随着金融衍生品市场在加密货币领域的迅速扩张，比特币期权成为了投资者管理风险与捕捉收益的重要工具。据Deribit亚太商务负责人Lin Chen的最新公告，市场即将迎来一个关键节点——下周五(28日)下午4时，标志着本季度比特币期权的交割日。届时，一场涉及巨额资金的期权结算将震撼上演，为市场带来不可忽视的影响。
With the rapid expansion of the financial derivatives market in the area of crypto-currency, Bitcoin options have become an important tool for investors to manage risk and capture gains. According to the recent announcement by Lin Chen, the Asia-Pacific business director of Deribit, the market is approaching a key node & mdash; & mdash; next Friday, 28 p.m., at 4 p.m., marking the date of transfer of Bitcoins options this quarter.
据统计，本次比特币期权交割的总持仓规模高达66.5亿美元，彰显了市场参与者对比特币未来价格走势的高度分歧与浓厚兴趣。在这庞大的持仓之中，看跌期权与看涨期权的比例为0.51，意味着市场对于比特币价格下行的保护需求略低于上行押注，反映出整体上较为平衡但略带乐观的市场情绪。
According to statistics, the total holdings of this Bitcoin option transfer amount to $6.65 billion, highlighting the high degree of divergence and interest among market participants in the future price movement of the Bitcoin. In this large holdup, the ratio of the fallhold to the increase is 0.51, which means that the market’s demand for protection against the downside of the Bitcoin price is slightly lower than the upward bet, reflecting an overall more balanced but somewhat optimistic market sentiment.
尤为值得关注的是，本次交割的最大痛点被设定在56,000美元。这意味着，如果比特币价格在交割时落在这一价位，将触发最大的期权赔付，凸显该价位成为多空双方激烈争夺的关键心理及技术支撑位。
Of particular concern is the fact that the greatest pain point of the current harvest was set at $56,000. This means that if the Bitcoin price falls at that price at the time of the handover, it will trigger the largest future payment, highlighting the value as a critical psychological and technical support for the heated competition between the two sides.
除了比特币之外，第二大加密货币以太坊(ETH)的季度期权交割也将于同一天进行，其名义价值约为35.6亿美元，同样不容小觑。与比特币期权市场相比，ETH期权的看跌/看涨比达到了0.62，显示市场对于以太坊短期内的谨慎态度更为显著。以太坊期权的最大痛点定在3,100美元，成为市场关注的另一焦点。
With the exception of Bitcoin, the second largest encoded currency, the quarterly TTH cut, will take place on the same day, with a nominal value of about $3.56 billion, which is no less important. The ETH option is at 0.62 compared to the Bitcoin option market, showing that the market is much more cautious in the short term.
即将到来的交割日不仅将决定众多期权合约的命运，也可能引发市场短期内的价格波动，尤其是在接近最大痛点的价位附近。投资者需密切关注市场动态，灵活调整策略，以应对可能出现的市场反应。此轮大规模期权到期不仅是一次资本的重新分配，也是对加密货币市场成熟度与流动性的重大考验，预示着未来加密衍生品市场更加复杂多变的发展趋势。
The upcoming cut-off date will not only determine the fate of numerous options contracts, but may also trigger price fluctuations in the short term in the market, especially near the most painful points. Investors need to pay close attention to market dynamics and adjust their strategies flexibly to respond to possible market reactions.
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