果价格保持较高，则使其毫无用处。

The inflow of $1.9 billion into spot Bitcoin ETFs between May 20 and 22 illustrates institutional investors’ confidence. This support is no coincidence.

在5月20日至22日之间，在现货比特币ETF中流入了19亿美元的流入，说明了机构投资者的信心。这种支持不是巧合。

On futures contracts, $79 billion in open positions raise the stakes.

在期货合约上，开放职位的790亿美元提高了股份。

In this context, the slightest technical or geopolitical spark could tip everything over.

在这种情况下，丝毫的技术或地缘政治火花可能会使一切倾向。

Recently, Donald Trump reignited tensions by restarting the trade war with the EU — a statement that immediately unsettled the markets. Result: Europe and bitcoin waver. This harsh reminder underlines how sensitive the crypto ecosystem remains to external shocks. As option expiration approaches, nerves will be tested.

最近，唐纳德·特朗普（Donald Trump）通过与欧盟重启贸易战来重新点燃紧张局势，这一声明立即使市场不稳定。结果：欧洲和比特币动摇。这种苛刻的提醒强调了加密生态系统对外部冲击的敏感程度。随着期权到期的接近，将测试神经。

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