加密市场将看到价值30亿美元的比特币（BTC）和以太坊（ETH）期权今天到期

加密交易者和投资者将目睹价值约30亿美元的比特币（BTC）和以太坊（ETH）期权今天到期。

Crypto traders and investors will witness approximately $3 billion worth of Bitcoin (BTC) and Ethereum (ETH) options expire today.

加密交易者和投资者将目睹价值约30亿美元的比特币（BTC）和以太坊（ETH）期权今天到期。

Expiring options tend to cause notable price volatility, meaning crypto market participants should monitor today’s developments closely and possibly adjust their trading strategies around 8:00 UTC.

到期的期权往往会引起明显的价格波动，这意味着加密市场参与者应密切监视当今的发展，并可能在8:00 UTC左右调整其交易策略。

$2.95 Billion Bitcoin and Ethereum Options Expiring

29.5亿美元的比特币和以太坊选项到期

Data on Deribit shows that 26,949 Bitcoin contracts will expire today. The expiring options have a notional value of approximately $2.6 billion.

deribit的数据表明，今天有26,949份比特币合同今天到期。到期期权的名义价值约为26亿美元。

The maximum pain point at which the asset will cause financial losses to the greatest number of holders is $91,000. At this point, most contracts will expire worthless.

资产将对最大数量持有人造成财务损失的最大痛点为91,000美元。在这一点上，大多数合同将毫无价值。

Bitcoin’s put-to-call ratio is 1.01. This suggests a bearish sentiment as investors make more sales (Put) than purchase (Call) orders.

比特币的pall票比率为1.01。这表明，随着投资者的销售额（看价）多于购买（呼叫）订单，这表明了看跌的情绪。

In contrast, Ethereum’s put-to-call ratio is 0.92, indicating a generally bullish market outlook for ETH. Based on Deribit data, 184,296 Ethereum contracts will expire today. These expiring contracts have a notional value of approximately $340.7 million and a maximum pain point of $1,800.

相比之下，以太坊的提议比率为0.92，这表明ETH的总看涨市场前景。根据deribit数据，今天将有184,296份以太坊合同今天到期。这些到期的合同的名义价值约为3.407亿美元，最大痛点为1,800美元。

Ethereum has seen a modest increase of 2.27% since Friday’s session opened, to trade at $1,848 as of this writing.

自周五会议开幕以来，以太坊的增长率为2.27％，截至撰写本文时，以1,848美元的价格交易。

Despite Bitcoin sales calls exceeding purchase calls, analysts at Greeks.live cite a predominantly bullish sentiment in the market. They also note that many traders expect a push toward $100,000, citing low volatility and market structure.

尽管比特币销售电话超过了购买电话，但分析师在希腊语中。他们还指出，许多交易者预计将推向100,000美元，理由是低波动性和市场结构。

“Key levels being watched include the $96,000 NPOC [Naked Point of Control] that was just hit and the $94,400 rolling VWAP [Volume-Weighted Average Price], though some express concerns about sell in May and go away seasonality,” wrote Greeks.live.

Greeks.live写道：“观看的关键水平包括刚刚击中的96,000美元的NPOC（赤裸裸的控制点）和94,400美元的滚动VWAP（体积加权平均价格），尽管有些人对5月份出售并消失了季节性的担忧。”

With low volatility, traders see opportunities for long positions. According to Greeks.live, market makers are selling calls at 30% implied volatility (IV) to collect gamma, while leverage remains low. This suggests a potential upside with traders anticipating more rate cuts.

由于波动率较低，交易者看到了长位置的机会。根据希腊语。Live，做市商正在以30％的隐含波动率（IV）销售收集伽玛的电话，而杠杆率仍然很低。这表明交易者预计会有更多的降低利率。

Collecting gamma means selling options to profit from stable prices, managing small price moves, and earning premiums in a low-volatility market.

收集伽玛意味着出售从稳定价格中获利的选择，管理小价格移动以及在低挥发性市场中赚取保费。

With ETH underperforming compared to BTC, some traders are shorting it. Meanwhile, others focus on BTC’s steady rise and consider July volatility positions for vega gains. This reflects a strategic split in market focus.

与BTC相比，ETH表现不佳，一些交易者正在缩短它。同时，其他人专注于BTC的稳定上升，并考虑Vega收益的7月份波动率。这反映了市场重点的战略分歧。

Vega gains happen when option prices rise due to increased market volatility, benefiting traders holding options with higher Vega sensitivity.

当由于市场波动提高而使期权价格上涨时，Vega的收益就会发生，从而使贸易商持有更高的VEGA敏感性的期权受益。

Meanwhile, analysts at Deribit agree that some traders are focusing on Bitcoin’s steady rise. Against this backdrop, there is significant BTC stacking above $95,000.

同时，Deribit的分析师同意，一些交易者正在专注于比特币的稳定上升。在此背景下，BTC的堆积很大，超过95,000美元。

“Market shows strong BTC call stacking above $95K, what impact will the expiry do?,” Deribit analysts posed.

Deribit分析师提出：“市场显示出强大的BTC呼叫堆叠量超过95,000美元，到期会有什么影响？”

As of this writing, Bitcoin was trading for $97,108, with gains of almost 3% over the last 24 hours.

截至撰写本文时，比特币的交易价格为97,108美元，在过去的24小时内增长了近3％。

Therefore, heavy Bitcoin call options stacking above $95,000 points to trader optimism for a price surge.

因此，重型比特币通话选项堆放了超过$ 95,000的积分，以使交易者对价格上涨的乐观态度。

Notwithstanding, it is imperative to note that options expiring can trigger volatility, as seen with last week’s $8.05 billion options expiry, which caused short-term price consolidation. Nevertheless, volatility around options expiry tends to ease down once the contracts are settled around 8:00 UTC on Deribit.

尽管如此，必须注意，期权到期可能会触发波动，就像上周的80.5亿美元期权到期一样，这导致了短期价格合并。然而，一旦合同在Deribit上的8:00 UTC左右解决，期权周围的波动率往往会缓解。