高风险加密货币期权到期：交易者今天应该关注什么

加密货币市场价值 50.1 亿美元的比特币和以太坊期权合约将于今天到期。这种大规模的到期可能会影响短期价格

A substantial amount of Bitcoin and Ethereum options contracts are set to expire today, valued at a combined total of $5.01 billion. This mass expiration could have an impact on short-term price movements, particularly given the recent decline in the prices of both assets.

大量比特币和以太坊期权合约将于今天到期，总价值达 50.1 亿美元。这种大规模到期可能会对短期价格走势产生影响，特别是考虑到最近两种资产价格的下跌。

According to data from Deribit, a crypto derivatives exchange, expiring Bitcoin options are pegged at $3.67 billion, covering 61,793 contracts. This marks a significant increase compared to last week’s 18,440 contracts.

根据加密货币衍生品交易所 Deribit 的数据，即将到期的比特币期权价值 36.7 亿美元，涵盖 61,793 份合约。与上周的 18,440 份合约相比，这标志着显着增加。

Meanwhile, expiring Ethereum options are valued at $1.36 billion, encompassing 538,872 contracts. This also reflects a substantial rise from the previous week’s 141,410 contracts.

与此同时，即将到期的以太坊期权价值 13.6 亿美元，包括 538,872 份合约。这也反映出较前一周的141,410张合约大幅上涨。

Both Bitcoin and Ethereum options are expiring at lower volumes on centralized exchanges, highlighting the shift in activity toward decentralized platforms.

比特币和以太坊期权在中心化交易所的交易量都较低，这凸显了活动向去中心化平台的转变。

To provide further context, Deribit hosts the bulk of expiring Bitcoin options, with a total value of $3.66 billion. Binance follows with expiring Bitcoin options valued at $9.3 million, and Bybit options are expiring at a value of $5.1 million.

为了提供进一步的背景信息，Deribit 托管着大部分即将到期的比特币期权，总价值为 36.6 亿美元。 Binance 紧随其后，即将到期的比特币期权价值为 930 万美元，Bybit 期权即将到期，价值 510 万美元。

As for Ethereum options, expiring contracts on decentralized exchange dYdX are valued at $940.3 million. This is succeeded by centralized exchanges Binance ($243.3 million) and Deribit ($166.8 million).

至于以太坊期权，去中心化交易所 dYdX 上的到期合约价值 9.403 亿美元。紧随其后的是中心化交易所 Binance（2.433 亿美元）和 Deribit（1.668 亿美元）。

Now, let’s delve into the specific details of expiring Bitcoin options. These options have a maximum pain price of $61,000, indicating the price point at which the majority of options expiring today will expire worthless.

现在，让我们深入研究一下即将到期的比特币期权的具体细节。这些期权的最高痛苦价格为 61,000 美元，这表明今天到期的大多数期权将在这个价格点到期而毫无价值。

Furthermore, the expiring Bitcoin options have a put-to-call ratio of 0.59. This ratio signifies the puts (bearish bets) to calls (bullish bets) expiring today. A ratio below 1 suggests optimism in the market, with more traders betting on price increases.

此外，即将到期的比特币期权的看跌期权与看涨期权比率为 0.59。该比率表示今天到期的看跌期权（看跌押注）与看涨期权（看涨押注）。比率低于 1 表明市场乐观，更多交易者押注价格上涨。

As we shift our attention to Ethereum options expiring today, the maximum pain price is $2,800. This price point is crucial as it determines the price at which the maximum number of options will expire out of the money.

当我们将注意力转向今天到期的以太坊期权时，最大痛苦价格为 2,800 美元。这个价格点至关重要，因为它决定了最大数量期权到期时的价外价格。

Moreover, the expiring Ethereum options have a put-to-call ratio of 0.49. This ratio also indicates a generally bullish sentiment, with more traders betting on price increases.

此外，即将到期的以太坊期权的看跌期权与看涨期权比率为 0.49。该比率还表明普遍看涨情绪，更多交易者押注价格上涨。

It's important to note that the maximum pain point is a widely followed metric that can often influence market behavior.

值得注意的是，最大痛点是一个广泛遵循的指标，通常会影响市场行为。

According to analysts at Greeks.live, a crypto options data provider, the recent price declines and external factors, such as Nvidia’s earnings, have led to a slight uptick in implied volatility (IV).

加密期权数据提供商 Greeks.live 的分析师表示，近期价格下跌和英伟达盈利等外部因素导致隐含波动率 (IV) 略有上升。

However, the analysts also highlight that IV has generally decreased over time, reflecting a pullback trend.

然而，分析师还强调，随着时间的推移，IV 普遍下降，反映出回调趋势。

“Options data shows that [realized volatility] RV has fallen from a high of 100% on August 9 to 40% currently, with BTC’s actual volatility levels dropping dramatically, which is also a significant factor driving IV down,” the analysts noted.

“期权数据显示，[实际波动率]RV已从8月9日的100%高位下降至目前的40%，而BTC的实际波动率水平大幅下降，这也是推动IV下降的重要因素，”分析师指出。

Furthermore, Greeks.live analysts also observed an increase in long positions in block options trading. This indicates that some large-scale traders are preparing for future price rises.

此外，Greeks.live 分析师还观察到大宗期权交易的多头头寸有所增加。这表明一些大型贸易商正在为未来的涨价做准备。

The latest data shows that Bitcoin’s trading value has dropped by 3.26% to $59,157, shifting from $61,150 on August 29.

最新数据显示，比特币交易价值从 8 月 29 日的 61,150 美元下跌 3.26% 至 59,157 美元。

Similarly, Ethereum has also seen a decline of 2.55%, currently trading at $2,525, down from $2,592 during the same period.

同样，以太坊也下跌了 2.55%，目前交易价格为 2,525 美元，低于同期的 2,592 美元。

Options expirations often lead to short-term price fluctuations, introducing an element of uncertainty in the markets.

期权到期通常会导致短期价格波动，从而给市场带来不确定性。

However, following these expirations, markets usually stabilize as traders adjust to the new price environment. With today’s high-volume expiration, we can anticipate a similar outcome, potentially influencing future crypto market trends.

然而，在这些到期之后，随着交易者适应新的价格环境，市场通常会稳定下来。随着今天的大量到期，我们可以预见类似的结果，可能会影响未来的加密货币市场趋势。